On InternationalWomensDay, what women investors can do to avoid receiving biased financial advice:
Women are more likely than men to hire a financial adviser, yet they don’t receive the same wealth-management advice as their male counterparts.
Men and women may indeed have different priorities for their money, based on anecdotal evidence provided by financial advisers surveyed by MarketWatch. “Our results suggest that advisers make unbiased asset-allocation decisions when they’re given equivalent information, but prior research shows that bias does seem to appear in asset allocations,” the researchers wrote. “One source of this problem might be the information-gathering process in initial meetings.”
Or, worse, “women will get biased asset-allocation recommendations because the adviser is working with incomplete information,” they added.Much of the onus in solving this issue rests with financial advisers and asset managers. Until that happens, women investors can take matters into their own hands. Here are some tips in detecting this kind of financial bias:
Redirect the focus to your risk tolerance Taking charge of the conversation is one way of ensuring that an adviser is putting your individual needs ahead of any preconceived notions they may have previously held.
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