Your Money, Your Future
Your Money, Your Future

Here's what financial advisors must do to survive: Pro

Wealthy women use advisors, but most aren't happy with them

For financial advisors to survive, they need to communicate better and embrace new technology, Gemma Godfrey, head of investment strategy at Brooks Macdonald Asset Management, told CNBC on Tuesday.

Many advisors are guilty of trying to sound smarter rather than actually empowering their clients to be smarter, she said in an interview with "Closing Bell."

A new study from the Spectrem Group shows that more than half of affluent women investors who earn over $200,000 a year are willing to take a significant risk to earn higher returns. It also found that while they are more likely to use financial advisors, they are unhappy with them. Godrey said that dissatisfaction is driven by poor communication.

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"It's very easy to solve. It's more about thinking about what does a client want to do know, so empowering them and educating them, and delivering it in a way that they're going to understand and engage," she said.

That's why there is so much new technology.

"It's all about making it more interactive. Giving them what they want, when they want, flexible, personalized et cetera," Godfrey, also a CNBC contributor, noted.