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&#39Management services snubbing affluent women&#39

Mass affluent women are being shortchanged by some wealth management services, according to Close Wealth Management.

It says mass affluent women collectively have £102bn in liquid assets but are not getting an adequate level of service from product providers.

Close wants more financial services dedicated to this market, which will grow as women become more financially independent.

The company says 12.5 million women are now working and taking more senior jobs. Women are also outperforming men in the salary stakes, with women getting much higher pay increases.

Close says many services dealing with couples will often overlook the needs of women, focusing on the man who they see as the lead customer.

It says risk profiles between men and women will differ, with the woman usually more risk-averse, and that this should be reflected in investment portfolios.

Close offers a dedicated service for women who have anything from £25,000-plus to invest.

The service, Solo, has a team of specialist female advisers which offers a full discretionary portfolio management service as well as services such as managing cashflow, a tax return service, an Isa account and high-interest cheque account.

It also advises on family protection, including planning for school fees and establishing trusts and pensions.

Close managing director Martin Smith says: “Women can have very different financial needs from men.

“The most obvious example is pensions, where they may take a career break to have children.

“Given this, we have been very surprised by the fact that many wealth management companies do not offer tailored services for women.”

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