|PR Newswire Association LLC|
-Financial industry composition "out of sync" with future demands of small business owners-
Approximately 61 percent of women who are small business owners prefer to speak to a financial advisor who is a woman, yet only 24 percent of men prefer to speak to female financial advisors. According to 2010 data from the
Conversely, 75 percent of men prefer to speak to male financial advisors while only 40 percent of women exhibit the same preference.
This disconnect between the preference for female financial advisors by women business owners and the gender composition of the financial advising community becomes all the more alarming when looking at the broader American economy.
According to the Center for Women's
"The financial services industry needs to do a better job of recruiting, training and retaining women as financial advisors if it is going to successfully meet the demand of women small business owners," said
In other study results:
- Women (W) are more concerned about retirement planning than men (M) (84%W vs. 76%M) and report having taken more action to address this issue.
- More women have consulted with a financial advisor about maximizing business owner benefits (44%W vs. 33%M).
- More women have consulted with an advisor about starting a retirement plan (41%W vs. 29%M).
- More women than men list not having enough money in retirement as one of their top three concerns.
- Women and men state that they take an active role in understanding needs in retirement planning (75%W vs. 85%M), however:
- Many have not estimated how much capital they will need to be able to retire (34%W vs. 26%M).
- Only a few have a formal, written financial plan for managing income and expenses in retirement (24%W vs. 34%M) or have a formal, written plan for transitioning their business at retirement (11%W vs. 28%M).
- Most small business owners have not consulted with an advisor about retirement planning (44%W vs. 33%M) but those who have report being satisfied with their advisor relationship (76%W vs. 85%M).
Methodology: "Business Owners" were defined as individuals who own 50 percent or more of the business and who make or share in financial and other business decisions. All the businesses contacted in this survey have been in operation for three or more years and have annual business revenue of
 Center for Women's
Available Topic Expert(s): For information on the listed expert(s), click appropriate link.