How men and women financial advisors differ. Men and women have different financial needs and approaches to money, says Kimberly Foss, the founder and president of Empyrion Wealth Management in Roseville, California. While men often focus on potential returns and risk attributes, women “tend to think more broadly about their finances and especially about how their decisions may affect the people and causes they care about.”
In her practice as a financial advisor at Edward Jones, Dallas-based Dionne Dailey’s female clients often want to know “will we be OK financially?”. Men want to know this, too, but they ask it in terms of “will we have enough money?”
“There’s an emotional element to ‘will we be OK’ versus the more tactical, tangible approach of ‘will we have enough money?'” Dailey says.
Like their clients, advisors differ in how they approach clients’ financial needs. “As a woman, I walk the Earth in different shoes than a man does,” Dailey says. “That’s going to color how I see things and because of that I may ask different questions than my male counterparts.” That doesn’t make a woman’s approach to your financial situation any better or worse than a man’s; just different.
A financial advisor’s perspective could also shape how he or she presents potential solutions to you. There’s a “debate about the benefits versus characteristics of investment solutions,” Dailey says. One advisor may focus on the benefits and how the investment will impact you, whereas another advisor will highlight the investment’s characteristics through what it does on a fundamental level.