Insight: Do Individuals Select Similar Gender Advisors? And, What Advisor Attributes are Most Important to Male and Female Clients?
By Matthew Sommer
IDEAS IN THE INSIGHT YOU CAN PUT INTO ACTION
This study’s primary findings are, first, that individuals do not select advisors based on gender but rather on the advisor’s attributes. Second, female investors prefer a financial planning rather than an investment advisory approach. Advisors who specialize in portfolio construction and investment analytics might consider adding financial planning to their core menu of offerings to attract more female clients. And, finally, respondents overwhelmingly preferred to work with a team rather than with a sole practitioner and preferred that the team include both male and female leadership. This finding suggests that individuals value diversity; financial advisors might reevaluate how their teams are presently constructed and identify any gaps in team member attributes.
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About the Author
Matthew Sommer is a Personal Financial Planning doctoral candidate at Kansas State University. His research interests include portfolio withdrawal behaviors, wealth transfer intentions, and the dynamics of client-advisor relationships. He is scheduled to graduate in December 2020. In addition, he holds the CFP®, CFA®, and CPWA® designations.