Key Private Bank Advisor Poll Finds Couples Collaborating More In Investment And Planning Decisions

More than half of Key Private Bank advisors see men and women joining forces in family wealth decisions

Feb 25, 2016, 09:00 ET from KeyCorp

CLEVELAND, Feb. 25, 2016 /PRNewswire/ -- In an inaugural poll released today, Key Private Bank, the wealth management arm of KeyCorp (NYSE: KEY), asked nearly 300 of its client-facing advisors to shed light on how high-net-worth women engage their families in financial conversations. The poll explored advisors' experience with female clients in family wealth meetings, strategies women employ to take control of their financial positions, as well as challenges women face when managing the welfare of children and aging parents.

Over the last three to five years, notably, 52 percent of Key Private Bank's wealth advisors have witnessed men and women collaborating more in household finances, with one in three noting that women have become more proactively engaged when it comes to household financial planning and investment decisions.

Looking forward, 69 percent of advisors expect men and women to take more equal roles in financial conversations in the next three to five years. An additional 15 percent expect women will take on a more active role in financial conversations, while one-in-ten advisors believe women will become the primary leader of financial and investment decisions.

"Mining insights from our professionals across our footprint is a critical factor in understanding our clients' top-of-mind concerns," said Terry Jenkins, President of Key Private Bank. "Women earn more degrees than men and 57 percent of women participate in today's work force; that progress is now translating to household financial decisions.  Men continue to be the primary drivers in many family wealth households, but women have an increasing appetite to take the reins, particularly regarding topics they value most."

Specifically, the poll found that men overwhelmingly dominate family financial conversations related to tax issues, such as minimizing estate tax (94%) and reducing income tax (92%). Men also take the lead when discussing leaving a family legacy (64%) and providing for the family (69%).  However, advisors see women take charge of conversations pertaining to educating future generations (74%), charitable giving (74%) and death and disability (66%).

"There are natural links between educating the next generation and charitable giving, as well as what happens to a family when a loved one passes away," said Catherine O'Malley Kearney, Head of Trusts and Estates for Key Private Bank. "There is a clear opportunity for women to take the lead when it comes to financial planning discussions around providing for family and leaving a legacy."

The Advisor Poll also ranked identifying the right caregiver as the top obstacle for women of the sandwich generation who juggle child and elder care responsibilities. One in three advisors also indicated financial planning and family conversations become more complex when women become primary earners.

About Key Private Bank
Key Private Bank is a leading provider of wealth management solutions and advice to more than 24,000 high-net worth and ultra-high-net worth clients, including wealth advisory, investment management, trust administration, customized credit, family office and private banking services. Key's wealth management platform combines the market insights of advisors located in each local market with a national team of wealth and investment strategists to deliver proactive and personalized expertise and advice to clients. Advisors also leverage partnerships with Key's business banking and capital markets teams to build wealth plans tailored to meet each client's specific need. Key Private Bank's wealth management platform is delivered by nearly 300 wealth advisors, located in 44 offices in 13 states across the United States. Key currently has $44.9 billion in AUM and $36.6 billion in AUA .

About KeyCorp
KeyCorp (NYSE: KEY) was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key had assets of approximately $95 billion at December 31, 2015. Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized businesses under the name of KeyBank N.A. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/.  KeyBank is Member FDIC.

                       

SOURCE KeyCorp



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