I recently read an article in the Wall Street Journal that discussed the ways in which women feel they are ignored by financial advisors at private banks.
According to a study from Boston Consulting Group the ladies’ complaints are as follows:
- “When dealing with a wealthy couple, [wealth managers] ignore the woman and communicate only with the man;”
- “[Wealth managers] assume women have a low-risk tolerance, and therefore give them less choice;” and
- “Women feel that wealth advisors focus too much on short-term results rather than life milestones.”
The study found that women want to be treated equal; to be given the same options and opportunities as men. In addition, they want to have advice and services specifically tailored to their needs as women. Perhaps this, then, is an argument in favor of women seeking financial advice from an independent wealth manager, such as Mandalay Financial, rather than a private bank.
From the beginning Mandalay Financial has considered each client’s specific situation, needs and goals – be they male or female – and is an advocate for the financial independence of women. We designed our Ladies First program to inform women that we are aware of their distinct needs, especially regarding what we term “life transitions” (i.e. marriage, divorce, widowhood, etc), and that we are here to educate and help them find solutions that are right for them.
*Information taken from the Wall Street Journal article “What Wealthy Women Want”
