A group of men and women +50 were polled on what was important to them concerning their hiring and working with a financial advisor or firm. You might be surprised to know that the women had more requests than the men. What did the women want? A person or team assigned to their account, online access, lower fees, clear statements, shared values … Today’s +50 woman will demand respect and performance.
A more mature woman will do more research to find an advisor who can explain issues in an understandable manner, has specialized expertise, is proactive to market changes, and has longevity in the field. And she will only be more engaged as she ages. Younger women are not more demanding than men in these requirements except when it comes to explaining items in a clear, fathomable fashion.
Then there are the obstacles women face in the business world; the gender gap, cultural conditioning, being comfortable in the “macho” investing arena. The pay gap renders it difficult for women to find the extra money to invest. Cultural conditioning has been telling girls/women they’re not good at mathematical skills or that money matters are boring and best left up to someone else to handle. Some women have stated they feel invisible to financial advisors.
However, women – especially the +50 woman, are becoming more and more financially savvy and getting more actively involved in financial decision making. The turning point was the 2008 financial crisis. We are at a similar moment now in the midst of the pandemic where the market has become unpredictable.
Women want straight talk, not fancy lingo. They want to hear about values and priorities, not bulls and bears. A woman will want feedback from her advisors that lets her know she’s been HEARD. She wants to know more than just the “bottom line”. Her issues may be; will I be able to send my kids to college or help with care costs for an aging parent.
Women want someone they can trust, someone who inspires confidence, someone who will ask what their biggest concerns are and then collaborate on a plan to achieve financial security.
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