Female advisers’ place greater emphasis on successful relationship building with client families than their male counterparts, according to research from the Embark Group.
The group’s latest Investor Confidence Barometer survey of 251 advisers conducted by Censuswide showed almost three-quarters of female advisers (74%) believed it was important to build relationships with clients’ children and grandchildren, compared with just over half of male advisers (53%).
More than a third (37%) of female advisers also said they had established a connection with more than half of their clients’ children.
In contrast, just a quarter (26%) of male advisers said the same.
But the research also indicated this relationship building may increase the chances of retaining business from a client’s inheritor when they die, as 33% of female advisers said they retained this business for most clients, compared to 31% of men.
The survey also found female advisers were more confident than male counterparts in their ability to invest according to clients’ preferences, with 60% of surveyed female advisers confident compared to 48% of male advisers.
More than two thirds (67%) of female advisers were confident they were aware of their client’s changing needs around environmental, social and corporate governance (ESG) issues compared with 54% of male advisers.
Jackie Leiper, CEO at Embark Group, said: “These findings illustrate that female advisers have their fingers on the pulse when it comes to some of today’s biggest topics, and is a further nod to the benefits of hiring more female advisers.
“Emotional intelligence is an area where women generally perform well and are more comfortable tackling emotive topics like ESG, affordability or even ill health, where the discussion is needed most.”
The survey of 1,004 people was made up of 250 advised consumers, 503 non-advised consumers and 251 financial advisers.
