Men and women don’t agree on everything, but when it comes to choosing a new financial advisor, male and female investors do have similar demands and requests from their advisor choices, according to a report by Spectrem Group.
There are occasions when investors want to change advisors, and many times the problem is lack of communication, or poor investment performances. Either way, it takes some research to find a new advisor, and women and men tend to look for the same qualities when choosing a new advisor.
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Spectrem’s report Investment Attitudes and Behaviors of high-net-worth Women versus high-net-worth Men details the investment differences between the two genders, but when it comes to finding a new advisor, they actually agree on key components.
By far, the most important factor in choosing a new advisor is honesty and trustworthiness. Ninety-eight percent of women and 97% of men say that characteristic is important.
In most other characteristics, women are slightly more interested, although the percentages are very close. For instance, 94% of women look at the investment track record of an advisor, as well as the advisor’s transparency and willingness to keep an investor informed about what he or she is doing. For men, the percentages are 92% of transparency and 90% for track record.
The other most popular choices for advisor characteristics are depth of products and services offered (88% women, 85% men) and fees or commissions charged (88% women, 87% men).
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By GlobalDataThere is one category in which women are significantly more interested. Seventy-five percent of women want the new advisor to come with a strong referral or recommendation from a trusted associate, while only 66% of men find that important.
Also, 69% of women want the new advisor to be associated with a well-known brand or company, and only 60% of men feel that way.
Men and women are also in agreement about an advisor’s use of social media as a necessary component. Only 8% of either gender would look closely at how much an advisor uses social media in order to determine whether he or she should be their new advisor.
