Men and women want a solid investment track record for a new advisor.
Men and women actually have similar points of view when it comes to the important factors in choosing a new advisor.
There are occasions when investors want to change advisors, and many times the problem is lack of communication, or poor investment performances. Either way, it takes some research to find a new advisor, and women and men tend to look for the same qualities when choosing a new advisor.
Spectrem’s Millionaire Corner research study Investment Attitudes and Behaviors of High Net Worth Women versus High Net Worth Men details the investment differences between the two genders, but when it comes to finding a new advisor, they actually agree on key components.
By far, the most important factor in choosing a new advisor is honesty and trustworthiness. Ninety-eight percent of women and 97 percent of men say that characteristic is important.
In most other characteristics, women are slightly more interested, although the percentages are very close. For instance, 94 percent of women look at the investment track record of an advisor, as well as the advisor’s transparency and willingness to keep an investor informed about what he or she is doing. For men, the percentages are 92 percent of transparency and 90 percent for track record.
The other most popular choices for advisor characteristics are depth of products and services offered (88 percent women, 85 percent men) and fees or commissions charged (88 percent women, 87 percent men).
There is one category in which women are significantly more interested. Seventy-five percent of women want the new advisor to come with a strong referral or recommendation from a trusted associate, while only 66 percent of men find that important.
Also, 69 percent of women want the new advisor to be associated with a well-known brand or company, and only 60 percent of men feel that way.
Men and women are also in agreement about an advisor’s use of social media as a necessary component. Only 8 percent of either gender would look closely at how much an advisor uses social media in order to determine whether he or she should be their new advisor.
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.