Search by:NameLocation
 
 

Media

In Brief: July Edition  

Do you have a good advice story?

Are you an adviser with a customer who'd like to tell their story how your advice helped them?

Are you a customer with a good story about how advice has added value to your life?

Tell us about it

Wealth managers urged to tap into growing market of women seeking financial advice

« back to media

6 March 2023 by Independent Financial Adviser

Article link: https://www.ifa.com.au/news/32483-wealth-managers-urged-to-tap-into-growing-market-of-women-seeking-financial-advice

According to recent research by Netwealth, women are increasingly taking charge of household financial decisions, making them a key growth market for the wealth management industry.

In its Advisable Australia Report, Netwealth pointed out that while other industries, such as cars and real estate, have already taken steps to evolve their product and service design in order to attract women, wealth managers must follow suit in order to avoid missing out on this growing opportunity.

“With the expectation that over the next three to five years, women will be increasingly in charge of household financial decisions, it is important wealth managers consider and act on how they can better service women,” Netwealth pointed out.

Acknowledging that some wealth managers do specialise in servicing the needs of women, the firm found that these are niche and do not reflect the larger opportunity on offer to the whole wealth management industry.

“Developing a value proposition for women as a key market goes beyond recruiting female advisers, educating women on financial matters and product development,” Netwealth said.

“To influence substantial change requires the industry to recognise the differences and act on the opportunity,” it added.

As such, the firm noted that wealth managers must transform their businesses and client service models to attract, acquire, retain, and service women as long-term clients.

This, it however added, requires an understanding of the wealth characteristics of women and adjusting their advice offer, service proposition, and marketing accordingly.

Adviser Ratings also recently pointed out that women are under-represented in the adviser profession, making up less than a quarter of the industry. In fact, the number of women in advice has been steadily declining since 2018, which was the year the industry’s numbers peaked for all genders.

The firm also noted that this disparity in representation between men and women is not reflective of women’s performance as advisers. In fact, analysis conducted by Adviser Ratings last year revealed that female advisers had slightly higher quality scores than their male counterparts. However, despite their strong performance, female advisers have a lower number of clients and funds under management.

Ultimately, Netwealth concluded that the failure of wealth professionals to act now to capitalise on meeting the needs of this key growth market could result in missed opportunities and reduced growth potential.

Comments

No comments added.

Add comment

Name

Email

Comments

Enter code:*

Refresh code

Add comment

« back to media

Adviser Ratings

For consumers

For advisers

 
  Join as an Adviser
 

While we may facilitate the review and introduction of Advisers, Customers of Adviser Ratings will be responsible for entering into their own agreement with Advisers introduced through our website. Adviser Ratings does not provide personal financial advice nor do we recommend or suggest a particular adviser is right for you. We provide information of a general nature and we do not take into consideration your personal objectives, financial situation or needs. Always consider whether the advice and information you are provided suits your needs. Adviser Ratings does not endorse, accept or adopt the Advisers on our site, the content of any profiles or the comments or discussion in any community forums. For further information about How We Rate Our Advisers, click here. Per quote in our video, refer KPMG research undertaken for Financial Services Council

Adviser Ratings Pty Ltd (ABN 18 154 273 640 ) (AR 466730 ) is a Corporate Authorised Representative of IPraxis Pty Ltd (ABN 39 114 365 007) the holder of Australian Financial Services Licence No. 329337. We are a Sydney based company located at - Level 22, Tower 3, 300 Barangaroo Avenue, Sydney, NSW, 2000, Australia

© 2021 Adviser Ratings Pty LtdTerms of Use | Privacy | Contact