How to better advise women: opportunities for wealth managers

By Javier Puga Chief Marketing Officer

The influence of female consumers in the financial sector is growing. But capturing a share of this increasingly powerful market poses challenges for the industry, which has traditionally been dominated by men. Women currently feel that their demands are being neglected, with 64% of respondents in one BCG study stating that their bank or wealth management provider needed to improve their value proposition. The current advisory approach clearly is failing to meet and fulfill women’s expectations.

However, for those wealth managers and financial providers who grasp the importance of adjusting their model and business proposition to better meet women’s demands, the payoff could be huge. Given the growing power and influence of female consumers, embracing digital tools and a more flexible advisory approach to attract and retain these clients is key to standing out from competitors.

Envision their journey

Each woman is unique and has unique financial objectives. Organizations that understand and take into account their individuality are best placed to compete with new and disruptive players. Personalization is imperative in modern banking. Services should be tailored to each individual female customer and her specific life journey, anticipating the major events she is experiencing and stepping in at the “moment of truth”—those moments where a firm can prove its value—helping her to plan and prioritize accordingly. Firms that are trained to use customer insights to meet women on their terms can offer a far superior service.

This can empower providers to build a trusting relationship with women. And women value this personal connection with their relationship managers. In fact, a third of affluent women say they would work with investment professionals that they trust—10% more than men. Women need to feel confident that their needs are being met, which is partly why they switch advisors and shop around. In fact, 70% of women change their wealth relationship to a new financial institution within a year of their spouse’s death.

Go hybrid

Women want to feel that they can trust their financial advisor. What’s more, they want to make informed decisions, armed with all the facts. By creating a hybrid service that complements an advisory approach with automated and self-service tools that empower women, banks can help their female clients take control of their own decisions. This hybrid approach not only works to the benefit of the customer but also saves the provider both resources and money as well as creating a more efficient workflow. 

Embrace digital 

Women value the ability to communicate with their bank at their convenience—in the way that best suits them at that moment. Digital tools create this level of flexibility, giving women access to investment advice anytime, anywhere. But digitization is not a cure-all. Traditional means of communicating such as telephone or face-to-face still have a role to play. The answer is rather an omnichannel customer experience, incorporating both digital and physical channels. By multiplying touchpoints and giving women choice, providers can boost engagement, satisfaction, and loyalty. 

Empower your clients

If women feel that their bank is simply pushing products rather than prioritizing their financial well-being, they will start looking for an alternative. And so organizations should focus on transparent advice-giving, hosting educational events and forums that feature different investment opportunities for diverse life goals and financial objectives, as well as offering clarity in product details and terms and conditions. By giving women the information they need to make educated decisions, they can grow trust and build a lasting relationship. 

Women & Wealth Whitepaper

Unblu’s whitepaper on women and wealth investigates this increasingly powerful demographic. What do women want? How can providers better meet their needs? 

By developing an understanding of women’s demands when it comes to wealth management, providers can grasp the challenges they face, discover the opportunities involved in capturing this market, and learn to use digital tools to transform their customer service.