That old line about how women are from Venus and men are from Mars seems especially true when it comes to a woman’s approach to investing. For women money is part of life’s complex mosaic. They want advisors who are good listeners, even confidants.
Many Women Fear Becoming “Bag Lady.”
Many Want Oprah to Advise Them
Even women worth many millions of dollars fear ending up on a street corner with a tin cup, says Dorie Fain of AndWealth in New York. While baring one’s soul isn’t what you expect to happen when a financial advisor meets with a male client, many women want to do just that with an advisor who reminds them of Oprah Winfrey, says Jennifer Hatch of Christopher Street Financial in New York.
Wives Need to Be More Assertive
When a traditional married couple sees their financial advisor together, the wife often ends up feeling that her financial questions are “dumb,” says Debbie Taylor of Taylor Financial Group in Franklin Lakes, NJ. Debbie goes through the specific steps she takes to financially empower wives.
What Women Should Expect from a Financial Advisor
When Debbie Taylor invites clients to lunch, the invitation may read “For Women Only.” The guests are likely to include wives who need to be able to ask questions they might not in front of their husbands. It’s all part of Debbie’s financial empowering process for women, a process she emphatically says every woman needs.
More On Women Asserting Themselves: Women & Money: “You Need to Take Control Now”
Naturally More Risk Averse, Women are Better Investors than Men
Being a risk averse investor isn’t necessarily a bad thing, says Eve Kaplan of Kaplan Financial Advisors in Berkeley Heights, NJ. Indeed, because they are more patient and take a longer view, women actually are better investors than men, according to Maura Griffin of Blue Spark Capital Advisors in New York.
More On Women’s Risk Aversion: Women vs. Men: Risk Aversion
MORE ABOUT OUR GUESTS
Ms. Fain runs a boutique financial advisory firm for a select group of women who are managing their new-found finances for the first time. She spent 12 years at Smith Barney, where she was the youngest woman ever hired into their training program.
MORE FROM DORIE FAIN
Ms. Griffin has more than 20 years experience in the financial services industry, including stints at UBS Equities Research and Citigroup Private Bank. A graduate of Georgetown University, she is a Certified Financial Planner. MORE FROM MAURA GRIFFIN
Ms. Hatch has more than 20 years of Wall Street experience, including stints at JP Morgan and Bear Stearns, where she specialized in high yield bonds and international equities. She is a Certified Financial Planner dedicated to solving the financial dilemmas of same-sex couples.
MORE FROM JENNIFER HATCH
Before starting her own firm, Ms. Kaplan spent many years in international finance in New York, Tokyo, Singapore and Rotterdam. In Rotterdam she managed nearly $1 billion in invested equities.
Columns on The Alternative Press
Contributions to Forbes
MORE FROM EVE KAPLAN
Formerly a practicing attorney, Ms. Taylor heads a full service wealth management firm that provides a multidisciplinary approach to the needs of her clients, which include high net worth individuals and families.
MORE FROM DEBRA TAYLOR