Women often want different experiences with financial services providers than men do, and they require a different approach.
They’re more likely than men to sacrifice a potential upside in exchange for lower risk or less debt.
Women want more information than men do and prefer more time to decide on significant financial actions.
– 72% of wealth advisors believe women take more time to make decisions (Investment News).
– 44% of women say that learning more about planning and investing is their top priority when working with an advisor (LPL Financial).
They’re more receptive to financial advice from an advisor after establishing a positive relationship.
– Women whose financial advisors create a safe space for them are 56% more likely to be satisfied, trusting and loyal (CTI).
– Women whose financial advisors help them learn are 49% more likely to be satisfied, trusting and loyal (CTI).
– 69% of women said “communicating in a way I understand” is the most important aspect of an ideal financial advisor (Age Wave and LPL Financial).
Women view finance as a tool for reaching life and family goals. But they also care about social and gender-specific causes.
Linking these preferences with the services women need is key to creating successful financial experiences for them.
The female economy is varied, with needs and preferences differing among clients and segments.
Understanding the specific barriers women face based on the maturity of their businesses is key.
The Need: Start-ups need support in business plan development and financial projections, education about launching a business, and access to role models and networking activities.
One Solution: Westpac offers an online business plan template, a dedicated team to support clients and education via their in-house financial capability training division, the Davidson Institute.
Taking an income-based approach to women’s needs strengthens the value proposition.
The Need: Financial needs of high-net-worth women include sophisticated wealth management, estate planning and philanthropy advice. These women are well-connected; they’ll look to their financial services provider to offer a network that they can’t find elsewhere.
One Solution: National Bank of Abu Dhabi’s Velvet Program offers clients a deep understanding of their wealth structuring, risk profiling and investment needs through well-trained female private bankers.