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Wealthy women demand honesty, transparency from financial advisors

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An overwhelming majority (98%) of women with a net worth of USD100,000 to USD25 million, not including primary residence (NIPR), say honesty and trustworthiness are key criteria for selecting financial advisors, according to "Wealthy Women Investors," a Spectrem eZine report.

Similarly, 95% of wealthy women say they seek transparency and someone who will keep them informed.

"For wealthy female investors, openness, transparency and trustworthiness are the most important qualities in selecting a financial advisor. Across the affluent, millionaire and Ultra High Net Worth wealth segments, women want to be comfortable that advisors are focusing on their specific, personal financial needs – not on product or profit. In fact, a frank, straightforward approach is more important to wealthy women than investment track record, depth of products offered, referrals, and even fees," says Catherine S McBreen, Managing Director of Spectrem Group.

The Spectrem eZine "Wealthy Women Investors" is based on a quantitative Spectrem Group study of 3,024 households, conducted from September to November 2010, as well as on focus groups and one-on-one interviews conducted on an ongoing basis. The margin of error for the quantitative data is plus or minus 2.9 percentage points.

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