Women continue to believe that the financial industry, as a whole, is oriented more toward serving men. A majority of women – 62% – still do not have a financial professional. And a vast majority find most financial information hard to understand and dull.
Financial professionals need to understand that women generally place a high value on interpersonal skills and feeling personally cared about. They are put off by a lack of responsiveness and the sense that they’re simply getting cookie-cutter solutions.
Women who responded to the survey tend to prefer a more social way of learning about financial information. This includes learning in a group with others of similar life experience (divorce, widowed, same-sex relationship, etc.).
There’s still much work to do in assuring women that being financially capable can have a hugely positive impact on their confidence, long-term security, and enjoyment of life.
It’s also worth noting that, while women generally want to become more involved in their financial planning, the need for the high-touch, full-service approach still exists: One in five women who responded openly admit that they “just want someone else to do this for them.”