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She was 92 but sharp as a tack. Over the past year she had lost her husband after 67 years of marriage. She talked about the emotional impact of her loss which was compounded by the challenges of now having to manage her money. Her husband had always encouraged her to get involved but she left that responsibility to her husband, something she now regrets.
After a brief period of grieving armed with her fierce sense of independence she began tackling her financial affairs. She met with their advisor multiple times and realized how little she knew. She was ready to start learning but when she would question the decisions of her (husbands) advisor he would say “Donna just trust me.”, not a comfortable place for this feisty woman who tackles life daily.
I asked her “Do you like your advisor?” she replied, “He’s OK hasn’t done anything wrong.” But from her shrug I could tell that relationship was on shaky ground.
In this brand new state of the art assisted living facility I could have gone table to table speaking with the women and I guarantee you I would have heard 30 more stories just like Donna’s.
The foundation of this testosterone driven industry has cracked and for some advisors it will continue to crumble. Advisors who make the effort to create a more female friendly practice will begin to woo the women away from their (husbands) advisor by simply showing them there is a more female friendly way to learning about and engaging in their financial affairs. Whether you are working with a 40 year old executive women, business owner or 92 year old widow if you expect them to just “Trust You” you, you may have a rude awakening.