When women want to find a financial advisor, they may be looking for different professional qualities than their male counterparts would do. Females may respond better or worse to an advisor’s communication style and their approach to managing finances. They may have distinct expectations that are born from a woman’s unique point of view and life experiences. In this case, it’s true that not all financial advisors are created equal!
Whether you are single, married, divorced or widowed, we want to take the opportunity to share a few tips for women who are looking to settle down with a financial advisor.
Make It Personal
Women may want to build a personal relationship with their financial advisor, so if that’s you, then it’s important to work with someone with whom you feel comfortable being totally open and honest. Just like real life, not every advisor is a great match for your needs or personality. As you are searching for “the one,” be sure you feel that he or she understands your goals and priorities…on more than just a financial level.
Get a Feel for Confidence
Does your financial advisor inspire you to be in charge of your future? Of course, he or she is supposed to guide you along the way, but an advisor who helps educate you also empowers you. Women may respond better to a professional who can help them understand the complex world of finances and then support them as they make important decisions. Look for a financial advisor who makes you feel informed and capable.
Feel Better about Risk and Security
When a financial advisor understands a woman’s concerns about financial risk (say, when choosing investments vs. money in the bank) and, consequently, financial security, they may be able to better serve female clients. You may already recognize that the returns on investments may be far greater than money in a savings account, yet you may also need someone who can make sense of the decision to invest your money over time. Women who find a financial advisor with these qualities may feel more comfortable as they move through different stages of life.
Finally, when trying to select a financial advisor, consider their credentials. You’ll want to work with a Certified Financial Planner (what is this?) who has experience in managing funds and wealth. It also doesn’t hurt to work with an advisor who carries multiple awards for their work with female clients.
For questions on financial planning, retirement and other services for women, contact Guidant Wealth Advisors at (847) 330-9911.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stock investing involves risk including loss of principal.