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IFAs urged to emphasise the benefits of advice to women

Men are more likely to seek financial advice than women so IFAs should put greater emphasis on targeting women, according to a new survey from Sun Bank.

It found that men are 50 per cent more likely to visit an IFA when sorting out their finances whereas women are more likely to go straight to their existing bank or building society for advice.

Sun Bank says this means women are losing out on the ability to tailor their portfolio from different providers and get the best savings rates.

It says IFAs have an opportunity to target women to make them aware of the better savings and mortgage rates that could be available from other providers, instead of just relying on their usual bank.

Banks and building societies are dominating the advice arena in these areas, according to Sun Bank, with 62 per cent of respondents saying they are the first port of call when looking for savings accounts.

The survey was carried out by NOP on a sample of 989 adults.

Sun Bank marketing director Chris Cummings says: “It is ironic that women will not seek advice, as they do tend to prefer the face-to-face approach – they are not embarrassed to ask questions as men sometimes are.

“It seems that, by not targeting women effectively, IFAs could be missing out on valuable business, and women could be missing out on better rates.”

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