Financial services firms are failing to meet the needs of affluent women, according to a new study from Chicago’s Spectrem Group.

The firm says that affluent women are looking for holistic services from their financial services providers, and the industry is letting them down.

“These women, who represent households with a net worth of at least US$1 million, told Spectrem Group in a series of focus groups that they want integrated solutions to their financial services needs, which can include investment management, financial planning, and retirement and tax planning,” it says. “However, they do not believe such holistic services are currently available.”

In lieu of more comprehensive services from their financial advisors, affluent women say they tend to rely on their accountants or attorneys for big-picture advice. The Spectrem study found that the total percentage of affluent women who typically rely on advisors — either advisor dependent (18%) or advisor assisted (42%) — stands at 60%. This compares with just 38% for the overall affluent market, which breaks down to 10% advisor dependent and 28% advisor assisted.

“It is clear that the financial services industry is missing a great opportunity with affluent women, who tend to rely more on their advisors than the overall market. Surprisingly, the type of comprehensive, one-stop shopping these women desire but cannot find is exactly what the industry has been touting for years. We can only assume that when these women seek out holistic services, they are either missing them or finding them in name only. Either way, this illustrates a serious problem,” said Catherine McBreen, managing director of Spectrem Group.

Spectrem’s study is based on a series of nine focus groups held across the country in July. Each focus group comprised nine to 12 women representing households with a minimum net worth of US$1 million.