Wealthy Women Are More Likely to Drop Advisers for Bad Service

Wealthy female investors who have negative experiences with their financial advisers are more likely than men to fire them.

Kirstin Hill

Source: Merrill Lynch Wealth Management

That’s one of the conclusions from a gender-bias study by Bank of America Corp.’s wealth-management business, which comes as female clients control an ever-increasing share of financial assets. For investors who had bad experiences with their financial advisers, 35% of women decided to switch, even though they were less likely to complain, compared with 30% of men, who were more likely to confront their adviser or complain.

“All of us unconsciously bring assumptions, and sometimes biases, to the table,” said ...