New York Life Investments Launches New Value-Add Program Centered on Women and Investing; Unveils Comprehensive Research Findings and Guide for Financial Advisors

NEW YORK, March 8, 2019 – New York Life Investments, the $551 billion¹ global asset management business of New York Life, today launches a new value-add program for financial advisors, unveiling findings centered on the topic of Women and Investing. The newly-developed program strengthens financial advisors’ relationships with this important, yet underserved, segment of investors that were identified in a detailed research study of 800 women in the U.S.

Given that women control a substantial amount of wealth in this country -- $14 trillion in the U.S.2 and control 70-80% of all consumer purchasing3 -- yet invest 40% less than men, 4 New York Life Investments spent the past year designing, developing and reimagining how advisors can engage and partner differently with their female clients to help them achieve financial stature. The new value-add program leverages proprietary research and perspectives combined with practical tools that enable advisors to address their specific needs.

“As a firm, we stand for a lot more than investing. We understand the importance of guidance and recognized a clear opportunity to help advisors benefit from these industry dynamics,” said Yie-Hsin Hung, CEO of New York Life Investment Management. “We are providing not only invaluable information and analysis, but the actionable practice management solutions advisors need to capitalize on this massive opportunity.”

Said Ian Forrest, Global Chief Marketing Officer of New York Life Investment Management, “one of our key research findings is that women investors can be segmented by their life objectives, risk profile, interest in financial education and type of relationship with their financial advisors into four distinct sub-segments. These nuances, coupled with women living longer than men, provide the insight and opportunity for advisors to engage differently with women investors to increase their overall satisfaction. With our new value-add program, we are able to help every step along the way.”

The four sub-segments of women investors and some of New York Life Investments’ findings include:

  1. Suddenly Single, women that have been recently separated, divorced or widowed in the past 5 years - 32% feel patronized by financial advisors and 51% may not work with an advisor again
  2. Married Breadwinner, professional women that represent the primary source of income for the household - 44% feel that financial advisors treat women differently
  3. Married Contributor, professional and non-professional women whose primary contributions to the household tend to be non-financial - 32% feel unconsciously excluded in conversations with financial advisors
  4. Single Breadwinner, professional and non-professional women defined as living alone or as a single-family unit - 27% expressed a desire for greater financial education

 

Additional research highlights revealed in the study further underscore the opportunity for advisors:

  1. 70% of women with investable household assets above $250,000 have an existing advisor yet,
    1. 38% of women are less than completely satisfied with their financial advisor
    2. 67% of female investors change advisors as a result of poor service or a lack of a personal connection while only 33% switch for poor performance
  2. 62% of women believe they have unique investment needs and challenges
  3. 55% of women share their experiences with financial advisors amongst friends and family
  4. 40% of women feel that financial professionals treat women differently
  5. 26% of women feel they have less access to financial education

 

About New York Life Investments’ Value-Add Program and Women and Investing Study

Working with brand strategy and design firm, Sub Rosa, New York Life Investments’ insights and corresponding materials were derived from a 2018 study of 800 women employing both qualitative and quantitative methods to better understand the needs of women when it came to investing in the U.S.

Financial advisors can obtain the research findings by contacting their New York Life Investments Advisor Consultant or by visiting www.morethaninvesting.com.

About New York Life

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies.**

*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/18. For methodology, please see http://fortune.com/fortune500/

**Individual independent rating agency commentary as of 7/30/2018: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+)

1 Assets under management as of 1.31.19.

2 Forbes: “Why Has Women’s Economic Power Surged? Five Stats You Need to Know”, 2017

3 Forbes: “Top Ten Things Everyone Should Know About Women Consumers”, 2015

4 WealthSimple Survey

 

Media Contact:
Allison Scott
New York Life
212-576-4517