How are private banks responding to women in wealth?


Helen Avery
Published on:

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?Women_plans-780

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.


Sallie Krawcheck,

Finland, for example, ranks first for employing women within finance and insurance, according to data from non-profit Catalyst. Norway ranks seventh globally and Sweden third.

Some 21% of North American respondents said there was no plan to address the increase in female wealth. Unlike the Nordics and Baltics, this higher figure of nonchalance is less likely to be a result of efforts already made. The US Bureau of Labor Statistics counts 35.5% of advisers as female.

Speaking at Euromoney’s private banking conference in London in February, Olga Miler, managing director of UBS Unique, said that female clients do not necessarily want female advisers, but simply an adviser who can relate to them and offer them the best advice specific to their needs.

That female clients do not feel they are receiving this level of advice they require, however, is evidenced by the success of female investment boutiques such as Ellevest, set up by Sallie Krawcheck, former head of Merrill Lynch Wealth Management.

Central and Eastern Europe as a region fared the worst in responding to female wealth.