Many high income women say they do not know who to use when it comes to finding a financial advisor.
The relationship between financial advisors and high income women is sometimes tenuous, because high income women have greater expectations than other affluent investors.
SpectremGroup’s new e-zine High Income Women Investors details the investment attitudes and concerns of high income women, specifically single women making at least $200,000 and married women with a household income of $400,000. High income women are knowledgeable about investments, but are willing to get assistance from advisors when necessary.
Eighty-one percent of High Income Women use a financial advisor to some degree; only 74 percent of all other affluent investors do so. Almost all High Income Women who use an advisor limit themselves to working with one or two professionals, because of their desire to have a more personal and trustworthy relationship with their advisor.
Of the High Income Women who do not use a financial advisor, their reasons are very similar to all other affluent investors. They think they can do a better job than a professional (38 percent), they don’t believe a financial advisor would be looking out for their best interests (38 percent), or they don’t have enough assets to warrant a financial advisor (23 percent).
The one area where High Income Women are more likely to respond in regards to not using a financial advisor is they simple don’t know who to use (31 percent to only 11 percent of all other affluent investors).
Of the High Income Women who do not use an advisor, 62 percent said they would consider doing so if they came into a large amount of money somehow, and 38 percent said they would do so if they needed professional help and felt they could get it at a fair price.
The High Income Women who use an advisor are on average less satisfied with their advisor than all other affluent investors. Only 59 percent are satisfied overall with their advisor (to 73 percent among all other affluent investors), 67 percent are satisfied with their advisor’s knowledge and expertise (77 percent among others), and 60 percent are satisfied with their advisor’s performance (compared to 71 percent among other 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.