Nancy Tengler’s USA Today column

Many women didn’t pick their financial advisers. But they can fire them when this happens.

Most women, sooner rather than later, will end up alone.

Sorry, but this is just a sad fact of life. Many of us, consequently, will find ourselves in the position of working with a financial adviser we may not have selected or even like. Since trust is the essential ingredient of a successful adviser-client relationship, this is unpleasant.

The Boston Consulting Group conducted a study in 2009 titled “Women Want More (in Financial Services),” which discovered women around the world identified the financial services industry as the one they are most dissatisfied with for both service and products.

That statistic should have set the industry on edge, but there appears to be little change in their marketing and service strategy for women.

Even more startling: In a 2001 article in Financial Advisor Magazine, Tracey Longo found that over 70% of married women fire their investment adviser within one year of their spouse’s death. Why? Because they do not have a relationship with, nor trust their adviser.

Here are three critical factors to consider when you suspect it is time to break up with your financial adviser.

Read more here: https://www.usatoday.com/story/money/columnist/2019/10/13/401-k-investor-when-should-you-fire-your-financial-adviser/3943470002/

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