Affluent investors’ willingness to pay for financial advice has grown substantially. From 2020-2023, interest in paid financial advice grew from 58% to 63% for men and from 52% to 61% for women, according to the latest Cerulli Edge—U.S. Retail Investor Edition.

Investors are increasingly becoming aware of the complexity of the decisions they face in charting their financial futures, and many realize that having a trusted advisor can help them both better pursue their long-term goals and worry less along the way. However, advice providers will need to account for the at times different preferences among men and women when targeting affluent clientele.

A common starting point for working individuals on their investing journey is likely their company’s retirement plan. According to the research, women are more likely to say their financial advisor came with their employer’s retirement plan (14%) than are men (11%). Further, 23% of women say their selection of an advisor was either based on a family referral or a choice made by a spouse or parent, compared to 20% of men.

“There are key differences in marketing to clients of different ages and investable assets, and appealing to both men and women sometimes also requires different acquisition strategies,” says John McKenna, research analyst. “As women take on more financial decision making, either independently or on behalf of their families, having a multi-faceted approach to client acquisition can be a major advantage in both attracting new customers and keeping clients’ families in the fold.”

When it comes to selecting a financial institution with which to work, both men and women largely prefer full-service brokerage firms as their main financial provider. However, for other channels, nuances start to emerge. For instance, Cerulli’s survey finds 28% of women favor banks compared to 24% of men.

“Overall, as the financial wealth of women increases, advisors and providers must understand best practices for acquiring women clients and focus on the aspects of service that women want from their financial providers,” says McKenna. “With targeted marketing efforts highlighting the value of advice specific to each segment, advice providers across the wealth management landscape have substantial client acquisition opportunities.”