Growing numbers of single working women across the country present IFAs with an untapped source of new business, according to financial marketing experts BRG Direct.
The firm says despite this potentially lucrative market, marketing strategies in financial services firms target predominantly men and are unlikely to prompt responses from women.
It says IFAs can take advantage of the gap in the market by matching the current 1,000 female RIs in the UK with the availability of women-only client lists to produce targeted mailings for a female audience.
BRG Direct director Ron Leitch says: “Increasing numbers of women are having to make their own financial arrangement for the future and are far more likely to respond to the professional advice of a female IFA.
“Women are now financially better off and live more comfortably on their earnings than they did 10 years ago, with many of them determined to make a success of their career first and foremost. Yet research has shown that even those women on above-average incomes are still unlikely to save enough for their retirement or to ensure income protection if they are ill or unable to work.”