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.
The bottom line is that we need more women advisors to balance the scale – and it would be helpful to have more male advisors who understand our financial needs at very deep levels. That is the beauty of WIFE.org’s most recent brilliant program, “The Women’s Choice Award for Financial Advisors and Firms.” This program uses a proprietary vetting process to best recognize and differentiate advisors who are ethical and specialize in working with women. If you want to be sure your advisor hasn’t gone bankrupt, misappropriated funds, or has black marks on his or her record, this program is the only way to get the skinny without relying on your own FINRA forensic skills.
That’s a big “Merci beaucoup” to WIFE.org!
Watch for our full listing of approved advisors this coming spring. To learn more, click here.