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.”
She said listening to her female clients, being empathetic to their situation and speaking to them in a language they understand helps her connect with them.
“I have both female clients that are super knowledgeable about investments and personal finance, as well as female clients who know very little,” she said. “I try my best to meet my clients where they are and make them feel at ease.”
She said the more comfortable her clients feel opening up, the better she’s able to help them achieve their financial goals.
“I think there are a few key factors at play here,” said Sarah Maitre, CFA, founder and financial planner at Camriel Advisors. “First, many financial advisors tend to focus more on marketing themselves or their portfolio performance rather than prioritizing client education.”
When advisors take this approach, she said it can overwhelm clients and make them hesitant to ask questions when presented with unfamiliar terms.
“In many cases, men take the lead on family finances, which means that even when women participate in meetings with an advisor, they may not fully understand certain terms and are afraid to speak up,” she said. “I’ve heard from many women that this dynamic makes them feel disengaged from the financial planning process and unable to take full ownership of their financial futures.”
Despite wanting to be involved, she said this can cause women to feel left out.
“Finance can sometimes feel like an ‘old boys’ club,’ leaving women feeling like passengers instead of active participants,” she said.
In her experience, women investors want to work with an advisor who genuinely understands their needs and is willing to meet them where they are.
“This involves assessing their financial knowledge, creating space for questions and ensuring they feel confident when making decisions that impact their future,” she said. “It’s not just about offering advice — it’s about fostering a collaborative relationship where women feel empowered and informed.”
Beyond that, she said many women simply feel like they can better relate to other women, as they’re often more intuitive and have a deeper understanding of their unique needs and priorities.
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This article originally appeared on GOBankingRates.com: When Seeking Financial Advice, Women Stick Together — Experts Explain Why
