Women and Money; Fiduciary Duty Still Reigns

Results of latest research study: "Women prioritize retirement savings advice at career start and near retirement, while experiencing a concerning decline in advice-seeking during peak earning years (ages 25–54). This stage often aligns with care giving and sandwich generation roles that present new financial challenges and a deeper need for advice," the researchers wrote. "Men, conversely, consistently seek investment and tax planning advice at higher rates than women, though both genders equally pursue debt management guidance."

Women consistently rate factors like professional expertise, reputation and years of experience more highly than men when describing what they value in an advisor. Men, meanwhile, place more importance on advisor relatability than women.

In a survey of affluent investors, Cerulli Research found that 70% of individuals who believe their financial advisors are consistently obligated to act as fiduciaries report being satisfied with their relationships and are not looking for new advisors.

Among affluent investors who believe their advisors may put their own best interests first, just 41% of individuals report being satisfied with their financial planners — a 29-percentage-point gap in client satisfaction compared to those who believe their advisors adhere to a fiduciary duty.