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Industry Spotlight > Women in Wealth

Survey: Many Women Work With Male Advisors

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About 80% of U.S. women who work with financial advisors have male advisors.

Researchers at Securian Financial Group, a unit of Minnesota Mutual Life Insurance Company, St. Paul, Minn., have published that figure in a summary of results from an August telephone survey of 160 U.S. women ages 18 and older who have advisors and 351 U.S. women in that age group who do not have advisors.

When the survey team interviewed women without advisors, 64% expressed no clear preference about whether the advisor was a man or a woman. But 27% of the women without advisors said they would prefer to work with a woman, and 9% said they would prefer to work with a man.

About 51% of the women with advisors said they think they are “very financially secure,” compared with just 31% of the women without advisors.

The percentage of participants who said they knew “quite a bit” about their families’ projected retirement income was just 47% for women without advisors and 67% for women with advisors.