MONEY matters

Mark Zaifman's thoughts on money, global economic trends and politics

3 Things Women Look for in a Financial Advisor

Mark Zaifman   |    Mon, Feb 13, 2012 @ 02:42 PM

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As part of a comprehensive study by Hearts & Wallets, a retirement and savings trend research firm, it was noted that when in the market for financial advice, the top 3 things women look for in a financial services firm are:

  • that they provide low fees
  • they provide fees that are clear and understandable
  • and that they explain things in understandable terms.

And the top 3 things women look for in a financial advisor is:

  • that they don’t pressure them to buy products
  • that they’re open and honest about fees and compensation
  • and that they’re responsive.

Many women don't feel they understand money - but my take on these findings is that women are smarter than they think when it comes to money and finances and know exactly what’s important. They first want fair pricing, which means a registered investment advisor who does not sell them products which in turn would earn them high commissions.

They need a good communicator who will take the time to explain how the investment process works. They want someone who follows a fiduciary level of care and will listen to their life plans and goals and then advise them on the development of a long-term investment strategy based on her best interest.

Finally, they also want to know that if (and when) the market drops, their advisor will stay in touch and not disappear during those tough times. They want an advisor who will check in with them on a regular basis to discuss strategy and future options.  And they need absolute integrity from their financial advisor.

In a field that is rife with posers and rip-off artists, it is admittedly a scary proposition to find the right match when dealing with your money.  Women know how crucial it is to make the right choice when choosing an investment advisor – particularly when approaching retirement – there just isn’t much margin for error.  


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