Female investors seek advice more than ever
A new whitepaper from Netwealth has found opportunities for financial advice organisations to bridge the confidence gap and better accommodate to the needs of female investors.
Titled ‘Women as the new face of wealth’, the whitepaper is based on a survey conducted in late 2022 that polled 681 Australian women over the age of 18 and showed a strong knowledge of the importance of investing for financial futures and keen interest in seeking financial advice.
Close to half of female participants in the survey said they see investing as a wealth-building exercise (47 per cent), while 45 per cent use it as an additional income stream, 34 per cent view it as an alternative to banks holding their money, and 31 per cent invest so they can leave something for their family.
However, women (42 per cent) were less likely than men (62 per cent) to agree that they “feel confident in making decisions about [their] investing activities”, with 23 per cent not feeling “confident at all”.
The research also revealed more than half of the females surveyed (54 per cent) seek support to make investment decisions like superannuation or share portfolios and to make financial decisions like buying a house or investment property (57 per cent).
“Although some wealth managers currently specialise in servicing the needs of women investors, these are niche and do not reflect the larger opportunity on offer to the whole wealth management industry,” Matt Heine, Netwealth’s Managing Director, said.
“In our latest report, we wanted to provide a platform or some guidance to wealth managers to help them evolve their businesses to better attract, service and retain women as long-term clients, but we recognise the report [as] just a starting point for the discussion.”
The report also showed 81 per cent of the female survey participants said the client experience and service of an advice company is just as important as the quality of advice they received (84 per cent) and its value for money (81 per cent).
“We need to continue to work towards a more gender-balanced investment industry, where women are encouraged and empowered to invest their money,” Heine said.
Women do not want special treatment, they want equal treatment.
As long as products and offers are targeted at women as a different class of client there is no equality. By targeting PEOPLE according to their financial means, needs, employment or profession, financial education both men and women will be captured. There is absolutely no reason to target professional women as distinct from professionals.
It is disappointing that this conversation still occurs. It is only when there is no reason to identify the minority that true equality is achieved.
This applies not only to gender but to many other minorities.
Well said! Could not agree more.