High-net-worth women were more likely than men to report being satisfied with their financial advisor, 76 percent to 74 percent. Both men and women cited communication issues, like failing to remain in contact by phone or e-mail, as their top reasons for firing a financial advisor.
When selecting investments, women in the survey were more likely to consider a company’s past track record, social responsibility and reputation than men, said Spectrem.
When asked about national concerns, men and women differed over political and economic issues. The largest areas of difference were in concerns over inflation, which were raised by 67 percent of the high net-worth women surveyed versus just 50 percent of the men, and interest rate increases, named by 45 percent of the women and only 38 percent of the men.
Women were also slightly more likely to be concerned about government gridlock, stock market performance, terrorism, tax increases and low interest rates, while men were slightly more likely to express concern over the political environment and the national debt.
When asked about personal financial issues, women expressed more concern than men across every one of a broad range of issues from the financial situation of children and grand children, to maintaining their current financial position, to having enough money to leave a legacy behind, according to Spectrem.
When asked about how they achieved their wealth, men and women cited similar leading factors: hard work, cited by 94 percent of men and 96 percent of women, education, cited by 83 percent of men and 82 percent of women, frugality, cited by 76 percent of men and 81 percent of women, and smart investing, cited by 78 percent of men and 77 percent of women.