In today’s world, the push for gender equality is gaining serious momentum (and it’s about time!), and the finance industry is no exception. Empowering women in finance isn’t just about being fair – it presents a real opportunity for positive change and commercial value.
Now more than ever, we believe financial services firms have a unique chance to drive change and tap into the immense potential of female wealth. After all, research suggests that by 2025, 60% of wealth in the UK will be in female hands but 70% of women will change their adviser within a year of their partner dying.
With that, we thought we’d share some ideas we have on how financial services firms can bridge the gap and better connect and empower women to engage with them with their money.
What we cover
Strategy & Plan
Have a clear vision
Crafting meaningful messages that speak directly to women’s life goals and aspirations is key. Ask yourself why you want to make your brand more appealing to female investors. What does success look like? What are your goals? Consider the best approach – whether it involves building a sub-brand or developing a targeting strategy as part of your parent brand. Try to establish a task force within your organisation and assign dedicated individuals to drive this initiative forward.
Men, be in the room where it happens!
(If you missed the Hamilton reference, no worries – we won’t throw away our shot at explaining it!)
Engaging men in conversations about female wealth might seem counterintuitive, but it’s essential. It breaks down stereotypes and fosters a more inclusive financial culture. When everyone has a seat at the table, diverse perspectives and collective wisdom lead to more innovative and effective financial solutions.
Champion female role models
Representation matters! Promoting representation is crucial for empowering women in finance. Financial services firms have the opportunity to champion accomplished female leaders as role models, both within and outside their organisations, which can inspire aspiring female leaders, challenge stereotypes and foster gender diversity in the industry. This commitment to diversity creates an inclusive culture and contributes to a stronger and more dynamic financial sector that benefits everyone involved.
Communication – making your brand and comms more relevant
Crafting messages that directly speak to life goals and aspirations is paramount. Show them how financial services can tangibly and significantly impact their lives. Bringing feeling to finance is what we’re all about at Moreish because we’re firm believers that making money human is vital to fostering positive customer relationships (after all, we are – in fact – human!).
Check out how we did this with Female Folio – by providing a space for women to take control of their financial journey, the initiative has enhanced their ESG credentials, sparked a more open and honest conversation around investing with more of their female clients and generated additional AUM.
Craft engaging messaging
Women are not just concerned about accumulating wealth – they also seek to make a positive impact on their communities and the world. Financial services firms can align their services with causes that resonate with women’s values. By offering socially responsible investment options, such as sustainable funds or impact investing opportunities, firms can help women make their money matter beyond their personal financial goals. Empowering women to invest in companies that align with their values creates a sense of purpose and fulfilment, making the investment process even more rewarding.
Here are some things to remember when thinking about crafting more engaging messaging regarding female wealth:
- More life goal-orientated: For women, wealth is a means to a number of ends, not an end in itself. Women tend to invest in order to fund specific goals, whether those goals involve leaving a legacy for the next generation, supporting a post-retirement lifestyle, endowing a family business or making a social impact in their community.
- ESG is more important: Women are also more likely than men to invest on the basis of their values, favouring funds that perform well but also create a positive impact, as opposed to investing solely for performance.
- Greater focus on the long-term: Women are more likely to invest for the long term and are less likely to sell in a market dip. They also trade less frequently than men on average and as a result, they spend correspondingly less on fees.
How to get the message out there!
Harness the power of micro-influencers
In the digital age, social media has emerged as a potent tool for change. Micro-influencers – individuals with 30,000 to 40,000 followers (well, that’s more than “micro” in our book!) – can have a significant impact by spreading awareness and inspiring action within their communities. Collaborating with these micro-influencers allows financial services firms to amplify the message of gender equality and encourage women to take charge of their financial future. Facilitating peer-to-peer storytelling platforms, where women can share their experiences, challenges and successes, fosters a sense of community and provides valuable insights for aspiring female investors.
Empowering female wealth: Final Word
Driving change in financial services firms to empower female wealth is a collective journey that demands effort and determination. By improving communication and branding, infusing purpose into financial decisions, fostering inclusivity, championing role models and leveraging the power of peer influence, the finance industry can become a more equitable and inspiring landscape. When individuals come together and share their stories, that’s where the magic happens