RJ and Makay

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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.

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Almost half of financial advisors say they have asked “only a small percentage” of their clients for a referral, according to a recent online survey of 210 advisors conducted by SEI Advisor Network.  Conversely, only 20% of surveyed advisors made a “regular routine” of seeking referrals.  John Anderson, head of practice management solutions at SEI, was not surprised by the survey results.

Financial professionals might be interested in an InvestmentNews report about a poll by Advisors Trusted Advisor, which recently uncovered some surprising trends in the financial advice industry. Of the 262 advisors polled, more than half were at fee-only firms, a quarter worked as independent reps, and the rest were employed by wirehouses, brokerages, banks or insurers. Survey participants had a median of about $400 million in assets under management.

Here are the seven trends the poll revealed, in descending order, just as described by InvestmentNews: