Women who have a financial adviser are 62% more apt to participate in financial decisions and are more informed about their finances versus 47% without an advisor, according to a study by Securian Financial Group and Opinion Research Corporation.
The survey, held in August, was among a national sample of 517 women ages 18 years old and older. One hundred and sixty women had financial advisers and 351 did not.
“This study reinforces the importance of working with an adviser, especially as women continue to gain economic clout,” said Sherri DuMond, regional vice president of Securian. According to the Insurance Advisory Board, women will control more than $1 trillion or 60% of the wealth in the U.S. by 2010 and currently influence 80% of financial decisions in the household.
Additionally, the study indicates that there is a calling for more female advisers in the industry. Eighty percent of the surveyed women work with a male adviser. Women currently without advisers who have a gender preference indicate that they would prefer a female over a male adviser by almost three to one.
“There is a need and demand for more female advisers in the industry,” said DuMond, adding that nationwide, only 20% of advieors are female. Securian and its member firms are working to recruit women to the career with seminars and events. Once women are on board, the company continues to support them with its WISE (women’s interactive sales exchange) program, which provides networking, events, mentoring, ongoing training and education and career planning.