Staffing & Culture | 04.30.25

Why Women Fire Their Advisors

by: Tracey Longo

Women are expected to control more than half of the wealth in the U.S. over the next five years, yet several studies have found that as many as 70% of them may switch advisors when they assume control of the family wealth. In reality, the percentage of women who fire their advisors is higher, women advisors said at Financial Advisor magazine’s Invest In Women conference in Boston this week. “It’s more like 80% to 90%,” Cary Carbonaro, managing advisor and women and wealth ambassador at Ashton Thomas in Scottsdale, Arizona, said during a panel discussion. The problem is exacerbated by male advisors who don’t realize their women clients are unhappy. New York Life Investments research from last year found the leading reasons why women fire male advisors, including poor customer service, a lack of a personal connection with their financial advisor and poor performance.

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