Women investors in general cite several benefits of working with a financial advisor; Spectrem Group research finds. Chief among these benefits is that it improves their knowledge of investing. But more than men, women express that working with a financial advisor gives them peace of mind. They are also appreciative of delegating responsibility to an expert.

But women in transition, women who are either widows or divorced, have unique financial concerns and advisor attitudes that require additional care from advisors to gain and keep their trust, according to Women in Transition: Widows and Divorcees, a free Spectrem Group whitepaper. Click here to download.

Approximately 7 percent of Millionaire and 12 percent of UHNW women are widows. After having relied upon or worked in partnership with their spouses, they are often thrust into the role of decision maker in matters of personal finance.

Roughly two-thirds (65 percent) of widows surveyed by Spectrem Group either “strongly agree” or “agree” that the financial institutions or advisors with whom they work have provided very good help and counsel since the death of their spouse.

While divorcees, many of whom are younger and still working, are focused on growing their assets, widows, constrained in many cases to a lifetime with a specifically outlined amount of available assets, self-report a more conservative risk tolerance and thereby want to protect their assets.

While the largest percentage feels that their spouses left enough funds to properly care for them, monthly income need, legacy transfer and long-term care are of particularly paramount importance to them.

Widows are more likely than divorcees to be advisor-dependent, meaning they rely on their financial advisor to make most or all of their financial decisions (21 percent vs. 16 percent). These women in transition do not like to feel like they are being sold something, and instead want to feel like their financial advisor is educating them about their personal finances.