SOURCE: BMO Private Bank

May 10, 2013 13:30 ET

BMO Private Bank Mother's Day Study: Women in Wisconsin Are Co-CFOs of Their Family's Finances Yet Most Tackle Financial Planning Without Expert Advice

More Than Three-Quarters of Wisconsin Females Own or Co-Own Decisions on Savings, Investments and Retirement Planning, Yet Seventy-Eight Per Cent Do Not Have a Financial Advisor

MILWAUKEE, WI--(Marketwired - May 10, 2013) - Women in the United States are controlling an increasing amount of wealth, yet 78% of women in Wisconsin do not have a financial advisor, a full 20% higher than the national average.

"Gone are the days when men owned the family wallet," said Deanne Phillips, Vice President and Director of Investments, BMO Private Bank. "Women in Wisconsin have proven that equality is the name of the game when big-ticket items and financial planning are on the agenda. As they continue to co-own this responsibility, it is prudent that they seek financial advice to further strengthen their family's financial future."

The study also revealed that:

  • Of Wisconsin women who do have a financial advisor, only seven per cent turn to the advisor primarily for tax advice, compared to 21 per cent nationally
  • Almost half (47 per cent) do not think they have enough invested to make hiring an advisor worthwhile
  • Trustworthiness and honesty are the most important traits in a financial advisor to 41 per cent of women in Wisconsin
  • Experience is a very important trait in a financial advisor for 83 per cent of women in Wisconsin, but to only 71 per cent of men

"Regardless of how much money you have, it is wise to align with an experienced financial advisor who can help you identify your goals and develop a financial plan that works for you and your entire family," added Phillips.

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.

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.

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