There are a number of statistics around women and wealth that have been mentioned a lot in the press recently. The most interesting ones for me have been

• Women account for forty eight per cent of personal wealth and are on course to own sixty per cent by 2025
• There are more young female than male millionaires
• Women owned and managed businesses make an estimated contribution of £60 billion to the economy

So, with this notable and increasing expansion of female wealth, should women be planning their finances? Absolutely! It’s essential to make the most of what you have (however much or little) as with financial planning comes financial independence and more personal freedom.

And yet most companies in the financial world still haven’t woken up to the importance of the female market although it’s probable that, in the not too distant future, women will make up the majority of their clients!

When I started Fiona Price & Partners in 1988 to provide financial planning to business and professional women, it was because I recognised the start of this trend. I also recognised that women approach the subject of financial planning very differently to men. For example, social conditioning has made many women less confident with figures. So even though we usually know about the same as men when it comes to finances, we often assume we know less.

Furthermore, women are often reticent to take the initiative with planning for the long term because historically, that’s what the man in the relationship did; somehow, this seems to be embedded in our genes!. But things are changing fast – increasing numbers of women will be single for longer periods of their lives and with increasing economic uncertainty, the need to plan ahead has never been greater.

It is galling, therefore, that the financial world has done so little to engage women – as clients or employees. With a reputation for the hard-sell (and many mis-selling scandals), it is a turn-off to women, who also find financial companies patronising. I know from experience, that women prefer to build long term, trusting relationships with their advisers and are comfortable in environments which give them the confidence to ask what they feel might be ‘silly’ questions (and which usually turn out to be very shrewd ones). Women need advisers who listen to them and are turned off by jargon. Women need cultures which empower them to get over their lack of financial confidence and take control of their finances. Sadly, these are a rarity!

One of the critical drivers to make the financial world more appealing to women clients is to increase the number of women advisers. When I came into the financial sector in the early ‘80’s, fewer than 5% of advisers were women. When I left in 2004 the figure was probably around 10% - not enough of a change in nearly 20 years.

Women advisers build businesses around client satisfaction, not targets, which is why more are setting up on their own - so they can create their own cultures. I think the sector is in for a shock. Increasing numbers of women clients will necessitate larger numbers of women advisers. In another 20 years from now, I predict the tables will have turned!

Fiona Price www.horsehero.com