When it comes to retirement planning, there’s a thread of truth in the phrase “men are from Mars and women are from Venus. Certainly, men and women are more alike than not when it comes to looking for financial security. But there are two main differences that advisors working with both groups have noted.
1. Women may not be as informed as their male counterparts
Historically, women may have taken a backseat to their husbands when it came to making investment decisions, says Binney Wietlisbach, president of Haverford Trust. She adds, however, that times have certainly changed. Women are working and earning much more than even just a few short years ago, so they’re much more likely to have input into their family’s financial plans.
But Wietlisbach still finds some of her female clients are less financially savvy than her male clients. She believes that women may need a bit more time to catch up to men in financial knowledge – and that advisors have to do a better job in educating all of their clients.
“Women are stretched for time, but they can’t abdicate their financial role to someone else, especially when 80 percent of women will be the head of the household at some point, by choice or not,” she says.
2. Women take longer to develop trust in their advisor
According to Mimi Schanzlin, managing director of United Capital’s Buffalo, New York office, female clients often require more upfront work from their advisors.