What do women value from their adviser?

netwealth women advice gender Women in Business

16 February 2023
| By Laura Dew |
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The client experience and service of an advice firm is as important to women as the quality of advice provided, according to Netwealth.

According to the firm’s Women as the new face of wealth report, which surveyed around 1,300 people, 81% said client experience and service of an advice firm was important to them.

This was almost in line with the importance of the quality of advice provided by the firm (84%) and the overall value of money (81%).

Around 70% of women expected their advice firm to be an educator, to provide a personalised service, offer a breadth of service and have strong digital capabilities.

“Currently, financial advisers are meeting the broad advice and service needs of their clients, with around seven in ten women who receive advice today indicating they are satisfied with the advice offered, the service model and its overall value.

“Wealth professionals need to focus as much on the quality of their advice as on the less tangible service aspects, such as the overall client experience which should be personalised to the client, educational and supported by a strong digital experience.

“The two areas where advice firms have more work to do is in their community and their environmental impact, with only six in ten of those who are looking for this, satisfied on this aspect.”

Some 25% of women said they already used a financial adviser and 26% said they were considering using one, with 17% expecting to use one in the near future.

However, this rose to 37% for women in Gen Z and 30% in Gen Y and as high as 48% for women who were self-employed.

For those women who currently received advice, they wanted their financial advice relationship to be either coach, where they partially relied on their adviser to explain things or provide information (51%), or as a critical source of support where they outsourced mostly everything to their adviser (49%).

The firm also reminded advisers that when they were working with a couple, it was important to consider both parties and avoid any biases or outdated assumptions.

“When working with a household it is important you talk to both people, not just the dominant voice (which can often be the male) and personalise the communication, education and service to both parties – without leaving one out.

“Wealth professionals need to create a culture that weeds out any deep-seated gender biases, deleting any outdated assumptions they may have about what women want. Senior leaders and relationship managers need to examine themselves to be sure their unconscious biases are not getting in the way.”

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