In Focus: Advice for Women  

Do women 'buy women' when it comes to advice?

Do women 'buy women' when it comes to advice?

People may buy people but often women will buy women when it comes to financial advice, so it is important for financial services companies to make sure their teams are diversified, financial planners have claimed.

Speaking on the latest FTAdviser In Focus podcast, Paula Hodge, chartered financial planner at Old Mill, said it was important to remember it was about the "qualities" of a person, rather than the gender, that makes a difference when providing financial planning or wealth management advice. 

However, she said: "It certainly does add a huge positive to have a diversified advisory team. Part of the reason for having men and women in the team is to be able to offer everybody suitable financial advice. 

"It is true that, as a female financial adviser, I can understand and relate to women's issues, such as advancing their careers, the difficulties of juggling and balancing home life with work.

"It is the sort of thing I have personally had to deal with myself and can speak with honesty and experience and put yourself in [the client's] shoes."

Also joining the podcast was Zoe Dagless, senior financial planner for Vanguard Europe, who agreed that greater diversity can bring greater strength because women do understand women's issues. 

There are often instances where women might feel comfortable speaking with a female financial adviser, such as in the event of a divorce, strict religious beliefs, experience of abuse, or even because their spouse has died and the woman is left needing a more "protective, nurturing" adviser to guide them at this time.

Dagless added: "We have often seen men bring their spouse along, especially with things like inheritance tax planning, so that the spouse can meet the female adviser and find someone they feel comfortable with."

Hodge agreed: "There is this perception, particularly in an older age demographic, that a woman financial adviser can offer that sort of caring, nurturing, service, and I have noticed this particularly myself. Some people just feel more comfortable with female-to-female advice."

To listen to the full podcast, click on the link above.