Financial service providers need to get involved in networking in order to attract more female clients, according to a new study by a Melbourne financial planner.
Charmaine Curtain, from Global Partnerships Financial Consulting, says that 86% of women recommended service providers use networking and/or sponsorship of specialist women’s events to make professional women aware of their services.
The findings form part of a White Paper entitled ‘Long Way to the Top’. For the study, Ms Curtain interviewed a select number of successful women about their experiences in the workforce, the unique challenges they face and what service providers need to do in order to help them meet their needs.
Word of mouth gives you that level of reassurance that this person’s going to be somebody that you’ll work well with
“Of particular interest,” said Ms Curtain, “… was gaining insight into the financial challenges women face, their attitude towards money and the help they need on their financial journey.”
She said that all of the women surveyed said word of mouth is at least one of the ways in which they source service providers.
According to one respondent, word of mouth ‘… gives you that level of reassurance that this person’s going to be somebody that you’ll work well with.’
Women also listed professional associations and networking as ways in which they locate services. 70% of women said they use networking themselves as a way to connect with each other.
Ms Curtain says that women are not afraid to ask for assistance with financial matters, but they are not always aware of the services available.
Just 25% of women surveyed said that in order to overcome financial challenges they had put a financial strategy in place and engaged a financial specialist.
According to Ms Curtain, women overcome financial challenges by undertaking personal and professional development, mentoring, networking, using the internet and sharing their knowledge and experience.
“These factors point to a very real need for professional help and advice relating to money,” she said.
Ms Curtain argues that in order to help professional women meet their financial needs, service providers need to be prepared to deliver exceptional service.
“Women want to be listened to, valued, appreciated and respected. Service that takes into account how time poor professional women are and how torn they feel between home and work; lifestyle and career will win the day,” she said.
