Does wealth management still need to attract a higher proportion of women?
Wealthy women are not happy with the service provided by their private bankers, with the majority feeling like “second class clients”, according to a new survey. In this (still) largely male-dominated industry, should firms be looking to increase their female staff base? A survey by Boston Consulting Group says that 55% of women felt their wealth managers could be doing a better job, with many “dumbing down” investment choices and making assumptions on their tolerance for risky investments. “The dissatisfaction stems from the unshakable perception that men get more attention, better advice, and sometimes even better terms and deals,” said Peter Damisch, a BCG partner and a co-author of the study. This may in part be down to the fact it’s still a male-dominated industry, in this area of the world anyway. In Western Europe, just 25-30% of relationship managers are female, according to BGC estimates, compared to 60-65% in Asia and Eastern Europe. One benefit of employing women RMs is that
