Investors selected men before women in group photo of potential advisors.
No one is likely to choose a financial advisor based on appearance alone, but if they had to, investors will lean toward the older male.
In Spectrem’s Millionaire Corner research Relationships with Advisors investors were asked to choose an advisor simply from a photo of eight adults, four men and four women, ranging in apparent age. Investors from all wealth segments chose the older male more often than any other choice.
The Millionaire Corner research studies investors from three wealth segments: Mass Affluent (with a net worth of between $100,000 and $1 million Not Including Primary Residence), Millionaire (with a net worth between $1 million and $5 million NIPR), and Ultra High Net Worth (with a net worth between $5 million and $25 million NIPR).
Forty-one percent of UHNW investors selected Advisor 1 (see photo above), while 35 percent of Millionaires and 31 percent of Mass Affluent investors chose that advisor. That advisor is wearing a shirt and tie with no jacket, is the oldest male in the photo, and is wearing eyeglasses. He has his arms crossed.
In all segments, the next most popular choice was Advisor 3, who is a younger male wearing a jacket and dress shirt with no tie, and has his arms crossed as well. Twenty-six percent of Millionaires, 23 percent of Mass Affluent and 22 percent of UHNW investors chose Advisor 3.
The third choice for all wealth segments was Advisor 7, a young blonde female. She is wearing a blouse and jacket and has her arms crossed. Seventeen percent of UHNW, 14 percent of Mass Affluent and 12 percent of Millionaire investors chose her.
A similar choice is Advisor 8, another young woman. Unlike Advisor 7, her hair is dark, and she has her hair tied back behind her ears, where Advisor 7 had her hair down. Millionaire investors actually liked both women equally, with 12 percent selecting each. Twelve percent of Mass Affluent investors chose Advisor 8 and 9 percent of UHNW chose Advisor 8.
The only other case of an advisor choice being selected by 10 percent of the segment was Advisor 5, an older woman, who was selected by 10 percent of Mass Affluent investors.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.