Female advisers: Male advisers don't relate to clients

Men more interested in numbers than cultivating personal relationships; 'weddings, graduations, funerals'
APR 10, 2013
Female financial advisers seem to relate to their clients in ways that wouldn't occur to most male advisers. Women listen to clients more and ask more questions to learn about their concerns, as well as reaching out more personally into clients' lives, according to four female advisers who discussed the issue on a webcast hosted by W.P. Carey Inc. on Thursday. Men focus more on results, and when dealing with female clients may not be tuned in to helping them overcome any fears or lack of confidence in their financial know-how, the advisers said. “I consider clients extended family, a role that's different with my male colleagues,” said Nancy Daoud, a financial adviser with Ameriprise Financial Services Inc. “I am pretty involved in everything in the client's life and I'm present at all the events, weddings, graduations, funerals.” She also acts as a resource to provide objective answers to their family questions, she said. Alexandra Armstrong, chairman and founder of advisory firm Armstrong Fleming & Moore Inc., said women think more about the personal relationships with clients than male advisers, even in client meetings. “At my meetings, we spend most of the time talking about problems with grandkids or a trip they took, rather than what's up with their portfolio,” she said. That doesn't mean female advisers spend any less time than men ensuring the financial health of their clients. Their interactions with clients are just more likely to form closer relationships, the women said. Two of the women said they are seeing more men recognize the benefits of having deeper client relationships and working on these skills. “Men are picking up on this more,” Ms. Armstrong said.

Latest News

Northern Trust names new West Region president for wealth
Northern Trust names new West Region president for wealth

The new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.

Capital Group extends retirement plan services further with a focus on advisors
Capital Group extends retirement plan services further with a focus on advisors

The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.

Why RIAs are the next growth frontier for annuities
Why RIAs are the next growth frontier for annuities

David Lau, founder and CEO of DPL Financial Partners, explains how the RIA boom and product innovation has fueled a slow-burn growth story in annuities.

Supreme Court slaps down challenge to IRS summons for Coinbase user data
Supreme Court slaps down challenge to IRS summons for Coinbase user data

Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."

Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director
Houston-based RIA Americana Partners adds $1B+ with former Morgan Stanley director

Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.