"I really don't know where to start," says Christiane Geidt, married and 46. She's actually accumulated a nice chunk, but — common for women — it's sitting in her savings account. Geidt is nervous about losing money if she invests, something that doesn't seem to bother her husband.
"I think men ... enjoy it more," she laughs. "It's their adrenaline, maybe, that kicks in." Actually, research suggests it's testosterone that makes men open to to such risk. But women have something else that men don't. "Women are terrified of retirement," says Cindy Hounsell, president of the Women's Institute for a Secure Retirement. "They're terrified of running out of money. They're terrified of becoming bag women."
"We don't want wealth management gobbledygook that we can't understand," she says. "A lot of the studies show that women want somebody that they can talk to, who will say, 'How old is your mother?' And 'Who is caring for her?' and all those things. Well, they haven't been trained like that."
"I just love my investment adviser at at the Womyn's Investment Financial Group! We have such good times! None of that Gobbledygook that the mean male adviser used to give me! You know, like math and stuff that we girls are no good at!
We just have a little "me time" when we get together! We have facials, do our nails, and then gossip a bit over a Chai tea. Then we take a soaking tub while she tells me about emerging market growth funds! It's just all girl-time!
And she takes such an interest in my life. We trade tips on where to shop, as well as dieting advice. She is just like a super-friend to me!
And none of those confusing numbers or any of that hard stuff that women just can't handle! She understands my needs!
Yes, Ms. Madoff is the best investment adviser I've ever had!"