Choosing a Financial Advisor on Looks Alone
NEW YORK (MainStreet) What does your financial advisor look like? The young, academic type? Or a sophisticated, mature executive woman? Suit and tie, or jacket and dress shirt? When choosing an advisor based on looks alone from a group photo, most investors select an older male, based on research conducted by Spectrem.
In the study, affluent investors were shown a photo of eight adults: four men and four women of varying ages. Click HERE to see the photo used. When asked to select which advisor they would hire, 41% of the very wealthiest investors, with investable assets of between $5 million and $25 million, selected the oldest male (Advisor #1), wearing eyeglasses and a shirt and tie, but no jacket.
The next most popular choice, based on appearance alone, was a younger male wearing a jacket and dress shirt but no tie (Advisor #3), chosen by 22% of the ultra high net worth investors.
The third most frequent selection was a young blonde female, wearing a blouse and jacket (Advisor #7).
All three advisors had their arms crossed in the photo.
Choosing a financial advisor on looks alone, what would be your selection?
--Written by Hal M. Bundrick for MainStreet