Raymond James has launched the Women Wealth Manager Network (WWMN) in the UK, with the aim of supporting and retaining female wealth mangers and to encourage women into becoming wealth professionals.
Women’s share of wealth is growing rapidly. Women account for 40% of the world’s wealth and female investors are more likely to choose and work with a diverse wealth management team.
As a result of this demographic shift, Raymond James has set up the WWMN, established for women by women to share best practice, mentor, network and develop events.
The UK launch marks the third such Raymond James network, following launches in the US and Canada. The US Women Adviser Network started 24 years ago.
The WWMN is also open to paraplanners and women working through their qualifications.
“This network has been created by women for women. We want to more accurately reflect the world around us where female investors are rightly gaining more power and influence,” said Nicola Tomlin, branch principal of Raymond James Solent.
Similarly, Helena Bakunowicz, branch principal of The Investment Boutique, said: “The share of wealth held by women is growing rapidly and the industry needs to react to the needs of our clients.
“We are not saying that all female clients will want to work with a female wealth manager. However, we believe female clients value a diverse wealth management team and we are working towards being able to offer them a better choice.”
More female advisers
The call for more diversity and more female advisers has been ever-growing, especially since female advisers are believed to bring a stronger set of social skills to the table when dealing with clients.
That was also one of the points raised at the For love and money conference on 12 November organised by the Money Advice Service, the Chartered Institute for Securities & Investment (CISI) and Relate.
The conference panel suggested that many financial advisers do not have the social skills to deal with clients, especially if the clients are in a relationship.
The key advice coming from the panel was to keep numbers and finances in focus without letting it overwhelm the customer relationship. Women tend to have the skills to empathise and understand clients’ needs and dynamics, especially if the clients are a couple.
“Wealth management is an interesting and engaging profession where we believe many women can thrive. We hope to show women that there is a path to success within the industry,” said Faye Silver, branch principal of Raymond James Investment Services.
“We also want to create an environment where women are comfortable and confident in making investment decisions – whether that is making sure they have enough to live on in retirement or planning to leave something behind for loved ones.”
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