Ignored, Misunderstood, and Moving On: Why Women Are Ditching Their Advisors

Many women find themselves dissatisfied with their financial advisors, especially after significant life events like the death of a spouse or a divorce. Cary Carbonaro, CFP, highlights that 40% of women feel ignored or dismissed by their advisors, and 62% believe their unique investment needs aren’t understood. 

Why Women Are Leaving Their Advisors

Women often report feeling patronized during financial discussions. Some have shared experiences where advisors wouldn’t make eye contact or used complex financial jargon without ensuring understanding. This lack of engagement leads many women to seek advisors who prioritize clear communication and genuine understanding.

The Need for Personalized Financial Planning

Women typically live longer, earn less over their lifetimes, and invest more conservatively than men. They also face higher healthcare costs in retirement. Despite these factors, many advisors fail to tailor financial plans to address these specific challenges. Moreover, 90% of women will be solely responsible for their finances at some point, emphasizing the need for comprehensive and personalized financial planning.

What Women Seek in Financial Advisors

Women value advisors who:

• Listen Actively: Understanding personal goals and concerns is crucial.

• Communicate Clearly: Avoiding jargon and ensuring clients comprehend their financial plans.

• Build Trust: Establishing a relationship based on mutual respect and understanding.

• Educate: Empowering clients with knowledge to make informed decisions.

Empowering Women in Financial Planning

Women are intuitive planners, adept at organizing various aspects of life. Translating these skills to financial planning can lead to greater confidence and control over one’s financial future. By seeking advisors who respect and understand their unique needs, women can ensure their financial plans align with their life goals.

Source: “Why Women Leave Their Advisors” – Rethinking65

40% of women feel ignored or dismissed by their advisors, and 62% believe their unique investment needs aren’t understood. 

– Cary Carbonaro, CFP