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“Building your women clientele takes longer, but they are more loyal.”

businesswoman-smThis is how Sallie Krawcheck, president of Bank of America Merrill Lynch’s global wealth and investment management unit, views the differences between client genders.

Her remarks were made as part of the firm’s wealth management panel on women and retirement. As more women are entering the professional population, (58% of college graduates and 54% of US professional and managerial jobs)* their desire and need to build wealth and retirement savings requires a different approach from their male counterparts.

As a result, the firm is providing guidance to their advisors on how to work with women and encouraging them to be more proactive in the amount of time they spend pursuing prospective women clients.

Based on the premise that women live longer, earn less and tend to be more conservative investors, their investment plans are key as they tend to stick with the plans they create with their advisor, which makes them good clients…and, they tend to refer about three to one over men, according to David Bach, former financial advisor and author of “Smart Women Finish Rich.”

*Read the article…