Women rule financially, but men rule where we get our advice about investing. The fact is that women control 52% of the wealth in our nation, and will control a full two-thirds in the next decade. This is amazing news – except for the fact that 85% of advisors are male, and many are not skilled in dealing with female financial consumer. Hello Ms. Understood!
This is sort of like having children and sending them to a preschool where 85% of the teachers only spoke French. The children wouldn’t understand, and the teachers couldn’t do their job, although it might make for great charades. The fact is that women and men communicate at completely different levels, and have far different needs in terms of financial planning. This combined with the Bernie Madoffs of the world has resulted in the fact that the majority of women are not hiring advisors, because they really don’t know where to turn and who to trust.