A growing number of women in the UK are seeking financial advice, according to a new study by Investec Wealth & Investment (IW&I).
The wealth management and investment services company cited increasing rates of divorce and a rise in the number of women entrepreneurs as factors.
Its research among 101 independent financial advisers (IFAs) found that women accounted for two-fifths (40%) of the clients in 2012 but 47% of those gained over the past two years.
More than a quarter (26%) of advisers said one of the main drivers behind the increase in women clients was that they were taking more control of their financial affairs.
Nearly one-fifth (19%) cited the growth of women succeeding in business. However, the biggest factors were divorce (51%) and the death of a spouse (35%). The research also highlighted a trend among couples towards taking equal responsibility for managing their financial adviser relationship.
In 2012, advisers estimated that less than a quarter (23%) of joint client accounts involved both partners taking equal responsibility. This has grown to 27% today and advisers have predicted it could soar to 35% by 2022.
Despite the increasing number of women clients, IFAs estimated that only 11% of their advisers were women. Nearly half (47%) of IFAs had no women advisers, while just 5% said they were looking to improve gender diversity in their ranks. Mark Stevens, head of intermediary service, IW&I, said: “The research suggests that women are getting more involved in their financial affairs.
“Women are of growing importance to IFAs and we can expect to see their client bases continue moving away from a male bias towards a balanced gender split.
“It’s also encouraging to see that increasing numbers of couples are taking joint responsibility for managing the relationship with their adviser.
“Men have tended to take this role among older generations but, fortunately, this is showing clear signs of change.
“It has to be in the clients’ best interests for both partners to be equally involved in this key relationship.”
He added: “Given the growing importance of women as clients, surprisingly few firms are currently taking steps to encourage greater gender diversity among their advisers.
“But this may start to gather momentum over the coming years as the industry evolves.”
IW&I, part of the Investec group, had about £32.5billion of client funds under management as of March 31.