Why Women are Terrified to Hire a Financial Advisor - and What They Can Do About It Before Year-End
San Diego, CA (PRWEB) September 03, 2013 -- Divorce. Children. Retirement. Bernie Madoff.
There are a multitude of reasons women have great need for proper financial planning, and just as many keeping them from hiring an advisor, including feeling completely overwhelmed and just plain terrified. Women hold more than half the wealth in this country and are projected to hold up to 63% by 2020. Yet, because many women are unsure where to turn for sound financial advice, only 20% of women investors have an advisor - but a full 70% would like to work with one.
In fact, the question, “Where can I find an advisor I can trust?” has been a recurring question asked to WIFE.org, the Women’s Institute for Financial Education, for just over twenty-five years. Because WIFE co-founders/advocates Candace Bahr and Ginita Wall could not answer that question with any confidence, the pair came up with a reliable vetting process in cooperation with WomenCertified, Inc. the leading consumer advocacy group for women and home to the Women’s Choice Awards.
Introducing the Women’s Choice Award for Financial Firms and Advisors – the first and only Industry Recognition Award for firms and well-qualified advisors committed to serving women clients.
The award is based in 17 criteria, and greatly simplifies the advisor selection process for women by providing them with the peace of mind that only comes from having the facts. Most importantly, the recognition helps prevent women from disasters like hiring an advisor with a track record of bankruptcy, misappropriation of funds, and other wrongdoings that could potentially ruin her life.
In fact, a recent CNBC online article showcased an independent advisor (RIA) who had been let go from a top firm – and was under investigation on multiple counts of misconduct to the tune of over $800,000, all unbeknownst to the reporter. While this information is publicly available at FINRA.org (Financial Industry Regulatory Authority), if a reporter missed the facts, the average financial consumer would be hard-pressed to uncover this damaging information. She wouldn’t know it exists – much less how to find it. The Women’s Choice Award does the work on behalf of the female consumer, empowering her with information she needs to make the most informed choice.
Word is spreading about the program – advisors from various firms are signing on daily, and the program has been adopted by LPL Financial, one of the nation’s largest broker dealers. Several other major firms are in the queue, and the program was recently featured in the leading financial industry publication, Investment News. Women’s Choice Award® Financial Advisors will be listed by state at WomensChoiceAward.com and WIFE.org. While there is a cost to the advisor for the vetting process, the basic advisor listings are 100% free to both advisors and consumers.
WIFE is the oldest non-profit devoted to female financial literacy, and has been recognized by multiple state treasury departments as a trusted source. Bahr and Wall were recently named KPBS Heroes and celebrated as part of National Women’s History Month.
“The program is dedicated to serving the needs of women investors and their families in a caring, supportive way that resonates with them,” says WIFE co-founder, Ginita Wall. “While everyone needs to do their research when choosing an advisor, we are proud to support the women we serve in making the most informed decision possible.”
Bahr and Wall are the co-authors of Wiley and Sons, “It’s More Than Money – It’s Your Life.” In this case, it really is.
For more information, visit http://www.WIFE.org.
ABOUT WIFE.ORG
The Women’s Institute for Financial Education (WIFE.org) is the oldest non-profit organization dedicated to providing financial education to women in their quest for financial independence. It was founded in 1988 by wealth management experts and KPBS Heroes Candace Bahr and Ginita Wall, who have a lifelong mission of helping women connect with resources that help them prosper and grow financially.
Bahr and Wall have been speaking nationally on behalf of their non-profit since it was founded in 1988, offering workshops and making media appearances on shows like NBC Nightly News, MSNBC, CBS This Morning, CNNfn, PBS and National Public Radio and they travel the country speaking to women’s conferences organized by State Treasurer offices.
WIFE.org was named one of the top 500 financial sites by “Online Investor,” and has captured the interest of women and the press seeking financial advice and information for women. For more information, visit http://www.WIFE.org.
ABOUT WOMENCERTIFIED
WomenCertified®, home to the Women’s Choice Awards, awards businesses and brands based on high recommendation ratings by female consumers. WomenCertified represents the collective voice of women so they can help each other identify businesses that deserve their loyalty and referrals. Through the prestigious Women’s Choice Award, WomenCertified has partnered with businesses such as Sealy, Whirlpool, Aquafina, Ashley Furniture, Hertz, OshKosh B’gosh, Kaiser Permanente, and many more.
Delia Passi is CEO of WomenCertified Inc., the Home of the Women’s Choice Award and former Publisher of Working Mother and Working Woman magazines. Delia is the nation’s leading authority on selling to women and the nation’s leading female consumer advocate as seen on most major networks. Passi advises her corporate clients on how to better understand their female customers, and supports them in becoming the very best when it comes to increasing sales, improving customer service, and retaining the loyalty of these hard-earned consumers. Passi is the author of Winning the Toughest Customer: The Essential Guide to Selling to Women.
Her lifelong work is to empower women to make smart choices and as a result she founded the Women’s Choice Awards to simplify a woman’s choice based on the recommendation of other women. To learn more, visit http://www.womenschoiceaward.com.
Cara Downs, SSA Public Relations, +1 818-907-0500, [email protected]
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