Female advisers: Male advisers don't relate to clients
March 22, 2013 by Liz Skinner
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 & Co. LLC 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.
