Retirement-age women represent an attractive demographic to advisors—they live longer than men, and inherit often sizeable pots of wealth. But targeting retirement-age women comes with a unique set of challenges, says Kimberly Foss, president and founder of Empyrion Wealth Management in Roseville, Calif.
Foss, who has run her own practice for the past 21 years, manages $200 million in assets for 85 pre- and post-retirees, knows what she’s talking about: Around half of her clientele is made up of “suddenly single” women, either by death or divorce, who are also suddenly wealthy and frequently have little idea what to do about it. Here are five tips for working with retirement-age women.
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