Birds of a feather flock together, and it seems the saying also rings true for small business owners looking for a financial advisor. According to a new study released yesterday by The American College, small business owners prefer to speak to financial advisors of the same sex, with men exhibiting a stronger gender bias than their female counterparts.
Approximately 61% of women who are small business owners prefer to speak to a financial advisor who is a woman, yet only 24% of men prefer to speak to female financial advisors. According to 2010 data from the Bureau of Labor Statistics, only 30.8% of women were personal financial advisors.
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