Understanding the challenges women investors face and how we help
If you, the reader, are a woman, you probably have some awareness of the complicated relationship we have with money. We certainly approach it differently than men do, as we are generally not interested in beating the market but in meeting our own goals. Many of us do that by linking them via a plan and remaining calmer with a long-term outlook.
Interestingly, this approach blends well with just about all the expert investment advice out there. For example, Ben Carlson1, CFA and Director of Institutional Management at Ritholtz Wealth Management, writes in his excellent 2015 book, “The only benchmarks that really matter are your own personal goals. If your portfolio is able to meet your goals, who cares if you beat the market?”
Here’s what we’ve learned.
First, women don’t want a special service “designed” for women. At WWG, we go through the same process with all prospects and clients who approach us, treating each of them—regardless of gender--as individuals with unique needs and situations.
Second, most women would rather work with a female advisor. As a woman-run financial advisor practice, Wealth Wellness Group is a rarity. Only 16% of financial advisors — roughly 49,000 — are female, according to a 2017 survey by the research and consulting firm Cerulli Associates.
Three, as with any investor, we want to know how the advisor gets paid. We also look for proof that the professional puts our interests first. At WWG, we provide fee information during initial discussion with all clients and always acts solely based on the client’s interests. We’re aware the latter is hard to prove in advance. As part of our onboarding process, we do our best to make sure you know you can always bring any concerns you have to us for discussion.
Fourth, again as any investor, we want someone we can trust. On the Your WWG Experience page, we explain what we’ve learned about trust and how we work to build it in every encounter. That includes listening and creating an open atmosphere for everyone to feel comfortable to ask any question and get a respectful answer.
Fifth, as stated above, women want goals-based planning, not investment-centric planning. At WWG, we always start with as solid an understanding of your goals, challenges, life, family situation, etc., as you are willing to share with us.
1: P. 11, A Wealth of Common Sense: Why simplicity trumps complexity in any investment. Raymond James is not affiliated with Ben Carson and Ritholtz Wealth Management.
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