Some 76% of women are not concerned about the gender of their financial adviser when considering their finances, research by Schroders has found.
The study, consisting a sample of 200 women, aims to better understand the role of women amid ‘the great wealth transfer’ currently underway.
With women playing a key role as typically they are the first recipients of family wealth before passing this down through the generations.
To address this challenge many advisers consider increasing the gender diversity of their businesses. However, according to Schroders, this is not the answer.
Only 12% of respondents indicated a preference for a female adviser.
Retaining female clients
The research also revealed that only 34% of those interviewed would continue to use the same adviser after their partner passed away or post-divorce.
It also indicated that the key areas advisers should focus on to retain women were understanding them better, adopting more proactive communication and listening more.
Retention challenges may be linked to the fact that only 35% of females said that their adviser completely recognised and appreciated their differing financial needs, according to Schroders.
To read more on this topic, visit: 67% of women aged 41-55 believe they will never retire
Gillian Hepburn, commercial director at Benchmark, said: “Lateral wealth transfer to widows, particularly in the baby boomer generation, is often ignored and this new research undertaken with Ad Lucem supports this point.
“The Schroders financial adviser survey indicates that only 5% of advisers have a proposition to retain and attract female clients, particularly those widowed or divorced. Whilst there are specific advice requirements for women, the key to a successful proposition starts with engagement.”
