Insights | 08.31.20
Advisors Need to Address Gender Stereotypes About Women: Merrill
The fight for gender equality is still an uphill battle in wealth management as advisors struggle with gender stereotypes and unconscious biases that hurt female clients, according to a study by Merrill Lynch Wealth Management. On average, a woman experiences 10 behavioral miscues for every 30-minute meeting with an advisor, according to the data. Miscues include if the female investor is holding her family’s financial paperwork, but the advisor speaks directly to the man. Other frequent forms of biased behavior include viewing women as more risk averse, assuming women are less knowledgeable than men about investing and concluding a couple’s finances are merged or jointly invested.
Read the full article on InvestmentNews.