4 Women Are Dissatisfied with the Financial Industry

A recent survey on women’s views about the financial services industry has turned up something quite revealing: 73 percent of the respondents expressed dissatisfaction with the industry. That’s bad news for health insurance professionals and life insurance agents (those with life insurance license) who are trying to reduce the total number of women without life insurance, currently, a whopping 64 percent nationally.

The Boston Consulting Group survey revealed that women in general feel that they are overlooked and excluded by the industry. They also said they receive inconsistent or poor advice and are awarded deal terms that are inferior to what men get.

Learninsurance.com offers online Texasinsurance adjuster education for insurance agents nationwide.

Interestingly, the Boston Consulting Group reported that only 11 percent of American women said they would like to work with a female financial adviser, with a surprising 85 percent indicating a lack of preference as far as the gender of their banker or investment adviser goes. The absence of preference was wholly unexpected considering that previous surveys had shown women exercising more cautious risks and obtaining more consistent returns with the money they manage than did the men.

The survey is begetting a flurry of questions in the industry and financial advisers of both genders are coming up with fast answers. One of these is the belated realization that women need a set of different financial tools. For instance, Mike Sanders, president of Clark Dodge Asset Management, believes that women need to feel their kids are financially secure—opening the way for solutions integrating college planning with achieving life goals by using tax-efficient current and future resources.

The industry is now finding new paths to profitability by simply paying attention to what women want.