Think Generations, Not Gender

On his latest radio show Ric Edelman remarked that women are taking greater responsibility for family investments. A generation ago, many wives managed daily family finances while their husbands toyed with the brokerage account. Today, much investing is done through 401(k)s and other retirement plans. Increasingly, it seems, the wife who monitors the family bank accounts keeps an eye on the family  retirement accounts as well.

Nevertheless, male wealth managers continue to wonder: What do women really want? Schwab seeks to provide guidance with a survey of "high net worth women," but note the quotes. Average investable assets for the women surveyed was only $1.3 million, making it unlikely that most qualified as high net worth. Half had no investment account. Four in ten had no credit card of their own.

For a meatier survey, see US Trust's 2012 Insights on Wealth and Worth. The study probes wealth-related attitudes by generation – pre-boomer, boomer and under 50. Boomers, it turns out, have relatively less interest in keeping wealth in the family. Under-50's are more likely to turn to private banks or trust companies for investment guidance.