Why are Financial Planners Failing Female Investors?
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Despite all the progress made in gender equality, it’s still a man’s world. And when it comes to investments, economic growth, and entrepreneurship, women remain structurally excluded from high-level participation compared to men.
Industries and businesses have failed to create marketing strategies, products, and services that legitimately speak to women’s needs, not just what men think are women’s needs.
The Harvard Business Review recently estimated that women, as a demographic, are a market worth more than the Indian and Chinese markets combined. Women’s average consumption and expenditure rates are an excellent source for business markets to draw inspiration. However, the financial advisory profession is still in slumber. The diversity in nature, interests, and needs of women is misunderstood. As a result, women earn an average score in client experience and even worse, a failing score in advisor experience.
Another consequence of an unsatisfactory advisor experience is the lack of trust in the male-dominated industry of finance. Female advisors who are innovators but experience discrimination and dissatisfaction in their employer firms often resort to leaving in favor of setting up their own independent firms. Similarly, female investors often feel safer relying on female-run businesses and female advisors instead of seeking out male-dominated support systems.