High Net Worth Women - US - December 2014
“More women are holding leadership positions in corporations, which helps them contribute financially to their household. Nonetheless, they continue to fulfill their traditional duties of caring for their family. Consequently they need a financial provider who can understand their unique situation and be a partner in helping them manage it all.”
– Monica Staco, Financial Services Manager
This report answers the following key questions:
- Is there a true need to focus on HNW women?
- Are women really different from men when it comes to finances?
The number of women earning a six-figure salary is increasing, and even among dual household income earners, about 29% of women make more money than their husbands. The number of female millionaires in the US is estimated at about 1.3 million, pointing to a significant opportunity for the FSI (financial services industry) to cater specifically to this target’s needs. This report will assess the factors driving women’s financial power, the role they play in their household’s financial decision-making process, and the concerns they have as their wealth increases.
HNW (high net worth) women are collaborative in their approach to working with financial advisers. Half of the women rely on their adviser for specialized needs or to consult on an important decision they are considering. This report will discuss the dynamic of the relationship with financial advisers, and make recommendations on best ways to attract and retain HNW women clients. Lastly, considering 64% of HNW women do take calculated risks when investing to make money, their asset allocation and investment product preferences will be covered along with the products they want to invest in in the future. Based on their current financial services usage, opportunities for FS (financial services) growth will be highlighted.
For the purposes of this report, Mintel has used the following definitions:
- Affluent individual - Individual with investable assets between $500,000 and $999,999.
- HNW individual - Individual with at least $1 million in investable assets.
- Household wealth - Household’s investable assets.
- Investable asset - All assets that are monetized or liquid – exclude the value of primary residence, collectibles, real estate investments, consumables, and consumer durables.
- Net worth- All investable assets as well as the value of the primary residence, other real estate holdings, collectibles, business ownerships, or assets in any employer-sponsored savings or retirement plans including 401(k) plans.
- Wealthy women - Affluent and HNW women combined.
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