What Women Have To Offer As Financial Advisors

When it comes to financial advisors, Mary Kaarto's preferences are clear: She wants a professional who isn't a type-A, who speaks in plain English. And who communicates as well with Mary as with her husband.

So the Kaartos use a female advisor-in this case, Shelley Nadel of Wells Fargo Advisors. With her, they get detailed reports and updates, packaged with a personal touch: For instance, when Nadel calls, "she'll remember what we were doing last time she called, and she'll even ask about our grandkids," says Kaarto, author of the new book, "Hope for the Laid Off-Devotionals."

"Men can be very abrupt. So it's important for me to use a woman as a financial advisor."

Of course, not every woman agrees. And surveys have turned up polar opposite results on that issue. But what's increasingly coming to light, experts say, is that the now hotly eyed "women's market" for advice differs from the old numbers-oriented practice. Thus, if advisors aim to attract female clients, they'll need services that women want - such as broad, long-term financial plans - and advice dispensed clearly, experts say.

The debate has become: Do female advisors best fill that bill?

On one hand, some women advisors claim a natural and enduring edge with women. Said advisor Jocelyn Wright, "We tend to be empathetic, good at listening to people and building relationships and having a level of patience that makes us uniquely qualified in this profession."

Female advisors will have an advantage attracting women clients for the foreseeable future, contends Wright, of Jenkintown, Pa., who is the American College's State Farm chairwoman for Women and Financial Services.

Jenna Rogers doesn't feel women necessarily should prefer a female advisor. Nonetheless, she's seen her female client list grow "exponentially" in recent years. "Typically, women have been coming to me during transitions, such as a divorce or sale of their business," says Rogers, an advisor with Mission Wealth in Santa Barbara, Calif.

Increasingly, as it spots a juicy opportunity - a market in which women control 51% of the nation's personal wealth - the industry at large is aiming to capitalize, signs show. Among the growing moves to draw women: hiring female advisors; creating a team of advisors, which could include women members; and focusing on clients' and their families' broad financial needs - and not just fixating on investments.

Cathy Weatherford, CEO of the Insured Retirement Institute, does "believe 70% of women would prefer using a female advisor." She also sees changes evolving that broaden the sector's scope. While she says the advisory field has long focused on "money management and building wealth," it's increasingly "not just about money." Instead, advisors are moving "toward a more holistic view" of clients' financial needs and creating broad, holistic financial plans."

With more options, people could find it harder to pick the best advisor. Some steps ease the shopping. Among the tips -- ranging from ways to find candidates to questions to ask them - experts offer:

• Start by asking friends and family for advisor recommendations. People who already use an advisor can detail how that person or firm operates and the services provided.
• Before choosing a financial advisor, speak with several candidates, even if someone has already been recommended.
• When interviewing advisors, ask about their investment philosophy, which instruments they use, their method of compensation, how they communicate, how often you'll meet with them and who would attend such meetings, and in what cases they'd be using outside experts. In addition, ask to see some of their written materials to help gauge how they communicate.
• Inquire about their education and professional licenses and credentials. Oft-recommended credentials include: Certified Financial Planner, Chartered Financial Consultant and Personal Financial Specialist.
• Find out if advisors have had legal/professional actions brought against them.

Image provided by Shutterstock .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.