02.24.21
Women Rely on Financial Advisors More Than Men
by: Mary Franklin
A study from the Spectrem Group found that 61 percent of women use a financial advisor compared to only 56 percent of men. And women who use advisors tend to rely more heavily on them for most of their financial needs, not just investing advice. Women also place a higher level of importance on professional designations such as certified financial planner or chartered financial analyst than men do, 78 percent to 71 percent, the report found. Men are more likely to have done their own investing and they are more comfortable with making financial decisions without the assistance of a financial advisor, Spectrem found. In contrast, women feel far less knowledgeable about financial products and investments than men and they are also more likely to be seeking security as their primary portfolio objective. As many women are less interested in being actively involved in the day-to-day management of their investments, it paves the way for a relationship with a financial advisor that they trust to take over many of those decisions, the report concluded.
Read the full article on InvestmentNews.