When it comes to financial planning among married millionaire couples, there are "key differences" between male and female sole decision-makers - one being that women take the more holistic route, while men set their sights on investment return, according to a new study.     

The 2012 Fidelity Millionaire Outlook Study examined the investing attitudes and behaviours of married male and female millionaires who serve as the sole financial decision-makers in their households. Fidelity Investments said the results suggest that, overall, married millionaire women are typically more risk-averse than men and thus may be better candidates for financial advice due to their willingness to accept guidance.

“With married clients, it’s imperative that financial advisors involve both spouses in all planning,” said Meg Kelleher, executive vice president, Fidelity Institutional Wealth Services. “With approximately $2 trillion in motion each year due to divorce and death, the reality is that your married clients could become single clients.”

Among those already working with a financial advisor, women were nearly twice as likely to be interested in holistic financial guidance and planning to meet a specific lifestyle or goal. By contrast, men were almost twice as likely to indicate that they were interested in achieving the greatest return on investment.

It is therefore unsurprising that - according to the findings - women are more conservative than men, with individual domestic bonds and domestic bond mutual funds among their top five investments added in the last year. Twice as many men than women opted for the riskier investment strategies like individual domestic stocks.

In a further sign that women are more docile in their investment approach, 61 per cent of those surveyed are more likely to cast aside their assets until volatile market conditions settle down. Just under half (44 per cent) agree they need professional financial advice now more than ever, while 49 per cent without an advisor at present would like one.

Loyalty

Meanwhile, among those already using a financial advisor, 45 per cent of women said they would be "very likely" to move their assets and relationship along with their primary advisor should he/she leave their current firm. Just 23 per cent of men say the same, which could be perceived as another example of how males are more likely to take risks.      

“Based on these findings, it is important for financial advisors to recognise that women may be looking for different investment strategies or have a different set of financial concerns that deserve consideration,” said Alexandra Taussig, senior vice president, National Financial, a Fidelity Investments company.

“The reality is that nine out of 10 women will be solely responsible for their finances at some point in their lives, so it’s critical to not only engage women early, but regularly, to retain the relationships.”

In conjunction with the survey, Fidelity Investments is launching a new effort to help address gender differences and their impact on financial advice, starting this week with an event for financial advisors and the release of the first in a series of whitepapers, Engaging Wives: How to Drive Greater Growth with Married Clients.

The survey involved 1,520 affluent and millionaire US household financial decision-makers, of which 1,020 fell into the latter category. It was conducted between 15-29 March.