Women control 51% of personal wealth in the US. Women are an economic powerhouse. In the US alone, women exercise control over $11.2 Trillion. More than half of these women don’t have a financial adviser and those that do often report feeling misunderstood by their adviser.
Less than 20% of Financial Advisors are female, that number has hardly budged in the past twenty years even as the gender gap has narrowed in other professions.
Study after study has found that women are more likely to focus on a family's financial goals over absolute investment performance when they provide financial advice. Women tend to choose long-term, stability over exciting yet risky investments which results in nearly 70% less trading, which means fewer fees and yields better net returns.
I'm reluctant to encourage anyone to consider gender when they hire a professional. You should always hire the best doctor, lawyer, plumber and babysitter regardless of gender. But you can't deny the statistics.
The gender gap represents not only an ethical choice but a financially prudent choice, you and your family's financial future relay on having an advisor who you can trust as a fiduciary and a sounding board for life's challenges.