WOMEN TEND TO BE GIVEN BIASED ADVISE BY FINANCIAL PLANNERS
NEW YORK — Male and female investors with exactly the same financial and personal background tend to be treated differently by financial advisers, usually to the detriment of women, according to a report in Working Woman magazine's September issue.
Investigative reporters, Katherine and Richard Greene, posed as walk-in clients at 32 financial services firms in the Northeast. Both told identical stories, the same business and personal profiles, income, assets, and amounts to invest.
The Greenes report that, unlike Richard's advisers, the ones Katherine spoke to often ignored essential information, routinely neglected retirement planning, often gave advice that was too risky or conservative, and tended to tout specific investments.