It’s hardly a stretch to think that wealthy women want honest, transparent financial advice, but a new report from Spectrem Group backs up that surmise with some powerful numbers.
Fully 98% of women with a net worth between $100,000 and $25 million, not including primary residence, say honesty and trustworthiness are key criteria for selecting financial advisors, according to "Wealthy Women Investors," a Spectrem eZine report released Thursday.
Similarly, 95% of wealthy women say they seek transparency and someone who will keep them informed.
"For wealthy female investors, openness, transparency and trustworthiness are the most important qualities in selecting a financial advisor,” Catherine McBreen, managing director of Spectrem Group, said in a statement. “Across the affluent, millionaire and ultra high-net-worth wealth segments, women want to be comfortable that advisors are focusing on their specific, personal financial needs—not on product or profit. In fact, a frank, straightforward approach is more important to wealthy women than investment track record, depth of products offered, referrals and even fees."