BlackRock Finds a Major Disconnect Between Women and Financial Advisors

#Misconceptions #WealthCreation ##The Disconnect Between Women and Financial Advisors Financial advisors have an outdated idea of how wealthy women get rich and what they want from financial advice. Many advisors still picture female wealth as something that comes through inheritance or marriage. A new BlackRock survey shows 8 in 10 women attribute their wealth to their professional careers. Only about half of advisors thought the same. ##What Women Want from Financial Advice Advisors were far more likely to point to marriage and inheritance. Roughly six in 10 named each source, at least twice the share of women who did. The survey also found that women prioritize investment returns and tax outcomes, with half ranking these as the top reasons financial advice is worth paying for. ##The Impact on Wealth Management The findings challenge some long-held assumptions: women are actively creating wealth, focused on growth and financial outcomes. This has significant implications for the wealth management industry, with BlackRock noting that 35% of women with at least $2 million have no advisor at all. The market is becoming harder to ignore, with McKinsey projecting women will control $34 trillion in US assets by 2030, or around 38% of the total. ##The Way Forward BlackRock's survey highlights the need for financial advisors to update their understanding of women's wealth creation and needs. This includes recognizing the importance of investment returns and tax outcomes, as well as coordinating with other professionals to provide comprehensive wealth management services.