Women feel undervalued as a wealth management
client segment with almost a quarter (24%) saying wealth managers
could significantly improve how they serve women, according to a
study from Boston Consulting Group (BCG).

Named Leveling the Playing Field, the
research found 55% of respondents thought wealth managers could do
a better job of meeting the advisory needs of women.

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RBS Coutts is aiming to win new clients by
targeting high net worth women in Asia, one of several private
banks and wealth managers making special efforts to target female
investors.

 

Intimidating relationship

Speaking at a PBI Middle East
roundtable in April, Amani Choudhry, chief executive at Mayfair
Wealth Management Company which specialises in providing wealth
management to women, said: “Women have been very reluctant to
engage with financial institutions. They feel intimidated talking
to commercial institutions.”

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BCG estimated women control about 27% of the
world’s wealth equivalent to about $20trn.

The consultancy projects that the amount of
wealth controlled by women will grow at an average annual rate of
8% from year-end 2009 through 2014, slightly above the 7% rate from
year-end 2004 through 2009.

 

“Dumbed down” advice

Women encountered problems in the advisory
process as well as with the communication style of private banks
and relationship managers (RMs), with findings including:

 

  • Many women said that their RMs assume that they have a low risk
    tolerance and thus provide only a narrow range of investment
    solutions
  • Some said that they were given “dumbed down” versions of the
    standard offering
  • Several said that their advisors do not take them seriously,
    which made for off-putting and sometimes humiliating
    interactions

 

The research surveyed 500 respondents, each
with at least $250,000 in bankable assets, and involved 70
interviews with private-banking specialist and wealth women around
the world.