Millionaire Woman has changed. Today’s millionaire woman is educated, employed and in control of her finances. How does she stack up against millionaire men when it comes to her financial life and creating a personal financial strategy?

 Is she hesitant and somewhat bewildered by the financial world, leaving all of her decisions in the hands of her advisor and her husband or is she tough as nails?

One of the major changes in the general profile of the millionaire woman is education. Since the early 1980’s American women have earned more bachelors and masters degrees than men. Women also account for 49% of all law school and medical school students. Eighty percent of Millionaire women, (whose net worth exceeds $5 million), have a bachelors degree, and 40% have a masters degree or a PhD. On top of the rise in education, more women than ever are business owners. Per the IRS, the number of 500+ employee women-owned companies grew by roughly 125% from 1997 to 2002.

Despite these changes the millionaire woman is still a more conservative, passive investor in general. Women are more likely than men to seek a guaranteed rate of return and less likely to set aside a portion of their assets for speculative investments. Though the affluent women is far from throwing up her hands and saying “I just don’t know what to do. This is all so confusing!” there is definitely a difference between the way men and women interact with their investments. Women’s top investment goals are ensuring a comfortable standard of living during retirement and maintaining their current standard of living. These goals are not as important to men as they are to women.

One important way that women differ as investors is in their relationships with advisors. They seem to be neither self-directed nor advisor-dependant; not seeking out advice from an advisor or reporting that they are confident in their own abilities to handle their investments. This seems counterintuitive, but 70% of men said that once they are satisfied with a financial brand or provider they would not switch, while only 54% of women said the same.

There are several factors that could lead to this difference in how women interact with advisors. Women define “quality service” differently than men do, marking themselves as possibly finicky and definitely discerning consumers. Women are less forgiving of things like a lapse in advisor communications or weak printed materials, and inadequate online content and tools. Men tend to overlook these things more, and focus on the one-on-one relationship with their advisor.

Women have taken massive strides in recent history by moving forward in education, business and politics like never before. The easy example of Sen. Hillary Clinton running as a serious contender for President of the United States is just one of a plethora of women like Meg Whitman CEO of Ebay or Anne Mulcahy CEO of Xerox, who are leaping ahead, making their way and sometimes their own rules for how a successful woman behaves and succeeds in our society. Many millionaire women are savvy investors, knowledgeable and fully in charge of their fortunes; others are lagging behind somewhat, needing information and confidence.

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