63.7 F
Los Angeles
Monday, Apr 15, 2024

Women’s Leadership Series 2020: HerMoney and Wealthramp Partner to Help Women Find Trusted Financial Advisors

Personal finance expert Jean Chatzky and investor advocate Pam Krueger launch a new tool to help empower women to search for, vet, and hire a qualified advisor with confidence

Jean Chatzky’s HerMoney and Wealthramp, a financial advisor referral service cultivated by Pam Krueger, last month launched a new partnership to make it easier for women to find trustworthy financial advisors. The collaboration offers HerMoney readers and all investors access to conflict-free financial advice through Wealthramp’s network of over 230 independent Registered Investment Advisors.

Since the onset of the pandemic and ensuing economic crisis, 34% of advisors surveyed by the CFP Board have reported an increase in inquiries from prospective clients. Americans are looking for guidance as they grapple with an uncertain economic future. But knowing where to go to find a trusted advisor can be challenging. While there are several associations and nonprofits that provide lists of fee-only advisors, the responsibility is on investors to independently vet these financial professionals to ensure they act solely in clients’ best interests.

“The question I am asked most often by women is: ‘Where can I find the right advisor for me?,’” said Jean Chatzky, CEO of HerMoney.com. “It’s often clear that they want me — like they would want a friend — to give them a personalized recommendation, which of course is not always possible. Our partnership with Wealthramp, though, paves the way to give them a recommendation that I feel I can stand behind.”

Pam Krueger, CEO and Founder of Wealthramp, adds: “Just because an advisor is fee-only and held to the SEC’s fiduciary standard, doesn’t mean you can take any title or designation as a stamp of approval. Many CFPs are still brokers who don’t work only and directly for you — the client — and therefore may not always put your interests first. This is why I personally vet every advisor in our network, looking at the whole picture of the advisor and their firm. Our process is rigorous so individuals have the assurance that the advisors with whom they’re matched are truly experienced, qualified, collaborative and, most importantly, focused solely on their financial needs.”

Through the HerMoney and Wealthramp “Find Your Advisor” tool, women investors can find a vetted advisor who aligns with their financial needs and goals. Results are immediate after users complete a questionnaire, allowing them to instantly learn more about each of their matched advisors and access their industry experience, credentials and regulatory records. It is entirely up to the individual to initiate a conversation with any of the advisors. The platform flips the power dynamics and puts women in control, equipping them with the knowledge to understand the type of advisor that’s right for them and empowering them to make the first move with a vetted advisor who has been matched with them based on their unique preferences and priorities. HerMoney provides an additional layer of guidance through its content, which helps readers know what questions to ask advisors and how to approach financial planning.

Women are still underserved in the financial services industry today. Although efforts are underway to improve the diversity of the profession, less than a quarter of advisors with a CFP designation are women, according to the CFP Board.

“The experience of receiving financial advice has historically been approached in linear ways, and women by nature have a different perspective. This is most demonstrated by the career paths we often take and the values that matter most to us,” said Kim Curtis, CEO of Wealth Legacy Institute and a fiduciary financial advisor on the Wealthramp network. “The capacity to listen deeply, communicate jargon-free, ask about aspects of life that are meaningful to women investors, things like family, relationships, community, impact — all of these factors influence whether a woman will feel authentically herself when working with an advisor.”

Learn more about the “Find Your Advisor” tool by HerMoney and Wealthramp at hermoney.com/wealthramp.

Return to pre-event main page

Featured Articles

Related Articles