In Spectrem-sponsored focus groups designed to measure their satisfaction with financial advisors, women expressed widely divergent views of the perfect advisor, but nearly all said they wished their advisors would stop trying to predict their needs. Women want their advisors to read them, keeping in mind that service and satisfaction mean different things to different people.

Advisors too often don’t take the time to get to know them or their needs before developing investment strategies or tailoring communications, the women said.

Nonetheless, they remain loyal to their advisors. As long as advisors don’t betray their trust, most women are willing to tolerate a variety of shortcomings. While some admitted lower commissions or the availability of alternative products could tempt them to switch, most held firm, saying it would take an extraordinary offer, such as thousands of dollars in rebates or guaranteed rates of return on their investments, for them to consider a change in advisors.

However, the women indicated to researchers that advisors could win their business by offering multiple financial services at one location. They said they would be very supportive of advisors who could eliminate the need for them to make separate visits to the offices of investment professionals, accountants and attorneys.

“I would switch advisors if I could find a firm with many specialists,” one woman told researchers. “I am looking for one-stop shopping.”

That view reflects a shift toward a more holistic approach to investing, with advisors offering their clients a wide range of expert advice that takes them from young adulthood into retirement.

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