What Women 50+ Want From Their Financial Advisor

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It’s official: Women over fifty know their own mind and aren’t afraid to speak up.

When asked during a recent research study what they want from their financial advisor, mid-life women were very clear in spelling out what is on their wish list.

Here’s seven key items mid-life women 50+ are looking for from their financial advisor:

  • Can explain things in understandable terms
  • Has a well trained team to provide support
  • Is easily reachable by telephone
  • Has been in business a long time
  • Is proactive during periods of market turmoil
  • Understands her and her values
  • Has specialized expertise

The research, from the Hearts & Wallets financial research firm, noted that women age 50 and over are much more demanding than younger women or even men of the same age. They’ve had longer to learn what works for them, and what doesn’t.

We get it.

Since 1995, we have been serving the special needs of women investors, who have often been disappointed by the level of service received from other firms.  How many times have we all had to deal with the tone-deaf “expert” who talks over our head and has little understanding of what our life is really like? We’ve been there, and we do understand. That’s why we enjoy educating women clients through one-on-one conversations and timely articles in our blog so they can make informed financial decisions leading to a more comfortable and stress-free financial life.

Women often worry about having enough money, says Cindy Hounsell, president and founder of the nonprofit Women’s Institute for a Secure Retirement (WISER). But they gain financial confidence knowing they are working with someone who understands their lives and listens to them.

“The real roadblocks for women regarding money and working with financial advisers are being comfortable with the macho investing milieu and with asking questions to financial professionals,” says journalist and mid-life financial expert Kerry Hannon, writing for PBS-sponsored NextAvenue.org.

Building a good rapport with your advisor and feeling confident in asking whatever is on your mind is critical. In fact, having a financial adviser has been proven to be especially helpful during the current pandemic, says Hannon, as this has been a “financially fragile time” for many women.

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