Here's the Price Advisors Will Pay if They Don't Treat These Clients Better

Susan R., a 67-year-old former librarian and a longtime resident of Farmington, Connecticut, related experiences which I found to be similar to other women I spoke with.

“Reading has been an important part of my life,” Susan said. “I was, after all, a librarian for 41 years. When I read about Jen Ret, I was immediately interested.

“When Frank passed, I was left to make the decisions about money. I didn’t feel I had a great deal of expertise, but I didn’t want to rely upon Frank’s advisor, as I didn’t feel I had any meaningful relationship with him, even though he invested our money for 11 years,” she added.

Susan continued, “Within five minutes of interacting with Jen, I was captivated. I know it sounds goofy. I was speaking with basically a robot. But the conversation, her pleasant voice — so reassuring! And her questions — well, that captured me. She asked me questions, and I gave her answers. I felt I was heard.

“At some point, it no longer mattered to me that it was artificial intelligence that was hearing me, because I had confidence that the artificial intelligence understood what my investment and income needs were,” Susan said. “And that’s what really mattered. I came away from the experience with a personal plan for my income, and it reflected my priorities.

I found that Jen wasn’t dogmatic. She was focused only on what was important to me. I can check on it whenever I wish. I can interact with Jen anytime I want, and I feel confident about my financial future. I’ve told dozens of women about my experience, and I know that a number of them have also planned their retirements with her.”

Writing on the Wall

In the end, when women like Susan found a way to “get the results they needed,” the worlds of wealth management and insurance were forever altered. Jen Ret, and similar AI financial advisors that followed, filled an unmet need that men would not or could not fill.

But here’s the great irony within this story of the historic dismantling of the traditional financial advisory business: It didn’t have to happen.

As early as 2018, it was clear from multiple research studies that women were absolutely willing to work with male advisors. Assuming, that is, the essential ingredients of an authentic relationship — notably, a man willing to listen — were in place.

In the final analysis, women didn’t reject men. What they rejected was being stereotyped, misjudged and ignored.

David Macchia, MBA, RMA, CBBP, is an author, public speaker, and entrepreneur. He is the founder of Wealth2k Inc., and the developer of the widely used retirement income solution, The Income for Life Model.

(Image: Shutterstock)