For years, the call for more aggressive outreach to women has resounded throughout the financial services industry. Today, with financial services providers and the media paying increased attention to women's interests and concerns, a majority of women have become much more knowledgeable, involved and confident investors than they were even a decade ago.

But not all women have moved up the investing curve so successfully. New research conducted by the ING Foundation, in conjunction with Essence magazine, shows that while African American women care deeply about their financial future, are confident in their ability to invest and possess a strong desire to learn more, many are not where they need to be financially. We think these circumstances represent an opportunity for the financial services industry—and that financial advisors have a particularly critical role to play in the economic empowerment of African American women, their families and their communities.

The Issue

Our research evidences what my colleague Rhonda Mims, president of the ING Foundation, has termed a "financial perfect storm." African American women's desire to support their families, friends and places of worship, combined with a strong disposition to consume, has significantly constrained their savings.

Consider that nearly half of the 1,000 women surveyed say it is difficult to maintain the lifestyle they desire because of financial obligations to their family, and that 71% said giving money to their place of worship is very important. These percentages are considerably higher than those found among women of other races.

With so many demands on their financial resources, many African American women have put their own needs behind those of family, friends and church—that is, if their own financial goals are even on the list at all. So it is hardly surprising that African American women are significantly less likely than other women to own a retirement account, mutual funds or individual securities. With their financial well-being at risk, it's time for African American women to make their own financial security a higher priority.

A major reason the African-American women in our survey "under-own" investment products is late exposure to investing. The vast majority wish they had learned more about money and investing growing up. Many of these women are missing out on the opportunity to own crucial wealth-building vehicles because they have not had adequate exposure to them. We can do something about that.

The Opportunity

Our survey highlights a significant opportunity for financial advisors. For starters, financial security tops the list of concerns for many African American women. Their interest in investing is climbing dramatically, with just under 75% saying they are more interested in investing today than they were five years ago. A substantial cash flow is at stake. The women we surveyed frequently manage household spending, which in African American households is expected to exceed $1 trillion annually by 2012.

While 70% of the African American women we surveyed don't have financial advisors, most who don't say that they are willing to pay for financial advice. When it comes to choosing an advisor, the overwhelming majority says that race and gender are immaterial. A competent, caring, trustworthy financial advisor has what it takes to win business in this market.

The bottom line is, African American women are smart, goal-oriented, motivated and influential individuals who make extraordinary contributions to their families and communities. While they are looking out for others, the financial services industry has an important opportunity to help them with their finances.

Valerie Brown is president, Retail Annuities Market Segment, ING U.S. Wealth Management.