# More Women Are Seeking Financial Advice, New Study Reveals
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-09-13
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Increasing Rates of Divorce Drive More Women to Seek
Meta Description: Find out why more women are seeking financial advice with increasing rates of divorce and the rise of female entrepreneurs. Get insights from a new study by
URL: https://financedigest.com/more-women-are-seeking-financial-advice-new-study-revealshtml

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More women are seeking financial advice due to increasing rates of divorce and the rise of female entrepreneurs, according to a new study1 by Investec Wealth & Investment. The research among intermediaries found that women accounted for two-fifths (40%) of IFA clients in 2012 but 47% of new clients gained over the past two years.

Over a quarter (26%) of advisers said one of the main drivers behind the increase in female clients is that they are taking more control of their financial circumstances; a fifth (19%) cited the growth of women succeeding in business.  However, the biggest factors are divorce (51%) and the death of their spouse (35%).

The research also [highlighted a clear trend](https://www.financedigest.com/meat-alternatives-market-expectations-growth-trends-highlighted-until-2031.html "Meat Alternatives Market Expectations & Growth Trends Highlighted Until 2031") among joint clients towards taking equal responsibility for managing the adviser relationship; in 2012 advisers estimated that under a quarter (23%) of joint clients involved both partners taking equal responsibility compared to 27% today.  By 2022 advisers [predict this could rise](https://www.financedigest.com/american-igaming-and-sports-betting-is-on-the-rise-with-new-investments-and-regulations-2022-predictions.html "American iGaming and Sports Betting is on the rise with new investments and regulations – 2022 predictions") to 35%.

Despite the increasing number of female clients, on average, IFAs [estimated that only 11% of their advisers were currently](https://www.financedigest.com/egg-incubator-market-extensive-analysis-of-key-segments-of-the-industry-and-emerging-growth-factors-with-current-trends-and-future-estimations.html "Egg Incubator Market: Extensive Analysis Of Key Segments Of The Industry And Emerging Growth Factors With Current Trends And Future Estimations") female and almost half (47%) of firms have no female advisers.  Just 5% of firms said they were looking to encourage greater gender diversity among their advisers in order to attract a greater number of female staff.

**Mark Stevens, Head of Intermediary Services at [Investec Wealth](https://www.financedigest.com/rathbones-snaps-up-investecs-uk-wealth-arm-in-all-share-deal.html "Rathbones snaps up Investec’s UK wealth arm in all-share deal") & Investment,** said: “The research suggests that women are getting more involved in their financial affairs.  Women are of [growing importance](https://www.financedigest.com/insurance-products-growing-in-importance-in-2021-and-beyond.html "Insurance products growing in importance in 2021 and beyond") to IFAs and we can expect to see their client bases continue moving away from a male bias towards a balanced gender split.

“It’s also encouraging to see that increasing numbers of couples are taking joint responsibility for managing the relationship with their adviser.  Men have tended to take this role among older generations but fortunately this is showing clear signs of change.  It has to be in the clients’ best interests for both partners to be equally involved in this key relationship.

“Given the growing importance of women as clients, surprisingly few firms are currently taking steps to encourage greater gender diversity among their advisers but this may start to gather momentum over the [coming years](https://www.financedigest.com/stocks-hit-two-year-lows-sterling-comes-under-fire.html "Stocks hit two-year lows, sterling comes under fire") as the industry evolves.”


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