SOURCE: BMO Private Bank

BMO Private Bank

May 09, 2013 15:55 ET

BMO Private Bank Mother's Day Study: Florida Females Share Duties of Managing Household Expenses Yet Prefer to Manage Their Investments Themselves

NAPLES, FL--(Marketwired - May 9, 2013) -

  • More Florida women determine their family's preferred bank or financial institution than do women in other U.S. states
  • More than 80 percent own/co-own decisions about major purchases such as buying a new car or renovating
  • Alarmingly, two-thirds of Florida women do not have a financial advisor
  • Trustworthiness and performance track record are among top traits sought in a competent financial advisor

A Mother's Day Study by BMO Private Bank has revealed that women in Florida are primary decision-makers or equal partners in managing household expenses and financial options.

According to the study, released today, 96 percent of Florida females decide themselves or together with their spouse or partner regarding day-to-day budgeting or spending decisions. In addition:

  • More than three-quarters (77 percent) are primary decision-makers or equal partners when it comes to savings, investments and retirement
  • Forty-six percent of women in Florida decide at which bank or financial institution the family will hold accounts -- slightly above the national average of 44 percent

"We have come a long way since the days when men traditionally were the breadwinners who controlled the family purse and their wives stayed home and took care of the children," said Amy Hale, CFP®, director of trust and estate services for BMO Private Bank. "Today, women are serving confidently as the 'Chief Financial Officer' or 'Co-CFO' of their household. This study confirms that Floridian women are clearly embracing that role."

However, women in the Sunshine State appear to be lagging their male counterparts in seeking financial advice. As the study noted:

  • Only one-third (33 percent) of women have a financial advisor to help them identify goals, develop financial plans and manage their investments compared to 41 percent of Floridian men
  • Fifteen percent of Floridian females without a financial plan do not trust someone else to manage their investments -- five percent higher than the national average
  • Of those women who do not have a financial advisor, 21 percent do not want to pay the fees or find it too expensive, compared to 27 percent of the women surveyed nationally

The study also identified the top attributes that women seek in a financial advisor:

  • Florida women are more likely than men to rank being trustworthy and honest as the most important trait in a financial advisor (42 percent women vs. 36 percent men) while Florida men appreciate someone with a track record for delivering returns that outperform the market (14 percent men vs. 10 percent women)
  • Only 76 percent of women in Florida rank level of experience as an important trait in a financial advisor, compared to 85 percent of all women surveyed
  • When it comes to other attributes, men are more likely to consider experience (men: 83%, women 76%) or gender (men: 21%, women: 13%) as very important traits, while women are more likely to place a high level of importance on having an advisor who communicates (men: 73%, women: 80%) and offers convenient hours (men: 47%, women: 52%)

"Women are controlling an increasing amount of the wealth in the U.S. and, consequently, are playing an increasingly important role when it comes to managing the family's money," said Hale. "A competent financial advisor can be their ally in developing sound financial strategies so they can plan confidently for their future."

All results come from a Pollara survey fielded online with 1,500 Americans between April 26th and May 1st, 2013. The margin of error for a probability sample of this size would be +/- 2.5%, 19 times out of 20. The survey included an oversample of 200 Florida residents.

BMO Private Bank is a brand name used in the United States by BMO Harris Bank N.A. Member FDIC. Not all products and services are available in every state and/or location.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® in the U.S.

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