Women’s Purchasing Power

Women in this country earn $1 trillion (yes, with a ‘t’) a year and influence 88% of all purchasing decisions. Several financial services companies recently answered the following question for Silk Purse Women.

In what ways is the amount of money women earn influencing and/or changing how your firm positions its products and services?

“I cannot speak for Smith Barney as a firm, but I can say that as a Financial Advisor for Smith Barney, the purchasing power of women has impacted my personal practice by making women executives/business owners and women in transition my #1 target market. Currently women investors make up about 68% of the assets I have under management.”
Steven Rodriguez, Financial Advisor, Financial Planning Associate, Citi Smith Barney, Lawrenceville, NJ

“As financial caretakers, we at the Hunter Group see more women are interested in their personal financial welfare, so financial literacy is definitely important. From personal planning – tax planning, retirement planning, investment advice, college funding, and estate planning – to the regrettable increase of divorced women coming to grips with managing their financial affairs, we are constantly adapting our services to address these evolving needs.”
Rosemary F. Ervin, CPA, Director, Hunter Group, Fair Lawn, NJ

“Merrill Lynch is committed to delivering sophisticated and customized financial solutions that address a woman’s needs and help her achieve her goals. We work with women investors to build and preserve wealth by anticipating and planning appropriately for important life events, including career transitions, raising a child, retirement, caring for a parent or loved one, divorce and widowhood.”
Patricia A. Bell, Senior Vice President – Investments, Wealth Management Advisor, Merrill Lynch, Short Hills, NJ

“Women-owned businesses are the fastest growing segment of the small business market in New Jersey. At The Provident Bank, we focus a great deal of individual attention on our business customers. We find our women business customers are particularly receptive to that personal service. We support a variety of organizations, events and publications for women business owners. We work with our customers to develop a customized package of banking and financial services that will help their businesses to succeed.”
Linda A. Niro, Executive Vice President and Chief Financial Officer, The Provident Bank, Jersey City, NJSPW