By Ed Vargo
Shouldn’t you be the lead actress in your own financial life plan?
Have you ever felt like quality financial advice wasn’t designed for you? Or as if you’ve been cast in a supporting role while your money takes center stage? These feelings are frighteningly familiar among women who seek financial advice from the typical Wall Street advisor. We hear story after story from women who are fed up with the financial industry and how their needs have gone unmet.
At Burning River Advisory Group, we recognize this disparity between what women want from financial advisors and what they get. We bridge this gap by providing meaningful financial advice and support that helps our clients feel like real people—rather than dollar signs. Here are some ways Wall Street has failed women and how BRAG can help you overcome them.
Wall Street Is Too Focused on Investments
If you walk into a financial advisor’s office, chances are you’ll see a collection of magazines detailing the ways you could invest your money. Everything from The Wall Street Journal, Barron’s, and the Financial Times on the table to CNBC and Bloomberg on the TV. These telltale signs point to “investment performance” as the keys to the kingdom, but to many women, they illustrate yet another way Wall Street is tone-deaf to their needs.
This laser-like focus on investments misses the mark. Rather than being dazzled by the latest, greatest financial pitch, women prefer a road map, a game plan that takes them from where they are today and shows them how to get where they want to be tomorrow. This includes everything from managing day-to-day cash flow and insurance coverage to estate planning, how to build an adequate emergency fund, and debt management. Women want advisors who provide comprehensive financial advice—but often struggle to find it.
Despite facing more daunting financial challenges than men, traditional financial advisors provide fewer services and engage less frequently with women. This is a lose-lose scenario. It’s an opportunity lost for women and their would-be financial advisors.
Wall Street Is Willing to Let Women Take a Back Seat
Another challenge women face is that many are too willing to turn their financial power over to men—and Wall Street is happy to let them do it. Women often let their husbands, fathers, and brothers handle their finances, and Wall Street is doing little to change the trend. In fact, half of all women still defer long-term financial decisions to their spouses or partners. (1)
It’s no secret that most financial professionals are men who are more comfortable working with other men. Once again, this is a lose-lose. It’s a loss to an industry that could greatly benefit from the insights of women as professionals and clients. It’s a loss to women who want to be more involved but don’t feel they have a welcomed seat at the table.
Financial professionals should find ways to help women become more involved and comfortable with money. They should champion a more equal sharing of big money decisions and discourage blindly turning over financial decision-making to the guy. Many male financial advisors don’t feel that’s their job, but I don’t see it this way. It’s true we can’t (and shouldn’t try) make anyone do anything. Still, we can facilitate a more profound discussion and help bridge the gap.
Wall Street Doesn’t Know How to Speak to Women About Money
If it wasn’t already obvious, Wall Street doesn’t know how to speak to women about money. Typical financial advisors think the same words and frames of reference that work for men will also work for women. This is a fundamentally flawed belief. Women and men live on different planes regarding how they view money.
For example, men gravitate toward statistics, charts, and graphs. Women don’t. Spouting off a dozen facts and statistics is counterproductive and does more to put women off than it does to create a collaborative relationship.
This is a common problem among traditional financial advisors with many making the same mistakes over and over again. These include:
- Using too much financial jargon
- Sharing too much data
- Focusing too much on investments, rates of return, and competitive measures
- Not asking enough quality or insightful questions
- Having preconceived notions of what women want and need
- Acting too parental, condescending, or patronizing (often without even noticing it)
- Not listening enough
- Forgetting they’re planning for a real person who has competing responsibilities, loyalties, and emotions (financial planning by spreadsheet does not work for most women)
- Casting money as the lead role while the client is a supporting actress
Taken as a whole, it’s no wonder why women avoid the financial industry like the plague. Who wants to be relegated to the back seat behind men and money? It’s not every advisor and not the entire industry, but it happens far too often. But fret not. If you’re looking for a female-friendly financial advisor, there are a few of us out here. You may have to work a little harder to find us, but it will be worth the effort.
We Are Not Wall Street
Burning River Advisory Group is not Wall Street. Our clients deserve to take center stage while their money works in the background. Our proprietary Servant Money Method (SMM)™ puts women first and helps them live a meaningful life without a money anvil hanging over their heads. We’re here to help you achieve financial independence. Reach out today to find out how we can help by calling 216-404-2420 or emailing evargo@burningriverag.com.
About Ed
As Founder and CEO of Burning River Advisory Group (BRAG) and enlightenHer, Ed’s mission is to help women take control of their money and to live their version of a meaningful life.
As the father of five daughters, Ed is raising his girls to be strong, independent, formidable women. He believes being knowledgeable and in control of their money is essential. Ed is committed to teaching them how to be empowered by money, not weakened by it.
Ed takes this mindset into his work. He’s passionate about helping women take control of their financial lives once and for all. He created the Servant Money Method (SMM)™, a proprietary financial life planning process designed to give women the ability to live a meaningful life without a money anvil hanging over their heads.
Whether that’s exiting the rat race before burning out, starting over after a difficult divorce, moving closer to be near the grandbabies, or simply sleeping better at night knowing they’re not going to outlive their money, the SMMTM takes the financial “heavy lifting” off their clients’ plates so they can focus on what matters most: pursuing a meaningful life.
Ed’s clients know their success is at the forefront of all he does, and he works tirelessly to advocate for them. He strives to be their “first call”—the person they turn to when they need objective advice, accurate information, or a calm and experienced voice to help them through tough times.
Ed believes we should use our money to make a life instead of using our life to make money. His values-based mission allows his clients to do just that.
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