IRI: Advisors have opportunity with untapped female market

A report by The Insured Retirement Institute found that retirement planning opportunities for female clients are numerous, considering they now represent half of all those with at least $500,000 in assets.

According the report, women make up more than half of the more than 25 percent of women working in management or professional occupations earn more than their husbands.

IRI president and CEO Cathy Weatherford says that women are more and more becoming financial decision makers in their families, "yet our report shows that as they look toward their retirement, they are less confident, citing concerns about outliving their retirement savings. Financial professionals have an opportunity to address this retirement apprehension, but they need to consider the unique priorities women have when selecting an advisor."

Other findings are:

50 percent said they are open to and need help in some areas of managing their finances, up from 33 percent in 2004.
When selecting a financial advisor, 61 percent said trust and respect are their top criteria. More affluent women consider it crucial that an advisor take a long-term view of their needs.
About 85 percent of women place a high value on income, principal or investment guarantees during retirement, opening up the advisor/client discussion of retirement income solutions that incorporate annuities as an element.
Women live on average three to four years longer than men, which adds up to increased retirement costs, most notably long-term care, but on incomes that are 56 to 82 percent of that of their male counterparts.

The full findings of Women and Retirement can be found HERE.

About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is a not-for-profit organization and is the authoritative source of all things pertaining to annuities, insured retirement strategies and retirement planning. IRI exists to vigorously promote consumer confidence in the value and viability of insured retirement strategies, bringing together the interests of the industry, financial advisors and consumers under one umbrella. IRI's mission is to: encourage industry adherence to highest ethical principles; promote better understanding of the insured retirement value proposition; develop and promote best practice standards to improve value delivery; and to advocate before public policy makers on critical issues affecting insured retirement strategies. Visit www.IRIonline.org to experience the new, vast resources of the new Insured Retirement Institute for yourself.

IRI: Advisors have opportunity with untapped female market

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