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San Diego based wealth management firm, HohyleCohen, affiliate of Focus Financial Partners, has launched a separate practice group staffed by women and targeted at women — specifically high-net-worth women over 45 who own their own businesses, are going through a divorce or have become widows.

[pullquote]Recent studies point to women controlling two thirds of consumer wealth in the next decade[/pullquote]

We’ve seen an increase among wealth management firms to increase their focus on women, particularly in the last decade, but there is still a “lag” in the support and services women need to manage their wealth and life goals.

HoyleCohen may be one of the first to create a separate division staffed exclusively by women and set up to serve only women.

Probably a pretty smart move based on recent studies that point to women controlling two thirds of consumer wealth in the next decade. Women are also noted for being slower to choose an advisor, but more loyal once they have made the decision.

And from a business point of view, it is always more economic and efficient if you can serve a more specific and “like-minded” client base.