RSS Facebook Twitter LinkedIn

Featured Advisor

Ed Meek
CEO/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

Click to see the full profile

Share |

Does Gender Bias Influence the Way Advisors Help Clients?

Men and women often receive different types of advice from financial advisors. Are you guilty of gender bias?

| BY Adriana Reyneri

A recent Millionaire Corner survey found that men are more than twice as likely as women to invest in ETFs in the next 12 months. Dig a little deeper and you find that advisors are much more likely to discuss the role ETFs can play in a portfolio with men as opposed to women. More than 54 percent of men report having learning about ETFs from their advisor, compared to 27 percent of women.

The trend holds true for a range of advisory services. When asked to indicate ways their advisor has helped them in the past 12 months, women and men most commonly indicate they’ve worked with their advisor to reallocate assets, but men are more likely than women to receive this type of advice (68 percent vs. 59 percent, respectively).

The gender gap widens for other types of financial advice and services, according to our research. Men are more likely than women to receive information on new investment options (43 percent vs. 33 percent) and harvesting investment gains (34 percent vs. 17 percent). Men are also more likely to indicate their advisor has helped them cope with changing tax laws (28 percent vs. 17 percent).

Advisors appear slightly more likely to assist women with retirement planning and to educate them on market conditions and economic trends. More than 42 percent of women vs. 40 percent of men indicate they’ve worked with their advisor to adjust their retirement plan over the past 12 months. And, 35 percent of women vs. 33 percent of men indicate their advisor has helped them boost their investor IQ.

What situations are most likely to cause a woman to reach out to a financial advisor? Both men and women rank a financial windfall, inheritance, and changing tax laws among the top four events most likely to prompt them to contact their advisors. Women also count retirement, while men cite market swings.