Equal Opportunity Advising

“Women are often double inheritors — inheriting from their parents and, because they live longer, from their husbands,” explains Kathleen Burns Kingsbury, wealth-psychology expert; adjunct faculty member in Law, Taxation and Financial Planning; and author of How to Give Financial Advice to Women (McGraw-Hill, 2013).

That’s $28.7 trillion in women’s hands to manage and invest. Savvy financial advisers are taking steps now to make sure their practice is female friendly. And well they should, according to Kingsbury.

“Financial advisers have a bad reputation with women. Most feel slighted by the industry and see it catering only to male wealth-creators,” she says. “They resent the assumption that women are disinterested in financial matters, aren’t good with money, and ‘shouldn’t worry their pretty heads about such things.’”

Listen and Learn

Kingsbury’s book illustrates the economic power of women today. They control the bulk of personal wealth in the U.S. and make 80 percent of family household buying decisions, including those related to banking and financial services. In the universe of affluent women, 88 percent are moderately or highly involved in overseeing and managing their assets.

“Unfortunately, most are dissatisfied customers — unhappy that the financial services industry doesn’t provide products and services to meet their needs,” reports Kingsbury, a certified professional coach who holds a master’s degree in psychology. “’They don’t listen’ or ‘they talk over my head’ are common complaints.’”

Women are looking for sound advice from trustworthy advisers who recognize their intelligence and competence. In other words, as Kingsbury tells Bentley students in her graduate course Psychology in Financial Planning, “A woman simply wants the same time, attention and service provided to her male counterpart.”

Beyond Stereotypes

Why do many well-meaning financial advisers miss the mark with female clients?

Kingsbury’s research points to entrenched institutional bias.

“Historically, women didn’t earn money outside the home or achieve equal financial footing with men,” she says. “Understandably, financial advisers sought individuals with assets.  So as the industry grew, marketing strategies, selling tactics and investment protocols developed with men in mind.

“Women felt left out because they were.”

Her consulting practice, KBK Wealth Connection, aims to put history in the past. The six-year-old firm provides training, coaching and consulting services for financial services professionals. One key message for Kingsbury’s clients: “Women are an important part of the client population and will become only more influential as time progresses.” 

Authentic Partnership

Some financial services institutions are moving to better serve female clients, with changes to corporate culture and the products offered to women. But Kingsbury sees others who only pay lip service to the work.

“You can’t change your product to pink and think that it serves women’s needs,” she says. “Women thrive on connection, authenticity and partnership. Financial advisers should offer all three to female clients.

“My best advice for wealth managers is to be more client-centered overall. Get to know your clients as people, not just assets.”