A new model of financial collaboration may be emerging between married and long-term committed couples, according to a study by LPL Financial.
A recent survey of 1,000 mass affluent investors uncovered a statistic that startled researchers: 75% of men said they wanted their spouse or partner to take more a more responsible role with their joint money.
Marisa Fox-Foley, a senior vice president at LPL Financial, a firm dedicated to helping planners grow their entrepreneurial businesses, reported the findings in her firm’s study during the Women Advisors Forum today in Huntington Beach, Calif.
“Couples rely on each other as the primary source of advice, as the primary litmus test, in making financial decisions,” Fox-Foley said.
She told the gathering that, just in the past five years, she has seen a new kind of true collaboration emerging, both for opposite- and same-sex couples nationwide.
“The recession coupled with the incredible increase of purchasing power of women, and the increase in women starting businesses, has created a sea change in the way that couples need to collaborate.”
However, she added, the financial advising profession has not caught up with this shift.
At a recent meeting of advisors her company supports, she said she asked, “How many of you have women clients?” After just 10 hands shot up, she then asked, “How many of you have couples who are clients?” This time, more than 90% of hands shot up, laying bare a disconnect among advisors who have failed to recognize a strong desire and need within their own client bases. A majority of women polled in the same survey said that they themselves want to take a more active role in their financial lives.
“So I think we’ve got an incredible opportunity in this room to really reframe and reshape the way we deal with the female investor base.” Despite the lagging perception in the industry, she said, “women are not a niche market.”
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