Survey: Small Business Owners Prefer Financial Advisors of Same Gender

Posted by adaniels in Blog on January 20, 2012

Accounting Today reports that the majority of small businessmen and small businesswomen who hire financial advisors prefer to talk to an advisor of the same gender. This information comes from a survey by The American College, a school that provides education on financial services.

The survey discovered that 75 percent of small businessmen would prefer to speak to a male financial advisor, and that that 61 percent of small businesswomen would prefer to talk to a female financial advisor.

Since only 30.8 percent of financial advisors are women, according to a 2010 survey from the Bureau of Labor Statistics, this survey means that women could be losing out on potential business.

Other information gleaned from the study include the following numbers: that 84 percent of women are concerned about retirement planning, as opposed to 76 percent of men, and that more women than men put not having enough money saved for retirement as “one of their top three concerns,” Accounting Today reports.

Written by Lisa Swan

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