{"id":3673,"date":"2014-03-22T06:05:51","date_gmt":"2014-03-22T10:05:51","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=3673"},"modified":"2014-04-05T05:26:02","modified_gmt":"2014-04-05T09:26:02","slug":"kerrys-advice-on-today-com-women-want-financial-advisers-who-get-their-needs","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=3673","title":{"rendered":"Kerry’s Advice on Today.com Women Want Financial Advisers Who Get Their Needs"},"content":{"rendered":"

\"images\"<\/a>Women are\u00a0heading more households<\/a>\u00a0and making small inroads in the C-suite. They have also increased their presence on the Forbes list of billionaires. And\u00a0research<\/a>\u00a0by Boston College’s Center on Wealth and Philanthropy found that because women tend to outlive their spouses, overall they will be managing the majority of the $41 trillion in wealth that will pass to the next generation by 2052.<\/p>\n

But when it comes to financial advice, women are not getting the service they want or need. A study by\u00a0Fidelity Investments<\/a>\u00a0found that when couples interact with a financial adviser, men are 58 percent more likely than women to be the primary contact. And while most women say they do not intend to\u00a0leave<\/a>\u00a0their financial adviser if their husband dies, within a year of being widowed as many as 70 percent actually do, according to one study.<\/p>\n

“We just continue to have a lot of work do to around this whole front,” said Caroline Feeney, president of agency distribution at Prudential.<\/p>\n

Feeney recalled a presentation for Prudential financial advisers \u2014 both men and women \u2014 where they were told about the\u00a0data<\/a>\u00a0on widows.<\/p>\n

“From the women there were some smiles, some comments, [but] not largely surprise,” she said. “The women cited examples of many times they had been sitting next to their husbands and a salesperson directed the entire conversation at their spouse. They tried to put some humor in it, but they were less surprised. The men were much more surprised.”<\/p>\n

Different approaches<\/p>\n

Not all women want the same thing from a financial adviser, of course.\u00a0Research<\/a>\u00a0by Prudential found differences among women of different ages, income levels and ethnicity. But financial advisers describe several things women tend to seek.<\/p>\n

“Men are more about fixing things and getting to the bottom line. A woman doesn’t necessarily want to get to the bottom line right away,” said Kathleen Rehl, a financial planner and the author of\u00a0“Moving Forward on Your Own: A Financial Guidebook for Widows.”<\/a>\u00a0Sometimes, she said, a recently widowed woman needs to process her grief and dig through paperwork that has been let go before she can make a plan for the future, and an adviser can\u00a0help<\/a>\u00a0build the relationship by assisting with both.<\/p>\n

Rehl said she and other financial advisers she knows sometimes arrange themed events for groups of women so they can enjoy an activity together and then participate in a discussion or have a lesson on a financial topic. Rather than selling a product or completing a transaction, the events are more about building relationships, she said, since that is especially important to women. “We like to learn things. We like to think them through. Like\u00a0investments<\/a>,” she said.<\/p>\n

Kerry Hannon<\/strong>, a retirement and\u00a0personal finance expert<\/a>\u00a0based in Washington, says men and women tend to have different approaches to investing.<\/p>\n

“Generally speaking, women don’t want it to be a numbers game. We care about the returns and so forth. But this is not a competition. Men typically slide into that mindset a bit more,” she said. “Most women aren’t generally willing to bet the farm. We don’t need the highest return, or the next hot\u00a0investment<\/a>. We want a steady, solid return over time. It’s an organic, big picture scenario that we’re interested in pursuing. We are afraid of losing it all, so we want to keep control and safety at a gut level.”<\/p>\n

By CNBC’s Kelley Holland<\/em><\/p>\n

Continue the full article here<\/strong><\/em><\/a><\/p>\n

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