The latest Thinkpiece paper, written by former president of the Personal Finance Society Carole Nicholls, says the industry should offer a plan focussed on outcomes, with a mentor available to help with life or financial disruptions.
Research by the CII found that 50 per cent of women do not feel confident about making financial decisions, as opposed to only 38 per cent of men.
Just over 30 per cent of women felt they do not understand financial products sufficiently, compared to 26 per cent of men and 75 per cent of women say simplicity is important to them when selecting a financial product. Only 66 per cent of men say the same.
Nicholls Stevens Financial Services director Carole Nicholls says: “The current systems of financial advice is product-driven, the key information being supplied in a booklet or report full of jargon for the individual to select the most suitable product. Attitudes to financial advisers vary between men and women, with women holding financial advisers in lower regard. Specifically saying that they find advisers poor at communicating in clear and simple language without being patronising.
“The new model I am suggesting offers the individual a personalised financial plan to work to which should focus on the outcome as well as the investment, making the connection between the product and the result in real-life terms.”