It should come as no surprise that women want exactly what men want in an advisor. They want to be given options, want to feel like a partner in their personal financial planning and they want all the information needed to make investment decisions.
An enlightened advisor knows that women are seeking an ongoing relationship with them. Their advisor takes the time to listen and educate them about what it will take to preserve and build their wealth and plan for their specific financial future. And, they sure don’t want their advisor to make assumptions about them or their investment knowledge based on their current financial situation.
Both men and women may have similar financial objectives and goals but the way they approach things might be very different. For instance, women tend to be more risk-averse and a savvy advisor will recognize and respect this.
So, it is imperative that women have a trusted advisor that understands the importance of their personal economic well-being and who will engage them in the financial planning process. This might simply mean educating them about why and how certain actions will be taken. When women understand the process, they feel more confident and respected, hence strengthening that trusted advisor relationship.
Women investors are looking for a long-term strategic partner who understands their family dynamics and commitments and will engage them in building an appropriate financial plan that addresses their future needs, such as their children’s education, paying off a mortgage, saving for travels or for a comfortable retirement. They want to know they will be well taken care of even without a support system based on their role as a wife or mother.