It’s time to break through a few myths about affluent, widowed women. With 50% of U.S. millionaires being women, marketing to affluent women needs to become a high priority for financial planners and insurance companies. And a large portion of these affluent women are widowed or divorced. Here are the tropes I am likely to hear from industry ‘experts:’
“There’s no point in targeting widows.”
“Widows are neither involved nor interested in financial management.”
And here I thought it was 2015, not 1915 (or even 1815!). Many women must sense this attitude and look for greener pastures, because…
70% of Widows Walk
According to Allianz research, 70% of widows and divorced women leave the financial advisors their spouses used. That seems pretty involved and interested to me.
The sales and marketing opportunity for the widowed market is huge. The average age of widowhood is 60, and a 60-year-old woman today can expect to live another 23.4 years. These women will control the combined assets of both sides of their family for over two decades.
Wealthy Women Will Get Wealthier
Here’s a market that will keep growing. Over the next 40 years, women will inherit 70% of the $41 trillion in inter-generational wealth transfer, according to Boston College’s Center on Wealth and Philanthropy.
Marketing to Women Only Makes Sense
Considering their lifespan and wealth accumulation, marketing to women who are widowed and divorced will hold a significant early-mover advantage for financial and insurance firms that act quickly. Because, hey, I hear that 70% of widows are looking for a new financial advisor.