5 Things Female Breadwinners Need from Their Financial Advisor

January 31, 2019

A growing portion of Relevé Financial’s client base is comprised of female breadwinners, defined as women who bring in at least half of their family earnings. A study based on data from 2015 found that nearly half of these mothers (42%) were sole or primary breadwinners. Another quarter (22.4%) were co-breadwinners, bringing home 25 – 49% of earnings.1

I recently wrote a post about particular needs and challenges often experienced by female breadwinners who come to Relevé for help. It was published on InvestmentNews.com, a professional journal for financial advisors and asset managers.

To see the entire piece, click here. Below is a brief excerpt:

Female breadwinners lead busy and complicated lives.

They already have too many responsibilities to juggle and too many things on their minds. They worry about their kids, partner, parents, house, friends, and everyone’s emotional well-being.

Often these women are balancing career and family obligations, struggling to make peace with conflicting demands on their time and money. They look to their financial advisor to be one area of their life they don’t have to manage!

Women think they need more education to make financial decisions than their male counterparts.

According to a white paper published by Spectrem Group, 34% of wealthy women believe they lack financial knowledge, compared to only 15% of men. The same study notes women’s lack of risk-taking and their tendency to be more conservative in their investinga result of their lack of confidence with decision-making around money.

Women want an authentic advisory experience specific to their needs.

Female breadwinners want to be seen as more than a client with a retirement account. They want their advisor to know them as a person. Those who understand what fiduciary responsibility is often choose an independent advisor because of the added trust factor. They want advice from an expert they can both trust and connect with.

Female breadwinners want their advisor to be a go-to resource on multiple matters.

They often rely on their advisor as a resource and sounding board on all sorts of subjects, from a new business idea to a sensitive family issue. They may seek advice on job-related matters including salary negotiations, signing bonuses and stock options. They often ask our team at Relevé for referrals to other professionals.

They want their advisor to be a partner in decisions — not just a person telling them what to do.

Female breadwinners are typically master decision-makers in their particular area of expertise. They know their worth in the workplace and want to be treated as an equal by their advisor. They are looking for a collaborative relationship rather than a sales pitch.

I’ve had the pleasure of serving countless female clients, who are also their family’s breadwinner, over my nearly 20-year career as a wealth manager. I’ve enjoyed developing expertise in serving their unique needs, helping with their life planning as well as their financial planning. Let’s talk about additional ways Relevé may be able work with you and your family to create a more holistic life and financial plan.


1 Breadwinning Mothers are Increasingly the U.S. Norm

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