The relationship between financial advisors and high income women is sometimes tenuous, because high income women have greater expectations than other affluent investors.
Spectrem’s new e-zine High Income Women Investors details the investment attitudes and concerns of high income women, specifically single women making at least $200,000 and married women with a household income of $400,000. High income women are knowledgeable about investments, but are willing to get assistance from advisors when necessary.
Eighty-one percent of High Income Women use a financial advisor to some degree; only 74 percent of all other affluent investors do so. Almost all High Income Women who use an advisor limit themselves to working with one or two professionals, because of their desire to have a more personal and trustworthy relationship with their advisor.
Of the High Income Women who do not use a financial advisor, their reasons are very similar to all other affluent investors. They think they can do a better job than a professional (38 percent), they don’t believe a financial advisor would be looking out for their best interests (38 percent), or they don’t have enough assets to warrant a financial advisor (23 percent).
The one area where High Income Women are more likely to respond in regards to not using a financial advisor is they simple don’t know who to use (31 percent to only 11 percent of all other affluent investors).
Of the High Income Women who do not use an advisor, 62 percent said they would consider doing so if they came into a large amount of money somehow, and 38 percent said they would do so if they needed professional help and felt they could get it at a fair price.
The High Income Women who use an advisor are on average less satisfied with their advisor than all other affluent investors. Only 59 percent are satisfied overall with their advisor (to 73 percent among all other affluent investors), 67 percent are satisfied with their advisor’s knowledge and expertise (77 percent among others), and 60 percent are satisfied with their advisor’s performance (compared to 71 percent among other affluent investors).
For more information on High Income Women, click here