There is a lot of research on the reasons why women don’t
seek financial advice. The reasons include:
The gender pay gap means women are less likely to have funds available for investing (46% of women in the UK have no financial investments at all)
Married women have relied on their partner to
deal with financial investment
Access to financial advice can be less
accessible and more intimidating for women
But the picture is now changing. More women are taking
control of their own finances and as the gender pay gap closes they now do have
the opportunity to make their own financial investments.
Recent research shows that women believe they would benefit
from more financial advice, particularly from other women who have financial
expertise. Yet the numbers of female financial advisors are still very small
compared to their male counterparts.
There are however organisations that are trying to change
that. The Government’s Women in Finance
Charter, first launched in 2016, is one notable attempt to build a more
balanced and fair industry. The Charter reflects the Government’s aspiration to
see gender balance at all levels across financial services firms and
particularly in senior jobs.
There are private organisations too such as Openwork. Chief
Executive, Mark Duckworth says “The financial services industry needs to do
more to promote gender equality. Over the next few years Openwork will strive
to increase the numbers of female advisers across our network, with financial
advice offering excellent career prospects.”
These are welcome developments in an industry that needs to
change in order to reflect the marketplace.
Lisa Davies, senior financial consultant at RobMac
understands and sees the benefit of being a woman in a predominantly male
environment. “Women often find it much easier to talk to another women about
their financial position. I think there is often more empathy which allows for
a greater sharing of information and their particular personal circumstances.”
“I know that my experience and expertise is just the same no
matter who I’m giving financial advice to, but I believe women get more peace
of mind from the experience.”
“RobMac has always had a high percentage of clients who are
women. In fact its nearly 50%, which we believe benefits the business as a
whole as so we’re delighted to part of this changing marketplace.”
If you would like to discuss your financial position with
Lisa Davies please click on the following link to arrange an appointment.
Robson Macintosh & Company Ltd.
15 Manor Place, Edinburgh, Scotland, EH3 7DH
Tel: 0131 226 6700 Email: firstname.lastname@example.org
Registered in Scotland No. - SC232903.
Registered office: 15 Manor Place, Edinburgh, EH3 7DH
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