The “Advise Her” campaign aims to better address the financial needs of women, with generation X and millennial women representing a market worth over £36 billion in the UK.
Parmenion chief financial officer Emma Thomas (pictured) said: “Our data shows there is an obvious gap between the money women have and the money they are efficiently investing. In a world of long-term interest rates, simply sitting on cash is not the best way to manage money.”
Female wealth is expected to increase over the coming years, with women set to own 60% by 2025, in part due to female life expectancy. According to Parmenion, this highlights the growing importance of pension planning, with women potentially outliving their spouse by a number of years.
Thomas continues: “At every stage of money management, there is a clear imperative to better factor in women. Household financial decisions tend to be collaborative, so it doesn’t matter who is the ‘richer’ partner personally – you need to speak to both parties for that final sign off. Add to that the fact that women, on average, outlive men, and the big picture is starting to become pretty obvious.”
Thomas says that women are a huge potential client pool for financial professionals, but advisers must start talking to women in way that resonates with them and provides them with confidence that their needs are understood.
The new campaign, which will run throughout 2020, also calls for more females in the financial services sector and working conditions that makes finance a more appealing industry to women.
Thomas adds: “That is undoubtedly the case in some firms, but in part the challenge is creating inclusive policies that don’t just appeal to women but encourages and normalises best working practices for everyone. In that way, everybody – especially women – can feel confident in their decision to work part-time, or move their hours for childcare pick-ups, for example.
“The core of our new campaign is about promoting that inclusivity and diversity of thinking and approach to a financial advice business to support their commercial success and long-term growth.”
Parmenion will feature new resources and insights on its website to support advisers looking for information and support to increase diversity in their workplace.