Should you oust your male financial advisor immediately? Well, yes and no. While the financial sector has a majority of men employed in them, recent studies have shown that women too can make great financial advisors. Traditionally, women have always been associated with being spendthrifts, shopaholics and many are even tagged as the dreaded “credit card wife”, however, thanks to more women becoming financially independent and managing their own money, there is a dire need for women too to end this sector for advisory success.
Did you know that less than 20 percent of financial advisors are female?
According to Blair du Quesnay, investment advisor and a writer for the New York Times, “When people picture a financial adviser, they typically think of a gray-haired guy who looks like Bernie Madoff, or perhaps a younger man like Leonardo DiCaprio’s character in “The Wolf of Wall Street.” For most people, a financial advisor rarely resembles a woman; did you know that less than 20 percent of financial advisors are female and this number had barely increased despite many other fields seeing a rise in gender equity. Meanwhile, women are apprehensive to enter the field because the stock market is seen as this incredibly risky environment with a lot of energy, a bulk of it being fuelled by testosterone. director at Barclays Smart Investor, Clare Francis said, “But this analysis shows that taking a more long-term view about what to invest in, rather than picking eye-catching and potentially more volatile shares, is actually likely to provide a better return on your money.”
Great financial advisors listen to their clients and put their interests above their own
The reality remains that both men and women are at risk of doing a bad job at anything and financial services are no exception. Therefore, before you hire a man or a woman, ensure that he or she is good at what they do, rather than simply looking at their gender. Great financial advisors always listen to their clients and put their interests above their own. Moreover, they must not enforce products and services that make sure they earn a hefty commission. However, these things happen too often and therefore, clients do get frustrated and give up on their financial advisor. Hence, many people see financial brokers as people who are dishonest and out to get their own gains. To counteract this problem, there needs to be a balance of both men and women brokers, if the industry has to succeed and restore their reputation with the public and it would also help women make better decisions with their money. Now wouldn’t everyone benefit from that!
Image credit: My Next Move