More women are seeking financial advice due to increasing rates of divorce and the rise of female entrepreneurs, a study by Investec Wealth & Investment has shown.
The research 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 due to them taking control of their financial circumstances, however the biggest factors are divorce (51%) and the death of their spouse (35%).
Mark Stevens, head of intermediary services at Investec Wealth & Investment, said: “Women are of growing importance to IFAs and we can expect to see their client bases continue moving away from a male bias towards a balanced gender split.”
The research also showed that 5% of firms said they were looking to encourage greater gender diversity among their advisers in order attract a greater number of female staff.
Stevens added: “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 as the industry evolves.”