Women value ‘personal service’ from their wealth managers more than men, according to research by JM Finn.
The wealth manager said understanding what drives satisfaction for different clients is essential as firms look to manage the vast transfer of wealth to the next generation.
To that end, the firm has put together a report entitled Wealth in Women’s Hands, which it said looks at the drivers of the rise in female wealth and the reasons for the continuing gender investment gap.
The report noted there has been a rise in female-held wealth owing to life events such as inheritance and divorce, as well as more women founding their own companies or reaching the top of their organisations. The annual rise in female-controlled wealth globally has been $5trn, according to JM Finn’s research.
In terms of what promotes client satisfaction, the top factor for both male and female clients was the personal relationship which they have with their managers, JM Finn found.
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The firm noted that its female clients have always posted higher trust and satisfaction scores, on average, than male clients. They also show a greater willingness to refer the firm to others.
Despite this, there remains a big gap in the amount woman have invested, estimated to be £599bn in the UK alone.
Anna Murdock, head of wealth planning at JM Finn, said: “While many women are becoming more affluent, they are still less likely than men to invest their money or use wealth planning services.
“The fact that only one in 10 women say they understand investment may be unsurprising given that investing has historically often been seen as a male preserve.
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“Given men and women start their wealth journeys at different levels, women may need to save more to achieve similar outcomes – which is where we can help offer the appropriate guidance and advice.”
The full report can be accessed here.
