How are private banks responding to women in wealth?
Euromoney research shows disparity among regions in capturing the female wallet; hiring seems to be the quick solution.
Private banks and wealth managers see hiring female advisers as the most popular way to respond to the growing share of the wallet moving into the hands of women.
Twenty per cent of private bankers surveyed by Euromoney said their firm intended to hire more female advisers. Yet 17% said they had no plans to respond to a growing number of female clients.
Diveristy and inclusion in private banking
Q: In response to the world's wealth being controlled by a growing proportion of women which of the below is your firm planning to do during 2018?
Source: Euromoney Data
Hiring of women into advisory roles looks to be a strategy very popular in the Middle East, where, along with Africa, most of the activity around women in wealth seems to be occurring. The two regions had the least votes for ‘no plans’ too.
In the Nordics and Baltics, 30% of respondents said their firm had no plans to react to the growing proportion of wealthy female clients. That might be because the region already boasts a diverse workforce and diverse proposition.