A group of financial firms, including a number of wealth and asset managers, have come together to back an initiative designed to champion and support female clients.
The WealthiHer Network, which was founded by Tamara Gillan (pictured), CEO of partnership marketing agency Cherry London, and ex-JP Morgan banker Lauren von Stackelberg, has been supported by Brewin Dolphin, Barclays, Close Brothers, JP Morgan and Julius Baer, among others.
Gillan said the network has a number of initiatives in place to improve the client experience for women and promote financial education.
‘I had been talking to women in different financial institutions, and we thought it would be great to create a powerful network. No one is championing female clients, so we wanted to create a model, and we can create more change by working together,’ she said.
‘The companies have different initiatives in place, and they are at different levels among them. We are trying to accelerate them along their way and develop best practice.’
One of the programmes is for companies to promote the diversity of their female clients’ wealth and provide case studies that aim to both send out positive messages and remove the stigma of talking about money. She said that this was particularly relevant given industry predictions showing that women will control 60% of the UK’s wealth by 2025.
‘We want to champion female success stories. Some female clients are self-made, others have inherited money and are now doing fantastic things with it, and others are divorced,’ Gillan said.
This will be driven within the partner firms by two ‘agents’, who will be tasked with putting together the case studies from their own client bases.
Annabel Bosman, head of relationship management at Julius Baer, one of the companies backing the network, said: ‘In the UK, a large proportion of our client base is female, and in our experience, we find that women generally have less trust of the financial sector and do not feel it always relates to and interprets their needs in the same way as male clients.
‘This is why we’re proud to support WealthiHer in its mission to inspire women to help them protect and grow their wealth. For us, building trust is key, and together, our aim is to empower female wealth creators and investors to help them achieve their financial goals, as well as listen more carefully to ensure we understand how and where we can truly make a difference.’
WealthiHer has carried out research on how men’s and women’s attitudes to money vary, underlining the need to have different approaches for different clients.
The research found that women are nearly half as likely to take risks to maximise financial returns, at 20%, compared with 38% of men. A survey of 2,542 adults also discovered that 47% of millennial men have above average self-esteem, compared with just 24% of women.