Why Women Get a Raw Deal on Retirement

Post on September 20, 2010

smart_money_logo

After a long career  managing large accounts for an insurance company, Lynn Brooks is hardly a financial novice. But when she sought help from a financial adviser at a brokerage after her husband died, they might as well have been speaking different languages. Brooks, who’s now 60, knew she’d reached the age when her savings should be managed conservatively. Her adviser, however, had something more testosterone-fueled in mind, urging her to go for growth and buy riskier assets like small-cap stocks. And when she phoned him, she says, he was often in a hurry: “It was as if he was saying, ‘Leave me alone. I’ll take care of this.’” Brooks, who declines to name her adviser, says she eventually took her business elsewhere — but only after her nest egg had shrunk 30 percent over the course of a decade before the crash.

 

Click here to read the full article...