Part One of a Three-Part Series

While the topic of this blog focuses on women, I am writing it to be read by both genders.

Why?

Because, as we all know, the woman in a marriage typically outlives her husband.  It is also true that, in general, a single woman has an extended longevity compared to a single man.
(Source: Vanguard, “Plan for a Long Retirement

Statistics reveal that 70% of the time a widow chooses a new financial advisor within weeks of her husband’s passing.  (Source: CNBC, “For Some Widows, Breaking up with an Advisor is Easy to Do”, Ilana Polyak, 10/11/14).

Why does this happen?  Among others, here are some of the reasons given:

(Source: “Understanding & Identifying Female Clients & Prospects”, INResearch and TD Ameritrade, 2016)

  • “Even though I attended the financial meetings, the advisor always focused on my husband.
  • “When I asked a question, the reply was: ‘You don’t need to bother with that; that’s my job to know.’”
  • “The advisor rarely made eye contact with me.”

If you find this surprising, this information is substantiated by a recent study by TIAA.

Here are the results:

  1. Advisors knew the husband’s profession 74% of the time.
  2. They knew the wife’s profession 15% of the time!
  3. Advisors knew the husband’s preferred retirement age 74% of the time.
  4. They knew the wife’s preferred retirement age 16% of the time!

As a female financial advisor practicing in 2017, I continue to be amazed at the seeming lack of awareness throughout our industry.  As a female business owner, I am embarrassed for my profession and apologize to anyone who has experienced this type of demeaning treatment.

If you are looking for a financial advisor who values long-term relationships grounded in integrity and mutual respect, endorses honesty without hesitation, follows the fiduciary standard and partners with her clients to create a trusted relationship, please contact us for a cup of coffee and conversation about your goals and dreams.

Free from judgment or comparison, we welcome you to a refreshing change at Resonate.

I look forward to hearing from you!

Barbara A. Culver
CFP®, ChFC®, CLU, AEP®
Resonate, Inc.
(513) 605-2500