Understanding what drives satisfaction for different clients is essential as wealth firms look to manage the vast transfer of wealth to the next generation. With women gaining a larger proportion of wealth, JM Finn has published a report looking at the drivers for this change and the different attitudes to wealth across genders.
JM Finn has undertaken regular client surveys since 2015, consistently scoring exceptionally high client satisfaction and trust scores across our client base. But notably, female clients, of which they are marginally more at JM Finn, have always posted higher trust and satisfaction scores. Cross-referencing this with a willingness to refer, it is safe to determine that female investors are happy to have their wealth managed by JM Finn.
The firm also explored the drivers of satisfaction: coming out top for both male and female clients was the personal relationship which they have with their managers at JM Finn.
Anna Murdock, Head of Wealth Planning at JM Finn commented:
“While many women are becoming more affluent, they are still less likely than men to invest their money or use wealth planning services. The fact that only 1 in 10 women say they understand investment may be unsurprising given that investing has historically often been seen as a male preserve. Despite the rise in UK women holding wealth in their own right, driven by factors including life events such as inheritance and divorce, as well as women founding their own companies and rising through the ranks in the employed sector, women remain far less likely to invest or to use wealth planning services, resulting in a £599 billion gender investment gap in the UK. Given men and women start their wealth journeys at different levels, women may need to save more to achieve similar outcomes – which is where we can help offer the appropriate guidance and advice.”
Oliver Tregoning, Head of Marketing at JM Finn commented:
“There is overwhelming evidence that women will own the lion’s share of wealth in the not-too-distant future, thanks to the huge wealth transfer taking place at present. We have always felt the best way to equip individuals with the knowledge to look after their financial affairs, is by building trust which starts with a strong relationship founded in relevant and appropriate communications. By retaining the client communications at the investment manager level, we are confident a personalised approach can continue to help women look after their wealth to accommodate and meet their specific needs.”
JM Finn has recently published a report entitled “Wealth in Women’s Hands”, designed to help identify the important milestones and checkpoints that, if tackled at the right time, can help deliver financial security and redress the imbalance of wealth by highlighting the importance of engaging with investment and wealth planning services.
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