Women Take More Holistic Approach to Financial Planning

Posted by adaniels in Blog on December 6, 2012

A new survey reveals that millionaire men and women have very different opinions when it comes to getting financial advice. Financial Advisor Magazine writes about Fidelity Investments 2012 Millionaire Outlook Study, which shows how each gender deals with financial advisors.

According to the study, women take less risks, and are more focused on “holistic planning,” the article says. On the other hand, men are more focused on the return on investment. Men are almost twice as likely as women to be concerned about investment returns.

In addition, women are more likely to rely on financial advisors than men, according to the survey. They are also tied to specific advisors more than men. The study, which spoke with 1,520 people, including millionaire investors, showed that 45 percent of women would move firm to follow their financial advisor if the person went elsewhere, while only 23 per cent of men would do so.

Alexandra Taussig of National Financial, a Fidelity company said that “based on these findings, it is important for financial advisors to recognize that women may be looking for different investment strategies or have a different set of financial concerns that deserve consideration.”

Written by Lisa Swan


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