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What do women want?

By Judy Martel · Bankrate.com
Monday, August 2, 2010
Posted: 2 pm ET

What do women want? Simply put, they want a more emotional connection with their financial adviser. But then, that's not so simple, is it?

A survey of 500 women by Boston Consulting Group found that while men generally see the relationship with their financial planner as a business one, women say they want a holistic approach involving empathy and personalized advice.  They want their advisers to focus on life's long-term goals, rather than short-term investment results, and they want their statements to be easier to understand.

Further, many of the women say that their advisers assume they have a low tolerance for investment risk and patronize them in the offering of their products, pitches and promotions.

Clearly, we have a Venus-Mars thing going on, with women asking the eternal question: Where do we stand in this relationship? There is validity in paying attention to what women want, though, because according to the study, women control 33 percent of the wealth in North America. Yet they seem to feel that financial advisers are not keeping up.

So when women say that there is "a significant need for improvement" by wealth managers, you can bet the advisers are listening.

How do you view the relationship with your adviser? Is there room for improvement?

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