American Express targets 'Smart Choices' to women

American Express Financial Advisors has designed an investment program specifically for women. The program, called "Smart Choices. Your Money. Your Future," calls for all women single, married or in partnerships to have at least one investment in their own name, according to a news release from American Express.

"The reality is that 90 percent of women will be solely in charge of their finances at some point in their lives." said Jan Holman, vice president of investment services for American Express, in the release. "We want them to be 100 percent ready to pay attention to investments and make smart decisions about their financial future."

Other reasons American Express recommends that women hold their own investments are to help them take charge of their financial future (women tend to live seven years longer than men, on average), to have ready access to cash for emergencies and to reduce estate taxes, the release said.

"Saving for retirement is not just for the affluent," Holman stated. "Women need a plan to protect themselves, their families and their futures."

Before designing the "Smart Choices" program, American Express sought feedback from women concerning how they think about money decisions.

"When it comes to money matters, women tell us they don't necessarily rely on instinct," said Jane Taffe, women's market segment leader for American Express, in the release. "They are more likely to take their time before turning over their finances to an adviser. They need to establish a level of trust with the adviser and they need details about their investment options."

An additional reality, Taffe said, is that the average U.S. adult woman will spend 19 years of her life single, widowed or divorced, "which makes a strong case for women being independent about money decisions."

While women indicate they want to first establish trust with a financial adviser, that adviser does not necessarily have to be a woman, Taffe said. "But women want some up-front time to get to know the adviser. And, typically, the hard-sell approach just isn't going to work."

The program is intended to provide women what they want in terms of financial counseling, Taffe said.

"Men and women differ in how they approach the money issue. Men, traditionally, have been less conservative as investors, and they often are willing to do business with a financial adviser they may have just met on the golf course. Women believe in doing their homework."

Another challenge women face is that they tend to change jobs more frequently than men, Taffe said. "They leave and rejoin the work force more often, and it's not unusual for women to have jobs that don't offer employer-provided retirement plans."

Another key statistic that influenced American Express to launch its program for women is that 74 percent of women interviewed noted that the biggest single stumbling block to becoming a more active investor is the "inability to select the right investment."

The program, according to Holman, "strives to offer women the information, advice and investments they need to make smart financial choices for retirement."

American Express Financial Advisors is one of the largest financial planning companies in the United States, with more than $200 billion in assets owned or managed. Formerly known as IDS, the 104-year-old company offers comprehensive financial services through more than 8,900 financial advisers nationwide.

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