The UK’s wealth management industry has historically been male-dominated and focused on husbands who managed family finances. However, the industry has seen a shift in recent years due to the rise of female entrepreneurs and career women, as well as the fact that women often outlive their spouses. This has led to more women taking control of family wealth after their husbands pass away. Wealth management reports predict that 60% of UK wealth will be in women’s hands by 2025. Wealth managers who fail to recognize the specific needs of female clients are likely to miss out on a rewarding field.
Currently, only 16% of financial advisers are women, and only 5% of advisers have a strategy for attracting and retaining female clients. It is important for wealth managers to understand the different circumstances that may bring women to seek financial help and to create opportunities for education and empowerment. Victoria Ross, a financial planner, believes that women’s approach to investing differs from that of men. Research shows that women are more concerned about inheritance planning and the impact of inheritance tax on their children, whereas men are more focused on maintaining their retirement lifestyle.
Initiatives targeting women are not about product differentiation, but rather about recognizing the unique circumstances women may face and empowering them with knowledge and understanding. Female advisers can play a crucial role in understanding and empathizing with women clients’ experiences. Wealth managers who prioritize clients’ needs and provide education on financial matters will be best positioned to attract and serve female clients.
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