By Mary Green
Financial advice is an area that both historically and currently is dominated by men. According to research by the Financial Conduct Authority only 16% of Advisers are female. Gender may not be one of the factors that you consider when choosing an adviser but in addition to a good reputation, a high level of experience and having the relevant qualifications; why could choosing a woman for your financial planning needs be the right decision for you?
For some women particularly in the cases of divorce or abuse they may find the prospect of contacting a male adviser daunting or even scary. For those who have suffered gender-based discrimination in their work or home life they may feel that a man may potentially not listen or take their situation seriously. Having a financial adviser who can empathise with your situation and allow you to relax and build a relationship of trust is crucial to a successful financial planning outcome. Shared experiences can also play a part with in feeling comfortable with your adviser. Both Charlotte and I have children and as such have caregiving responsibilities that we need to juggle with our professional lives. I also have personal experience of going through a long IVF fertility journey, dealing with mental and physical health issues and perimenopause.
However, we do not serve only women at Rosewood, so if you are a man or part of a couple why should you get in touch? According to Cordelia Fine author of ‘Delusions of Gender’ there maybe slight variation in the brains of women and men however the wiring is soft not hard and is flexible malleable and changeable. However, like it or not the socialisation of boys and girls continues to be different with boys often encouraged to be assertive and competitive, while girls are nudged to be nurturing and collaborative. These early lessons shape how we communicate as adults. Men tend to use assertive language, focus on outcomes and prioritise facts. Women often emphasise building relationships, use more emotional language and focus on context. This can be a benefit to men who need to be encouraged to formulate and communicate what is important to them in their lives, so that we can help them by ensuring that their resources are aligned with their true life’s ambitions.
Men as well as women can value a collaborative relationship with a female financial adviser. In the field of financial planning, it is vital that you find an adviser who is a good fit for you. This is a two-way process and it’s important that you share values in common. At Rosewood our client work encompasses a blend of life planning, coaching, technical financial planning expertise, financial organisation and advice and recommendations that will lead to the creation of a living, evolving, life-long financial plan. The relationship could be decades long and can encompass more than one generation.
Diversity is also important in any field and having a female financial adviser can provide a fresh and diverse perspective. There are many reasons why you might choose to work with a female financial adviser, they may be able to better understand your unique challenges and needs, provide empathy and support, act as a role model and mentor and offer better communication. The best way to find out the benefits is to book a free initial chat and find out if our values are aligned and more importantly that we get on well!
