The female face of financial advice: profiling women seeking advice during the Great Wealth Transfer
UK women are set to hold 70% of global wealth over the next two generations. Based on new research from Unbiased, discover the profile of women most likely to seek financial advice.
The average female advice seeker is 56, with the average male advice seeker slightly older, at 58.
London is the prime location for female advice seekers, followed by the South East and the South West.
The majority of women prefer to receive financial advice either in-person or via email.
Unbiased is the UK’s leading assets under management (AUM) platform, and the biggest source of new clients to financial advice.
The makeup of female advice seekers
Female financial advice seekers in the UK present a huge opportunity for advisers.
As they are set to become the nation’s majority wealth holders by the end of the year, it’s vital that advisers know the key traits and personal circumstances of the group they are targeting.
New research from Unbiased reveals the major profile markers of female advice seekers:
Age
The average female advice seeker is 56, with the majority of female advice seekers being in their 50s; 35.7% of those using the Unbiased platform fall into this age bracket. This is closely followed by those in their 60s, at 29.4%. After this, there is a steep drop-off, with the next highest being those in their 70s and 40s, both of which are 9.8% and 9.6% respectively.
Region
The south of the UK has the highest level of female advice seekers, with London leading the way. 21.6% of all female advice seekers are based in London, closely followed by the South East at 16.1% and the South West at 11.6%.
Relationship status
Out of the female advice seekers using Unbiased’s platform, 43.2% were married, while 26.5% identified as single. 12.2% were divorced, and 11.2% were cohabiting.
Who are they seeking advice for?
Interestingly, despite the majority of women being married or living with a partner, 75.2% of all women reported seeking advice for themselves only.
Average assets and asset source
The average amount of assets women hold is just over £160,000. Women in their 50s have an average of £165,500 in assets, while women in their 60s have more, with an average of £204,900.
These assets are mainly held in pensions and retirement savings, with 63% of women listing that as their primary asset source. Cash savings was also listed by 47% of women.
How do they want to receive financial advice?
The vast majority of women stated they wanted to receive financial advice via in-person meetings and email communication.
When asked to choose the multiple ways they would be happy to receive financial advice, 62% of the women said they wanted in-person advice, while 61.7% said they wanted email communication.
What do they value in a financial adviser?
When seeking advice, women value trust the most, with 76% choosing it as a top priority. This is closely followed by clear communication (70%) and strong qualifications (51%).
Who is the average female financial advice seeker?
Taking this information and using the average of all characteristics, including age, location, relationship status, asset level and source, how they want to receive financial advice, and who they want to receive it for, we can say the average female advice seeker is:
A 56-year-old married woman living in London.
She has approximately £160,000 in assets, the majority of which is in her pension and retirement savings. She is seeking financial advice for herself only and prefers to receive advice through in-person meetings and via email.
Her male counterpart is:
A 58-year-old married man living in the South East.
He has approximately £220,000 in assets, which are mainly in his pension and retirement savings. He is seeking financial advice for himself only and prefers to receive advice through in-person meetings and via email.
What are the key profile differences between men and women?
Some of the key differences between men and women are found in the age groups and asset levels.
Women in their 50s are the highest number of advice seekers, closely followed by those in their 60s. This is reversed for men, with those in their 60s making up the largest proportion, followed by those in their 50s.
When it comes to asset levels, there is over £60,000 difference in the average amounts. On average, female advice seekers have £160,000 compared to £220,000 for men.
What does this mean for financial advisers?
For financial advisers, this research offers a unique insight into the makeup of those seeking advice, which can help them gain a deeper understanding of their target audience.
Having this knowledge is a powerful tool that advisers can leverage to connect with female wealth holders and bridge the financial gap.
Want to work with Unbiased?
Unbiased is an AI-enabled financial advice platform, empowering people to make confident financial decisions and delivering unrivalled growth for advice firms.
With the greatest wealth transfer in history now underway, Unbiased connects people to trusted advice across pensions and retirement, inheritance planning, mortgages, accountancy, and more.
Since 2010, Unbiased has generated over $100 billion in AUM opportunities for financial advisers, with 65% of prospects new to advice. Reaching more than 10 million consumers annually, it is the leading source of client demand in the industry.
Unbiased Pro will help you grow your firm by matching you with suitable clients, delivering them directly to your inbox, and providing you with all the tools you need to convert leads into loyal customers.
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