Financial firms are missing out on a £36bn marketing opportunity by failing to market their services in a way that appeals to women.
Research from trade body Pimfa recommended that firms change their marketing approach to women by focusing less on big investment returns and more on how customers can achieve financial security.
Marketing to these women could account for £36.8bn of new business, according to Kantar data.
The report specifically said female investors are more likely to be interested in meeting certain financial goals and so investment materials, communications and client events should be “designed with this in mind.”
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Nearly 60% of women said achieving financial security was the most important outcome from seeking advice, compared to less than 50% of men.
Less than 20% of women said “strong financial returns” were the most important outcome for them.
Financial advisers and marketers were advised on a number of different ways they could implement these findings into their marketing practice.
It was highlighted that focusing on past performance numbers in a marketing deck is unlikely to appeal to women, while marketing events should focus on longer-term relationship building rather than investments. Events particularly created to address goals or major life events such as retirement or divorce are also expected to appeal more to female investors.
The report also said women want advisers who “provide a holistic view of their circumstances”, adding that they place “particular value” on advisers who can clearly explain investment views and decisions.
