Men sit up and take notice--women have more money and are better investors than you!

The financial service industry is currently evolving and changing with the economic and technological advancements permeating our culture.  We are witnessing changes in the financial industry both in the United States and in other countries.  Still, a male-dominated industry, we may see a plethora of changes in the near future with more female financial advisors entering this lucrative career choice.  Nonetheless, there are a few changes happening today which will have a profound effect on individual retirement assets in the future. 
First and foremost, women currently control over 50% of the personal wealth and will inherit over 70% of the assets of the baby-boomer generation (Fitzpatrick, Reichmeier, and Dowell 2017).  Men, if you think women are only after your money--it is too late--they already have it.  Actually, men can assume credit for the meager retirement assets accumulated by retirees over the past three decades because more men have IRA's and 401(k)'s than women.  For example, the average worker in 2016 nearing retirement has less than $100,000 in a 401(k)/IRA asset (Ellis, Munnell, and Eschtruth 2016).  This is a startling revelation which reveals men have not done a very good job with their investments.  Of course, there are other factors to consider such as the limited investment options of the past producing meager returns and the high fees collected by mutual fund managers. 
As far as who is better at investing, men or women--men lose again.  A recent Fidelity report discovered that not only are women better savers than men, something men conceded a long time ago, women are actually better investors.  Women assume less risk and do not trade as often as men.  This technique sounds familiar? (Think Warren Buffet and his buy and hold investment strategy) The Wells Fargo Investment Institute reported that women achieve higher returns over a 5 year period from 2010-2015.  Men need to heed the advice of many financial advisors, do not trade as often or take as many risks--this is not a fantasy football game.  Still, when asked who is more confident with their investment knowledge 60% of men said they have a high degree of confidence and only 43% of women acknowledged this fact. 
MEN--YOU ARE IN DENIAL!  SEEK PROFESSIONAL COUNSEL BEFORE IT IS TOO LATE!
As always, let me know if I can help
Gerald House
References
Ellis, C., Munnell, A., & Eschtruth, A. (2016). Falling short: The roots of the coming U.S. retirement crisis. Challenge, 59(2), 126-147. doi:10.1080/05775132.2015.1138061
Fitzpatrick, B., Reichmeier, J., & Dowell, J. (2017). Back to the Future: The Landscape of the Financial Services Industry 2020 and Beyond. Journal of Advances in Economics and Finance, 2(1), 40-53. doi:doi.org/10.22606/jaef.2017.21004


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