A Spectrem white paper explains the differences between male and female investors.
Women use their smartphones and tablets more than men use theirs. Not surprisingly, those women use their mobile devices for the purposes of finding financial information and the advisors who can help them make sense of their financial information.
Spectrem’s white paper High Net Worth Men Vs. Women details the differences in the investment and financial advice aspects of the lives of affluent investors based on gender. The white paper includes the use of social media and mobile technology in the process of making financial decisions.
More than 70 percent of High Net Worth investors use a smartphone, and just under 70 percent of investors use a tablet. But High Net Worth women are more likely to do so in both cases, with 78 percent of women using a smartphone and 70 percent of women using a tablet.
When investors use mobile technology, they often do so to visit social media websites, and that is where women are more likely to find their financial information. Women are more likely to choose a financial advisor or provider who uses social media to communicate with their customers and market their products, and they are more likely to use a financial product or service advertised on social media.
High Net Worth women are also more likely to be on social media websites. The difference in the use of Facebook, specifically, is significant (71 percent to 54 percent).
High Net Worth women are more likely to use an advisor than High Net Worth Men (78 percent to 61 percent). Among those using an advisor, women are much more likely to use an accountant or attorney as their financial advisor, and also have a much greater lean toward Full Service Brokers than men have.
High Net Worth women report a slightly greater satisfaction with their advisor than High Net Worth men, but they are also more likely find a good reason to fire their advisor. Women are especially dissatisfied when an advisor does not return phone calls in a timely manner, and are not proactive in making contact when an investment possibility or problem arises.
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.