Women’s guide to finding the right advisor

Our life choices and financial priorities, even our investing preferences, can differ widely from men’s, says Auerbach-Rodriguez. “For instance, on average, we live longer and we may need to take career breaks.” Make sure the advisor you choose to work with can suggest strategies to help you pursue your priorities throughout your life.

Women are super busy, and they’re looking for convenience. They also have an interest in learning more about investing and managing their money through all kinds of markets and life situations. Ask how accessible your advisor will be and what information and resources they have available to share about the markets, the economy and your financial life.

Working with an advisor isn’t just about face-to-face meetings and calls. Women have told us they also want the tools to help them manage all their financial tasks in one place,¹ including robust mobile resources and other digital platforms. Ask: What mobile capabilities do you have? What tools and educational resources are available online? Will I be able to see all my banking and investing information in one place?

Planning for a secure retirement is women’s No. 1 financial goal, according to the Merrill study.¹ Ask about the retirement strategies they can offer, including how you might play catch up to save more as you near retirement and the Social Security claiming strategies you could consider, as well as advice on tax-efficient investing and withdrawal. Inquire, too, about other issues of particular concern for women. For example: Can you help me plan for the rising cost of healthcare in retirement?

You may be aiming to buy a home, planning for future college costs or even thinking about launching your own business. In fact, women are starting nearly half of new businesses,² and single female home buyers far outnumber single male buyers.³ Ask: What banking and lending solutions do you have? What resources and help could you give me if I wanted to launch a business? Do you have resources to help me save for my children’s college education or support my parents as they age?

Finally, try asking an unexpected question like this — something that will help you get a better sense of an advisor’s personality, values and skillset. “Connecting with a potential advisor on a personal level can help you establish the level of trust that women look for in an advisor-client relationship,” says Auerbach-Rodriguez. “Remember, your advisor may end up knowing more about you and your finances than your best friend does,” she adds. “You’ll want to get to know them well, too.”