Why a holistic approach is key for advisers to empower female clients

Empowering female clients requires financial advisers to adopt a tailored approach that recognises and addresses these challenges, fostering financial independence and success. In this article, I strategies that financial advisers can employ to better empower their female clients on their journey toward financial well-being.

Education and knowledge sharing

Empowerment starts with knowledge. Many women face unequal financial literacy rates compared to their male counterparts. Financial advisers can bridge this gap by offering educational resources, workshops, and personalised sessions that cover essential financial concepts. Topics could include investment strategies, retirement planning, debt management, and the importance of building an emergency fund. By fostering a strong foundation of financial literacy, advisers enable female clients to make informed decisions and take control of their financial futures.

Goal orientated planning

Every individual has unique financial goals, and women are no exception. Financial advisers should approach their female clients' goals holistically, considering short-term and long-term aspirations. Whether it's funding education, starting a business, or achieving financial independence, advisers can help outline a clear roadmap to reach these objectives. Taking the time to understand personal aspirations demonstrates a commitment to clients' success, fostering a sense of empowerment and ownership over their financial journey.

Addressing gender specific concerns

Women often face gender specific financial challenges, such as the gender pay gap, career breaks due to caregiving responsibilities, and longer life expectancies. Financial advisers should be well-versed in these issues and offer tailored strategies to mitigate their impact. Strategies might include planning for career breaks, and ensuring retirement plans account for the longer lifespan. By acknowledging and addressing these concerns, advisers can help female clients navigate the financial landscape with confidence.

Champion mothers

It's essential to recognise the selfless nature of mothers, who often prioritise the well-being of their families before their own financial needs. Many women take on caregiving responsibilities and invest significant time and effort in nurturing their loved ones. While this dedication is commendable, it's equally crucial for mothers to prioritise their financial well-being and empower themselves to secure their own futures. By providing education and guidance that emphasises the importance of self-care and financial planning, advisers can encourage mothers to carve out a space for themselves in their financial journey. This recognition not only benefits mothers directly but also serves as a positive example for the next generation, illustrating the value of balance and self-empowerment in all aspects of life.

Emotional and behavioural support

Money decisions are not purely rational; emotions play a significant role. Financial advisers can provide emotional support by creating a safe space for clients to discuss their financial fears, goals, and challenges openly. This empathetic approach helps build trust and enables advisers to develop personalised financial strategies that align with clients' emotional needs and long-term aspirations.

Collaborative decision making

Empowerment doesn't mean making decisions in isolation. Financial advisers should collaborate with their female clients, involving them in the decision-making process and explaining the rationale behind various recommendations. This approach not only educates clients but also ensures they feel empowered to actively contribute to their financial plans. When clients are part of the decision-making journey, they are more likely to stay engaged and committed to their financial goals.

Empowering female clients requires financial advisers to go beyond conventional financial strategies and embrace a holistic approach that considers their unique circumstances, challenges, and aspirations. By offering education, addressing gender-specific concerns, providing emotional support, and fostering collaborative decision-making, advisers can help women take control of their financial destinies. As financial empowerment translates into personal empowerment, advisers have the opportunity to play a transformative role in the lives of their female clients, enabling them to build secure and prosperous futures.

Amanda Thompson is the founder of Endurance Financial