Half of IFAs lose female clients following death of partner

Half of financial advisers (50%) have lost a female client’s business once that client’s partner has passed away, according to a new report published by Fidelity International.

The report, titled Unlocking the Power of Advice, found that the most common reason for this was that the client did not want to continue receiving financial advice (49%), while other clients wanted the opportunity to choose their own financial adviser (45%).

More specifically, 40% of the 2,000 surveyed IFAs revealed that their female client preferred an adviser of a different sex. The findings also revealed that cost was an issue for 38% of IFAs.
 
The report pointed out that in older generations it was more common for the man in a heterosexual partnership to look after the finances, and Fidelity suggested this would mean that the woman would not necessarily have formed a relationship with the adviser before their partner’s death.

The report also suggested that as women start to benefit from financial advice from a younger age, this attrition rate would drop naturally. However, Fidelity suggested that more needs to be done to attract young women to financial advice. One finding from the report was that young men were twice as likely to seek support from a financial adviser for their overall wellbeing (21%) compared to young women (12%).

“The days where the man looked after the household’s finances have largely past, but there’s still a discrepancy when it comes to financial advice,” commented head of FundsNetwork for Fidelity, Jackie Boylan.

“Financial advisers need to be engaging with both partners in a couple when discussing the household wealth to ensure both feel informed and valued.

“Financial advice could play a significant role in helping more women get invested but currently too many feel like advice is ‘not for them’. Fidelity’s latest Women and Money Innovation Lab, which brought together experts from the industry, media and policy, discussed how to encourage more women to receive financial advice.

“Rebranding financial advice was a key takeaway, with attendees pointing out that a woman’s goals for advice may be different to a man’s. Easier said than done but looking at how we talk about advice is an important factor here.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.