“The training we give to advisors is not distinct or different for women,” said Baer. “The goal is proper representation of women in a family. Women relate well when they see someone like themselves across the desk.”
Some 39 percent of women say their financial services provider does not meet their needs well, according to the survey. That’s partly because women build relationships with financial services firms the same way they build relationships with people, according to the study.
“Women use language reserved for romantic partners when dealing with advisors,” said Looker. “It shows the level of trust and partnership they are looking for in their advisor and in face-to-face contact, but if an advisor is condescending or doesn’t talk to them at all, it compounds the issue.”
Specific steps that advisors can employ to win over women clients include customizing services, humanizing interactions in an engaging way with humor, and empowering all, not just one gender.
“If services are not personalized, you will have a hard time determining what your client’s next best step is,” said Sette.
About 51 percent of personal wealth in the U.S. is now held by women, but the study found that outside of everyday banking, women do not feel engaged or served by financial institutions.
According to Baer, JP Morgan Chase is reviewing the inclusiveness of their wealth management advertising.
“We want to ensure that we’re most relevant to the changing demographics in the wealth management space, and as we start to reach a broader set of individuals in the high net worth space, we want to be relevant to the audience today and the millenials of the future who will be important partners and customers to us,” Baer said.