Wealthy Women Are More Likely to Drop Advisers for Bad Service
- Advisers show unconscious gender bias in meetings, study finds
- Younger female investors are poised to transform industry
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Wealthy female investors who have negative experiences with their financial advisers are more likely than men to fire them.
That’s one of the conclusions from a gender-bias study by Bank of America Corp.’s wealth-management business, which comes as female clients control an ever-increasing share of financial assets. For investors who had bad experiences with their financial advisers, 35% of women decided to switch, even though they were less likely to complain, compared with 30% of men, who were more likely to confront their adviser or complain.