How to find the right financial advisor for women

While women and men share some of the same financial challenges, women have unique financial needs that may benefit from a tailored approach. When it comes to finances, women still face a gender pay gap, have possible career breaks for caregiving purposes, and tend to save and invest at lower rates compared to men. This can make financial planning for women a bit different from their male counterparts. 

However, taking charge of your finances can help you make the most of your money, build wealth, and ease some of the mental burden around financial uncertainty. Sorting out your finances can get complicated and stressful, but with the help of a financial advisor, you can start reaching your goals. 

When it comes to finding a financial advisor, you might want to consider if you want a financial planner for women, or someone who caters to a women-based clientele. 

Let’s consider what factors to understand when looking for a financial advisor for women, questions to ask a potential planner, and what services are available for women.

Since financial planning for women entails some factors men may not have to consider as often, it can be helpful to find a financial advisor that understands these differences and tailors their services to meet women’s needs. As a woman there are several factors to consider that go beyond credentials when looking for a financial advisor — such as longer life expectancy, potential career breaks, and the gender pay gap — so it is essential to choose someone who truly understands and supports your goals.

While our guide on how to choose a financial advisor gives a step-by-step checklist on finding a financial advisor, here are some other factors for women to consider, plus possible questions to ask your potential advisor:

When searching for a financial planner for women, you might want to look for advisors who have experience working with women in various life stages and different relationship statuses. They should understand: 

• Planning for financial longevity 

• Navigating maternity leave or career gaps

• Balancing caregiving with retirement planning

• Building wealth independently and wealth management for women

When it comes to women’s financial planning, women may want to feel comfortable communicating with their financial advisor. Feeling heard, respected, and empowered in conversations with an advisor can help women have a better experience with financial planning. Consider paying attention to: 

• Whether an advisor explains concepts clearly and ensure you understand the jargon used

• If the advisor actively listens and asks thoughtful questions 

• How comfortable you feel discussing your goals or concerns

Another important quality to note is if a financial advisor is also a fiduciary (someone who is legally obligated to act in your best interest), as not all financial advisors are. You could also search for a fiduciary financial planner for women when searching for an advisor to ensure you will find someone who is obliged to make the best decisions for your money management.

When evaluating or working with a financial advisor, especially with social circumstances and financial challenges unique to women, it is important to ask questions to clarify any concerns. Here are some examples based on different circumstances:

Career, income, and retirement

• How can I plan for career breaks, such as maternity leave or caregiving responsibilities, without falling behind on my retirement goals?

• What strategies do you recommend for maximizing my retirement savings if I’ve had lower or inconsistent earnings?

• How do you help women become financially secure over time?

Family planning and caregiving

• How can I plan financially if I want to have children or take time off for caregiving in the future?

• Do you help clients navigate child-related costs, like childcare, education savings (like a 529 plan), or estate planning for women?

Marriage, divorce, and life transitions

• How do you support clients through relationship changes like marriage, divorce, or widowhood?

• What should I consider when managing finances jointly with a spouse or partner, especially if we have unequal income or assets?

• How might changes in relationship status, such as divorce or death of a spouse, impact my long-term financial security?

Investment style and financial confidence

How do you walk potential clients through investment options?

• Do you offer financial education or guidance beyond portfolio management?

• How do you tailor investment strategies to meet women’s typically longer life expectancies?

Fee, transparency, and fiduciary duty

• Are you a fiduciary? How do you ensure your advice is in my best interest?

• How do you get paid as a financial advisor? Do you earn commission, or are you fee-only?

• Are there any hidden costs I should be aware of?

Finding a financial advisor takes time. You want to ensure you carefully select an advisor, as this person will be managing your finances and potentially build a long-lasting professional relationship with you.As a woman, if you feel more comfortable with a woman advisor, there are many women-led financial institutions, firms, and investment platforms that can help connect you to the right women’s financial advisor. Researching firms or advisors that offer women-centered financial planning resources can help you get closer to finding the right advisor.

Women deserve to feel confident when it comes to managing their finances. Systemic inequalities women face can cause hurdles along the way, but finding the right financial advisor can help them make informed financial decisions. 

If you are looking to build your wealth or save smarter, Raisin is here to help. The Raisin marketplace offers a variety of high-yield savings products with competitive interest rates to make the most of your money. Sign up today and start maximizing your savings potential!

The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.