About 30 years ago, Suzanne Mususers went to buy a car. After she chose a car, the salesman asked, “Are you sure you don’t want to check with your husband first?”
“I have no husband and I have money,” she replied.
The exchange made Mususers uncomfortable and determined to do more business with women. The girl has. “I have a female doctor, lawyer, dentist, and CPA,” says Muusers, a financial advisor coach at Prosperity Coaching in Scottsdale, Ariz. “And I have a female financial advisor.”
Musers are not alone. Many women prefer to work with female professional service providers. When it comes to financial planners, they can agree with their husband’s choice of a male advisor – and respect that advisor’s thoughtfulness, knowledge, and integrity.
But if their husband dies, they can replace that advisor with a woman. In about 70% of cases, a widow fired her male counselor within a year of her husband’s death.
To what extent should gender be involved in women’s decisions when choosing a mentor? Should she consider excluding hiring a male counselor?
“I’m sure there are men who are great advisors,” said Liz Windisch, a certified financial planner at Denver-based Aspen Wealth Management who works almost exclusively with clients. female. “But women may be embarrassed or uncomfortable discussing certain issues with male mentors, such as divorce or how much money they have saved for retirement. They may feel less judged when talking to a woman.”
She adds that if a woman feels inhibited from opening up to her counselor, it can weaken the relationship. An advisor who establishes more trust and rapport with a client can deliver more value.
“If you don’t fully disclose who you are and your circumstances, such as marital problems, you won’t get the full benefit a financial planner can provide,” says Windisch. grant.
She suggests that when looking for a mentor, women pay attention to the rhythm of conversation during the introductory meeting. Ideally, a mentor (regardless of gender) listens to and remembers what you say — and lets you do most of the talking.
Better yet, find a counselor who asks questions like, “How do you like to communicate?” and “How do you learn best?” You want a counselor who listens empathically, doesn’t judge “and doesn’t seem frustrated or impatient with all of your questions,” adds Windisch.
A female mentor may also have a greater awareness of the types of challenges that professional women face. For example, many women take a break from their careers to raise children. Because men on average earn more than women for comparable full-time jobs, women may want to work with a counselor who appreciates the adverse effects of the gap. wages by sex.
In an effort to educate clients, a male mentor can go overboard. To demonstrate his extensive knowledge in investment management, he may use too much jargon to explain corporate asset allocation patterns or proprietary trading strategies.
If male mentors sound preachy, that could be a change, Mususers warned. Instead, it is better to present the facts and encourage the customer to take appropriate action.
“In the past, women were often vilified by some male mentors,” says Musers. “I recommend women seek out a counselor who asks a lot of questions instead of trying to show off.”
Finally, beware of any advisors (again, regardless of gender) who spend too much time telling you what to do and what not to do. Female clients may not respond well to a male advisor who tends to say, “You should stop doing that” or “You shouldn’t let that happen.”
Than: ‘He thinks all financial advisors are scammers.’ We retired in January without a formal financial plan – and my IRA has since dropped 30%.
Also read: What is the best way to get RMD from your retirement account? Experts rate the top 3 strategies.
