Rightfully so, much is made in the wealth management industry regarding increased courtship of female prospects. After all, the math is there. Women account for half of the U. S. population and they control $10 trillion in household assets.

Owing in part to the great wealth transfer, that figure is poised to surge in exponential fashion over the next two-plus decades. New research from Capital Group indicates that by 2048, $100 trillion in assets will have shifted from baby boomers and older folks to younger generations with many women being double inheritors of portions of that capital.

Alone, that’s a good reason for advisors to bring more women into the fold and improve communication with existing female clients. Put another way, smart advisors are actively working to win more business from women because that’s an effective avenue for practice growth, but it’s not all about a practice’s top and bottom lines.

There are elements of doing right when it comes to working with female investors. As Capital Group points out, 40% of women get into the investing game later in life – after the age of 35 – while men start much earlier. That shouldn’t be framed as a game of catch-up or the need for advisors to usher women into speculative investments, but late starts imply some myths need to be busted and that advisors should improve targeted offerings for female prospects.

Know Your Customer

Whether it’s a man or woman, a boomer or a millennial, advisors need to know their customers and prioritize details. Capital Group points some important ones relating to women.

For example, a third of the 814 women polled by the asset manager described their personal financial situations as “complex” or “stressful. ” Another 26% said they don’t think they have enough money to work with an advisor. That’s a myth and one that should be busted immediately because not all advisors have minimum assets requirements of $500,000 or $1 million. Yes, some do, but there are also scores of advisors out there that take smaller initial investments in an effort to partner with new clients for long-term growth.

Another interesting point from the Capital Group survey is that while women are more open to professional advice than men, they’re less likely to seek that advice after a major life event. But as advisors know, major life events, such as starting a family, divorce or death of a spouse, are the opportune times for anyone to go from prospect to client. For advisors wondering how to execute that conversion with more women, Capital Group provides some insight worth bringing up to female prospects.

“Women who have financial advisors also exhibit higher levels of trust and satisfaction compared to men,” according to the survey. “Additionally, those currently using a financial advisor report feeling more prepared, relaxed, satisfied and secure compared to women who do not use a financial advisor. While they still cite the cost of advice as a concern, top women earners say they view financial advice as a necessity that outweighs the cost. ”

Change Is Good

Like myriad other industries, wealth management has marketed itself in blanket fashion. That may have been effective in bygone eras, but today’s clients, both men and women, want more customization. They want to be seen and heard and that is to say altering marketing strategies is a good thing, particularly when it comes to female prospects.

“Our research shows that financial advisors can bridge the investing gap between women and men by changing how they prospect, market to, and communicate with women, many of whom are hesitant to seek advice, including high-net-worth women,” said Wassan Kasey, Senior Vice President, Advisor Practice Management Consultant, Capital Group.

Communication is an excellent starting point. Women prefer phone calls over electronic communication for brief conversations with advisors. More in-depth meetings are best conducted in person and advisors should be inquisitive, not demanding, meaning ask questions rather than rattling off a list of directives.