Rule No. 6
Be patient with my need for context and education. I would not buy a dress or an appliance for its attributes alone. I need to know what it goes with and how it fits into my life. Similarly, I don't buy performance for its own sake. I need to know how that positive or negative return affects my life and my choices. Can I still take the vacation or send my kids to camp? Explain to me the reason for your recommendations. If I've hired you as the expert, I am not likely to challenge your decisions, but I would like to understand the thought process you used to arrive at an answer. Check in with me along the way in case I need some additional explanation or clarification of some of the terms you are using.
You'll find, when all is said and done, that numbers and quantities and success probabilities don't make me feel wealthy, even though I completely understand the financial math. My goals have to do more with my state of mind than the state of my balance sheet. Do I feel like I have choices? Do I feel confident that I have not made any egregious mistakes? Do I feel as if I am doing the right and responsible thing for my family and children?
The good news for advisors is that it is much easier to help women feel wealthy-even in this shaky economy-than to make them affluent. What's more, if you take the time and have the respect to guide them to their own financial answers, rather than handing down yours, you'll discover another woman's rule that they all play by: When they like someone, they will tell just about everyone they know.
Eleanor Blayney, CFP, is president of Directions for Women and the CFP Board Consumer Advocate. She can be reached at [email protected].