Almost one out of four women said they sought the advice of relatives or friends when selecting a financial planner. Nor do they know how to select someone who is likely to give them good, competent advice. Predictably, experience with professional financial consultants significantly reduces these concerns. Together with a lack of experience and little education in financial matters, these attitudes prevent many midlife and older women from getting help. Women don't thoroughly investigate a planner's background or certification.
Many women have difficulty understanding how planners are paid.
While a majority of women reported a high level of satisfaction with the financial planning services they were receiving, many reported some dissatisfaction. Many women do not know where they would turn if they were to experience a serious problem with a financial consultant. On average, women spent one to two hours with the financial advisor working on the initial review and recommendations. We asked how often these women met in person or had an in-depth telephone conversation to discuss their financial plan or situation. Many women who had not yet consulted a financial planning professional wished to do so.