Notes

Winning in Wealth Management for Women
investments are an influential economic force, controlling a third of global wealth and adding an average of $5 trillion to their portfolios annually. Furthermore, they generate much of household income and now make most financial decisions within their households.

As a result, the wealth management industry is increasingly striving to attract and retain female customers. To do this successfully, businesses must reevaluate their strategy in order to gain a comprehensive understanding of the needs, preferences and behaviors of this growing segment of the market and commit to taking an organized approach for success with women.

Firms must first transform their business and client-service models to better cater to the needs of women as long-term investors. This requires tailoring their value propositions across distinct segments, revamping client service and business models so women are at the center of everything with aligned pricing and compensation structures.

Firms should focus on providing a consistent, highly differentiated customer experience and creating stronger, more sustainable business models to accommodate this shift. Doing so will enable firms to maintain their competitive edge and ensure they can capture some of the trillions in assets up for grabs as women's wealth floods into the market.

Second, firms must guarantee they are creating a culture of inclusivity and empowerment for female clients and employees. This necessitates an ongoing commitment to gender equality when hiring, retaining talent, as well as an eagerness to address gender discrimination at the highest levels of their organization.

Finally, firms need to create an environment in which women feel confident discussing their money and financial future with professionals who recognize and value gender equity in wealth management. Doing this will attract, engage and retain female talent while making sure the industry has a more diverse clientele and employee population.

investments has traditionally been a male-dominated profession with little gender diversity and an insensitive approach to women's needs. This lack of consideration has resulted in products and services that fail to meet women's expectations, leading to feelings of unease among them. Indeed, women are ten percentage points more likely to report that their bank or wealth manager failed to provide them with all relevant information or gave inappropriate advice (Exhibit 3).

It's essential that firms do more to assist their clients in overcoming these obstacles to success. For instance, companies should provide resources and tools to help their clients address their own gender biases, creating more inclusive cultures which reflect the diverse backgrounds of employees and customers alike.

Recent research from BCG indicates that as women become more involved in their financial lives, they are becoming increasingly responsible for managing and planning their finances. investments can be attributed to factors such as an increasing emphasis on saving for retirement and a desire to be financially independent.
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