According to Barclays, eight in 10 women from wealthy families globally stand to inherit significant fortunes over the next two decades, but only half that number are involved in family financial decision-making. Why? It’s at least in part because of a gender mismatch: Just 12 percent of family wealth managers are female.
That may not sound like a big deal in 2023, after a half-century of men and women working together, but clients tell a different story. A 2019 study by the British women’s finance network WealthiHer found that 36 percent of these potential clients felt “patronised” by their money managers, 28 percent said the industry’s overreliance on jargon reduced their understanding and trust, and more than a third cited lack of knowledge as a reason they don’t engage.
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