67%: Women who believe financial advisors add value.
Nearly seven in 10 women ages 50 to 75 with $100,000 or more in household income said in a new survey that they think financial advisors provide value beyond what they could achieve on their own, according to the LIMRA Secure Retirement Institute. Only about 52% of the men in the same age group agreed, compared with 67% of the women surveyed. The same survey found that 46% of women in the same age group were worried about running out of money in retirement, compared with 35% of men.
Plan sponsors and their advisors could help participants of both sexes get at least a basic level of financial advice through their education efforts. One strategy to consider: mandatory meetings that go beyond the ABCs of saving. With access to participant data, advisors can seek to pinpoint ways in which individual participants can improve their investing knowledge. One method could be to educate them on diversification.