For Immediate Release:
March 26, 2007
Contact:
Renee Gastineau
Gastineau Communications
(206) 282-3371
Nicole Miller
Miller Advisors, Inc.
(425) 822-8122
Women Need Women Financial Advisors: As a woman’s wealth grows, so does her need for financial advice
Kirkland, Wash. - American women will control nearly $1 trillion of the wealth in the United States by 2010 and currently influence 80 percent of financial decisions in the household according to a recent study by the Insurance Advisory Board. Yet, many are not seeking out professional help when it comes to managing their finances.
The reason lies in the inability of the male-dominated profession to relate to women on a personal level, according to Certified Financial Planner (CFP) Kathleen Miller.
“It is an absolute myth that women are uneducated about money and uncomfortable talking about money and finances. The problem is that the traditional business model of financial planning and wealth management has had difficulty adjusting to needs of affluent women.”
Though the numbers of wealthy women are increasing, the financial planning industry is still dominated by male advisors. Only 20-percent of advisors in the U.S. are women. Typically, financial planners and investment managers have focused on financial jargon such as “risk aversion” and “percentage returns” instead of relating these terms to a woman’s goals, passion and individual needs, according to Miller.
“I have discovered in my 30 years working in personal finance that women talk about money differently. We are interested in discussing our passions, life challenges and then relating how our money will support those. It is a very different way of arriving at the same discussion of returns and risks, but the basic platforms of financial planning are still applied.”
Despite the differences in dialogue with female clients, women are informed consumers when it comes to selecting their advisors. They do their homework. Nearly 80-percent want to know how their advisor is compensated and 93-percent said it is important to know that the advisor is “acting in your best interest, not theirs,” according to a study by the National Association of Women Business Owners.
Miller offers these tips for women when interviewing potential advisors:
* Be open in discussing your life challenges and goals. Your advisor should listen to you and offer support and solutions.
* Talk about positive outcomes. You are looking for encouragement, not fear tactics from your advisor. In other words talk about the legacy you want to leave your children and how the financial plan can support that. Don’t dwell on negative and irrational fears such as, “Do I have enough to retire?!”
* Be open to taking risks with your money. Studies show that women are more risk-adverse than men, which is why they often earn less on their investments over time.
* Seek out referrals from other women. Women tend to share information and tell others when they feel confident and supported. They will also tell you when they feel neglected, talked down to, or dismissed.
About Kathleen Miller
Kathleen Miller is president of Miller Advisors, Inc. in Kirkland, Wash. She provides fee-only investment management and financial planning services through the Independent Advisor Division of Raymond James. Miller is a member of the Women’s Advisory Council for Raymond James and Associates and was named one of The Top 100 Wealth Advisors in America by Worth magazine in 2007. For more than 30 years she has helped individuals and families create, preserve, and protect their wealth through integrated strategies that include investments, tax, retirement, and cash flow strategies. She is passionate about empowering women and men in their relationships with money. Her professional career has always focused on a desire to help people achieve financial independence and security while pursuing their passions and peace of mind. Her clients include professionals, retirees, business owners, and multi-generational families. Learn more at www.milleradvisors.com.
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