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Why Aren’t Women Working with a Financial Planner?

Only 20% of women investors have a financial planner, but 70% would like to work with one

Say what? I know what you may be thinking: Why is there still such a huge disconnect between the women who have a financial planner and the women who want a financial planner? How can 70% of women want to work with a woman financial planner—and yet only 20% actually work with one? Well, in my opinion, the disconnect lies in this fact:

Only 7.9% of all financial advisors in 2002 are female

I believe that women want to work with a financial planner, but are not connecting to those out there because the majority of them are males. How do I know this? Because women tell me all the time how they don’t relate to or connect with the male financial planners they’re working with (or have worked with in the past). That’s why they come see me. Now, I’m not saying that women can only work with women financial planners, but from personal experience I do know that most male financial professionals do not communicate with their female clients effectively.

In fact, I see this all the time—women clients are left feeling confused, misunderstood and judged. Even I feel this way, and I’m in the industry! I’m starting my seventh year as a financial planner and I’m still amazed at how old school the industry really is. When I attend financial conferences, I’m one of only a handful of women financial planners, and I’m usually always the youngest. I stick out like a sore thumb. I feel the same judgments and miscommunications many women feel when they finally decide to start working with a financial planner.

These miscommunications are the main reasons I believe there is still a giant gap between the women who have a financial planner and those who do not. The good news is there is a huge movement within the financial industry to change the way financial institutions and professionals do business and communicate with their female clients. I actually find it entertaining to watch all these financial institutions roll out their women’s marketing campaigns and train their employees on how to deal with their women clients, as if we women are something new. Um, hello? We’ve always been around, making most of the household financial decisions–in fact, 83% of household decisions are made by women.2 The only new part is that the financial industry finally realizes how much power the women’s segment truly holds. Women have the power and ability to effect a lot of change in the world, especially since they now control about 60% of America’s wealth.3 So this evidence now proves to the financial industry that pleasing its women clients is extremely important, almost mandatory, if it wants to keep their business.

So how does this all impact you? Well, if you’ve been holding off on working with a financial planner because you were scared they wouldn’t “get” you or afraid you would feel judged, decide to join the movement today and demand more. You can do this by seeking out someone who does get you and does understand where you’re coming from. Find a financial planner you can relate to and feel comfortable with, and who doesn’t make you feel dumb or stupid for asking too many questions regarding your financial goals and concerns. Join the 20% of women who are working with a financial planner to gain control of their financial lives and create the life of their dreams. You can even request a FREE Discovery consultation with me to see if I’m a good fit for you. You have nothing to lose. I will not judge you; I’ll only do my best to help you, whether that’s by working with me or someone else. Come on. Decide today. Make the first step and request the consultation now. I look forward to meeting with you soon!

1. Cerulli Associates data, 2012.