Being that we are coming up on the end of the year I decided to reflect back on my business this year. As I looked back through my book of business, I noticed a couple of trends. My male clients, married or not tend to be comfortable having me simply manage their money. Women, especially married women, tend to be more concerned more about financial planning.
Men and Money
When I talk to men, they tend to lead off the discussion with returns. As I have talked about before, I am not a huge fan of solely focusing on returns. It is not to say that returns are not important, but how a portfolio is positioned to balance risk and return is the main focus. I am not necessarily complaining about this or saying it is wrong., in fact, it makes my job a lot easier.
Women and Financial Planning
Married women tend to focus on their goals rather than portfolio performance. As long as they know their money is gonna provide the lifestyle they want, they are generally content. This part of my job I would say is more gratifying. Reviewing retirement projections, progressing through savings goals, and protection planning are really what financial planning is all about. Financial planning tends to be more labor intensive for me, but at the same time, I enjoy it.
The Bottom Line
Reflecting back on my current client base is interesting for me. Stereotypically the man is thought to be the head of the household. In reality, however, I have found that women tend to be the ones that are doing most of the financial planning. Let me know who in the comments who in your family is the primary financial planner?
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