As part of my series of blogs on Financial Planning, as a female IFA, I was going to include a blog about women and financial advice. I came across a piece of research published earlier this month (11 October 2017) so I had to include it.
I was recently in the hairdressers and I overheard another lady saying that she was going to see her financial adviser that afternoon. She said it would be very boring, she didn’t really understand what he was talking about and he often ignored her entirely and only spoke to her husband. I often think about that conversation and wish that I had said something. As a female IFA, I work with clients (men and women) so that they feel empowered and excited about their money and financial plans. So they have a clear view of their financial future. I simplify the complex and involve all parties in the conversations. I often find, a couple’s goals and objectives may not be entirely aligned so it is imperative to take all involved along on the journey.
Financial Services – an aggressively masculine man’s world?
A recent study by research firm Kantar carried out a study across 30,000 women regarding financial services. Their findings lead to the conclusion that the financial services profession is largely “a man’s world” that is “aggressively masculine”. Their findings also exposes other women with experiences similar to those of the lady in the hairdressers.
I am not sure that the profession is aggressively masculine however, it is quite masculine. I would also tend to agree that it could be perceived to be a man’s world. When people meet me at Financial Services events, they often assume that I am an administrator (I am not) and if I am at seminars or events, I have been “let out for the day” (I haven’t) or that my male colleague is my boss (he isn’t). When I go to seminars, women are always in the minority – usually around an 80/20 split. I have also been called Alistair Glass a number of times. I’ve previously written a blog about it which you can read here.
The fact that women are not engaged by financial institutions and some financial advisers, could explain why men’s retirement savings, average £73,600 compared to women’s that average £24,900.
Being a financial adviser involves being empathetic, a good relationship builder, being able to assimilate large amounts of information and being analytical. Strengths that many women possess. I for one feel that to engage more women in their financial planning we need more Female IFA s. Moreover, we need more women in management positions and at board level within financial services institutions.
If you are a man or a woman seeking financial advice, please contact me. I look forward to meeting you.