The financial sisterhood is real. When women need help managing their finances, most trust their fellow females to lead them in the right direction.
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Nearly three-quarters (72%) of U.S. financial advisors gained their female clientele through recommendations sought from other women, according to a recent Edward Jones survey.
GOBankingRates spoke with three female financial advisors to get their take on this survey result. Here’s what they had to say.
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Cathleen Tobin, CFP, owner and financial planner at Moonbridge Financial Design, said her practice is centered on serving women clients.
“Over 70% of my clients came through referrals, either from women in my network or clients,” she said. “Those who have moved to me from another advisor expressed frustration that they didn’t feel heard or understood by their previous advisor.”
This has given her a unique understanding of what her female clients want from her.
“They are looking for a relationship that focuses on their entire financial picture, versus only what might be under management,” she said. “They want the confidence to ask questions and to receive answers in plain language — without jargon.”
Finding the right financial advisor can be a challenge, which could be why women are relying on each other for recommendations, she said.
“It can be difficult to know where to begin looking for a financial advisor and a referral from a trusted friend or relative can give them the confidence to schedule a call,” she said.
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“I’ve certainly heard that women typically prefer to work with female advisors and I’m not at all surprised,” said Carla Adams, CFP, founder and financial advisor at Ametrine Wealth. “In recent years, I’ve spoken to a lot of women in my network who have said they either have a financial advisor or have interviewed financial advisors who are male who have talked down to them and/or basically ignored them and only talked to their husbands.”
Of course, she said all male advisors certainly don’t behave in this manner.
“There are, no doubt, a lot of great male advisors out there who are great with women — I’ve worked with many of them throughout my career,” she said. “However, one bad experience with a male advisor who makes a woman feel inferior, or even just the fear that a male advisor would do that, can no doubt make women seek to work with women.”
