By Angie Newland @ Angels Admin Support
I read an article last week called “Women are poised to reshape financial markets – as investors and financial decision makers” by the World Economic Forum. The article touches on the role women play in shaping the financial market, how women do not create wealth at the same rate as men due to missing out on roles following breaks in their career etc, and how women get overlooked in Financial Investments as a result, but one of the sections in the article that I found really interesting was the bit about how “an estimated $700 billion could be unlocked by financial institutions by better-serving women investors”.
The article went on to show an infographic with a series of “What If” revenue opportunity scenarios:
It certainly got me thinking about the amount of revenue that firms must be missing out on in relation to female investors – so what could, or should, firms be doing differently to encourage more female investors?
- Does your firm have a process in place to ensure that female investors are treated fairly, and have the same opportunities where possible as men?
- Does your firm do any marketing towards female investors?
- Are you possibly being unconsciously biased in your approach to investors?
- Do you know which of your providers would have the better deals for female investors?
- If you are a Wealth Manager, do you evidence in your record keeping that you have not just focused on the male’s investment opportunities because he potentially has, or is assumed to have the higher income?
- Do you gather enough information in your fact finds to be able to evidence that if a married couple are insuring, investing, or getting a mortgage or credit agreement, that you have reviewed both of their incomes and expenditures equally and in detail to maximise on their investments?
There is certainly an avenue here for firms, with the potential to unlock further revenue as well as creating better customer relationships, whilst also ensuring that outcomes are being met under the consumer duty rules.
How many of the women on your client list may be overdue an investment review/call/or check in?
Here is the link to the article –
https://www.weforum.org/agenda/2024/06/women-shape-influence-revolutionize-financial-markets/
If you would like to see how we at Angels Admin Support can assist you with implementing ways to be more Diverse and Inclusive, improve on policies and procedures, or help with any of the other things mentioned in relation to this blog, then please do get in touch, we would love to hear from you.
Email: angie@angelsadminsupport.co.uk