The Real Value of Working with a Female Financial Advisor

The Real Value of Working with a Female Financial Advisor

November 11, 2022
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If you’ve read my bio, you will notice that I have been a female Financial Planner for several decades, when the industry was dominated by men. Life was different then. Many women were stay-at-home moms and men earned a paycheck.  

Thank goodness we have more equality between the genders these days, and women can earn their own money and have more financial security. For this reason, I have a passion for working with women to help them achieve their investing and financial goals.  

We have all seen TV shows and movies where the big wig men sit at their polished board table and discuss the financial matters of the times with female clients that look doe-eyed and confused. Let’s bury that myth back in the 1950s and flip the script where people should be focused - hiring a female financial advisor.  

There is new research that the future of the financial advisory profession is going to rest in the hands of women. Why? It is simple. Women have unique characteristics and planning skills that excel in the investing and financial advisory world.  

 1- Women are Solid Planners 

We provide written and comprehensive plans that offer more details and a balanced future perspective because that is what we would want in our own lives. We focus on the long-term goals of retirement and estate planning compared to males, who are more likely to take short-term risks for more significant gains.  

Women are more likely to be organized in their financial planning, making it easier for them to stay on track with their own finances as well.  

It’s no secret that women are better planners than men; they have been since the beginning of time (or at least since we started keeping track). Whether it’s planning a family vacation or organizing a birthday party for your child, women do it better than men do—and when it comes to money management and investing strategies, they have the edge over guys too! 

The natural method of multitasking adds a significant benefit to considering all the repercussions of beneficial financial planning.  

2 - Women Strike Out on Our Own 

Women make up only about 23% of all financial planners in the industry and tend to leave the career about halfway through compared to men. This is because the glass ceiling in the financial sector is much lower than in others.  

However, a substantial percentage of women work independently and open financial planning companies that succeed. I am a proud example of this statistic. When faced with a group of executives unwilling to hire women for whatever reason, we build our own company and provide far more services to stay competitive.  

If you're a woman, there is an increased likelihood that you will end up on your own when it comes to financial decisions. This is due in part to the fact that women are more likely to be divorced or widowed than men and tend to live longer than men (which means they will have more years without a spouse). 

Don’t view this as a negative. Instead, take advantage of your energy and resources now so that when you are on your own, you are prepared and protected to live whatever life you wish down the road.  

3 - Women are Better Listeners 

Soft skills are going to matter more and more as we progress into a hybrid work model and remote economy, especially after the pandemic has finally breathed its last breath. People have more options in today’s modern world, and a ton of information is readily available at their fingertips. When they seek out financial advice, they often come into the meeting more prepared than at any time in our history.  

Women provide a bespoke service for these clients because they are willing to listen to their needs, meet them with options that fit into their lifestyle, and are flexible enough to adapt. The modern consumer wants a more tailor-made experience, and women are there to meet that demand.  

I’m not saying this because I think that women are naturally more empathetic. Rather, I believe that women have more practice in listening to clients and understanding the emotions behind their stories.  

Women push back less when they hear something they disagree with and tend to ask open-ended questions instead of short ones that demand a yes or no answer (as many men do). And since most female financial advisors are mothers, they have had plenty of opportunities to listen and understand how their clients feel about things like retirement plans for their kids, college savings accounts, and so on.  

This makes them much more equipped than men when it comes time for you to discuss your goals and dreams. 

4 - Modern Marriage has Shifted 

Love it or hate it, more men from Generations X and Y do not like to make decisions without the advice of their partners. They are willing to seek out the input of their wives so that everyone is on the same page. This isn’t a machismo thing. It is generations of men who treat their wives with the respect of an equal partner.  

Don’t get me wrong, this doesn’t mean every marriage is a beautiful utopia of flowers and foot rubs, but it does represent a significant shift from older generations where the “man ran the money.” These younger couples seek out women advisors because they treat them with respect and honor the request to hear both sides of the equation.  

Modern marriage has shifted. It’s no longer a man’s world, and women are more likely than ever to be the household's main breadwinners. Women are also more likely to be the primary caregivers of children, which makes financial planning even more crucial. Many women are making all the major financial decisions for their families as well as themselves—but how many women have someone who can advise them through these changes? 

Working with a female advisor is an investment in your future and your family's future. You’ll gain access to a female perspective on all things finance: from investing strategies that work specifically for you (as opposed to those designed for men) to advice on how best to make use of tax breaks that apply specifically to women in America today. 

5 - Women Understand Women 

Women are more likely to be supportive of other women. Women tend to be more empathetic towards each other, and they're also more comfortable talking about their feelings in general. This can make it easier for female financial advisors to provide a listening ear and offer professional advice when you need it most. 

Women understand the particular issues women face. Men aren't the only ones dealing with money problems—women have their own unique set of challenges too! If you're having trouble making ends meet or just want some extra guidance on how to improve your finances, hiring a female financial advisor is a great way to get answers from someone who understands what you're going through firsthand. 

6 - Women will Help You Feel Empowered with Money 

Women tend to be more open about their finances with their advisors, and because of this, they work better together. Women will be able to assist you in setting up a plan to reach your goals and discuss any obstacles that may arise along the way.  

You’ll feel empowered by her guidance and be able to make confident decisions based on her recommendations. 

7 – Women Network Like Crazy! 

Another often overlooked benefit of working with a female financial planner is the connection with your local community. Women tend to be far more social than men, especially at an older age. That means more opportunities to collaborate with services and products available to your local area that can directly impact your financial planning and future growth.  

This is especially helpful if you are a women-owned business looking to connect with other female-led organizations.  

Women are Transforming Financial Planning 

Working with a female financial advisor can be the difference between feeling supported and secure in retirement or feeling uncertain and afraid. When you're making long-term plans for your future, it's essential to be able to trust the people you work with. If this concerns you, finding a female financial advisor who will help build a team of trustworthy professionals should be at the top of your list. 

What you should take away from this is that while the female financial advisor may not be able to solve all of your problems, she can certainly help you move in the right direction. If you want someone who will listen to your concerns, work with you on building a solid plan and support it with her knowledge and experience, then hiring a female financial advisor is an excellent choice. 

Where to Start with Your Female Financial Advisor 

Using a female financial advisor for your financial planning is a wise choice. We are willing to listen to your specific needs and provide you with all the options available on how you can solidify your monetary resources, planning, and expectations for the future.  

If you are ready to sit down and have an honest conversation about improving your financial situation, reach out to the expert team at Meyers Financial Services. We are a women-owned and operated business focused on meeting our client's needs at every step of the process. Give us a call or send us a note through our website to get started with your plan!  

Book a Call today and let’s discuss your options

´╗┐Lillian Meyers CFP®, CDFA®, EA is a Financial Planner for Women in Sonoma, California helping clients live their best life through the use of financial planning, investment management, and other sophisticated financial options.