financial advice
Women make more referrals than menPosted by RJ and Makay on Apr 25, 2012 |
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Earning the trust of women is always a challenge to us men. But as in other areas of our lives, it can pay dividends in the world of financial advice. Women that are happy with an advisory firm are far more likely than men to recommend the firm to their friends and family, according to Kathleen Burns Kingsbury, a wealth psychology expert. Over a lifetime, female clients will on average make 26 referrals to their financial advisor, compared to 11 by the typical male client, Kingsbury said at the annual conference of the Investment Management Consultants Association.
A new report by Boston-based research firm Cerulli Associates indicates that investors prefer to pay commissions rather than fees for their financial advisory services. Of the 7800 households surveyed, 47% said they prefer commissions as compared to 27% that would rather pay a fee based on assets under management. About 18% of survey recipients prefer negotiated lump-sum retainer fees, and 8 percent choose an hourly fee structure.
most people in the U.S. still use and prefer traditional financial professionals when seeking money management guidance, a poll of 420 Americans reports. On June 23 and June 24, respondents were polled over the telephone by the Capstrat Study.
