Study: Small business owners express same-gender financial advisor preference

A recent study by financial services-oriented education provider The American College found that small business owners generally prefer dealing with financial advisors of the same gender.

A total of 61 percent of surveyed female entrepreneurs said they would rather go to a female financial advisor, while three-quarters of men expressed a preference for consulting another male for advice.

"The financial services industry needs to do a better job of recruiting, training and retaining women as financial advisors if it is going to successfully meet the demand of women small business owners," said Mary Quist-Newins, director of the State Farm Center for Women and Financial Services at The American College.

Quist-Newins noted that failure to diversify could have a negative impact on the financial security of female small business owners, which may already be threatened this year according to the results of a recent Nationwide Financial study.

Specifically, nearly three-quarters (74 percent) of female entrepreneurs surveyed said they expect their businesses to be negatively affected by the economy in 2012.