Wealthy female investors are wary of sales-driven financial advice, with 98% citing honesty and trustworthiness as key factors in selecting an advisor, according to a Spectrem eZine report.

The recent "Wealthy Women Investors" study showed that 95% of female investors seek transparency and an advisor who will keep them informed.

"Across the affluent, millionaire and ultra-high-net worth wealth segments, women want to be comfortable that advisors are focusing on their specific, personal financial needs-not on product or profit," says Catherine S. McBreen, managing director of Spectrem Group. "In fact, a frank, straightforward approach is more important to wealthy women than investment track record, depth of products offered, referrals and even fees."

The report also pointed to focus group findings, which showed that wealthy women were wary of advisors who seemed sales-driven. Spectrem says typical statements within the focus group were: "I feel like he is always trying to sell me the next new thing," "He may act like he cares about me, but he really just wants to make as much money for himself as he can," and "I need the same amount of information that I receive from a doctor. Why is he recommending this investment? Is it best for me or for him?"

The study of wealthy women investors is based on a group study of 3,024 households with a net worth of $100,000 to $25 million, not including primary residence. The study was conducted between September and November 2010.