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At our recent Women in Wealth event in London, we gathered industry professionals to discuss how best to serve and support women clients. As more wealth moves into the hands of women, firms need to ensure that they support women in their unique experiences, circumstances and values. To this end, we put out a short survey titled 'Survival of the Fittest: Evolve with the Evolving Market’ for professionals from the wealth management and private client industries to understand their current approach to women clients and garner helpful learnings. Here are some highlights.
62% of respondents said their firms are doing something specific to respond to the growth of women investors/wealth holders (of which 33% are handling this in-house).
The predicted wealth transfer to women in the next decade is substantial. Firms that do nothing are likely to miss out on the opportunity. An intervention debated at the session included longer lead or consultation time for women based on their circumstances - they may be engaging with their wealth for the first time during a moment of transition or trauma, such as divorce or loss of a spouse.
According to the survey results:
About half of respondents said they seldom/never take longer lead time into account, and about half said they sometimes/often did.
Another intervention debated was women-focused products.
60% of respondents’ firms do not have women-focused products, and 40% do.
We discussed arguments against ‘pink products’ and the importance of focusing on holistic goals and impact, not only performance or return metrics. Prioritise what women want, which research suggests often includes sustainable, values-aligned or impact investing goals.
29% felt that there are very few women on advisory/senior management teams and 33% feel there is somewhat sufficient representation of women.
Despite that:
59% confirmed they are very or extremely confident that bankers/advisors/relationship managers in their organisation have the tools to support women clients successfully.
We also discussed the importance of diversity and inclusion within firms, and how this starts internally with truly reformed hiring and retention practices and banker training to combat gender bias. Communication, trust building and education were also raised.
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WORK WITH US:
We are excited to announce the launch of several workshops focused on topics we have identified are of high interest to women wealth holders. We want to offer you the opportunity to provide your clients and potential clients with a transformational experience to unpack the emotional and psychological complexities of wealth. Find out more here.
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