New business - financial advice just for women - branding/name(15 Posts)
I'm new to the forum and I looking forward to joining in.
But my first thought is to ask for your opinion and ideas for a new business, please.
I currently work as an independent financial adviser for a family firm, but I will be launching my own business soon. I want to start a company which focuses on providing financial advice for women. If you've worked with a financial adviser in the past, you've probably found them a little older than me, and a little more male than me My experience tells me that we, women, think differently about finances to men, and our journey through adult life encounters events which are unique to us. So, it makes sense to me that we need our own tailored service to plan for and cope with financial changes.
I wondered what your thoughts on this were? What would you want from a financial advice firm focussing on just what was important to you? How would it be different to anything you've worked with in the past?
Financial Advice firms tend to have quite boring names, ie. named after the business owner or centered around the service they provide. Do you think this would work? If not, what would engage you and make you want to find out more?
I appreciate I've asked a lot of questions (can you tell I'm new to posting on forums?). But I am really grateful for any feedback you can help me with and I look forward to contributing to your posts.
If you are basing your unique selling point around the idea that women, and female financial advisers think differently to men when planning and investing, I would like to see some statistics or figures to show how the female way is better, and can give me, your client, a better yield.
If I want financial advice, I want good advice, I dont care if the advice is given by a man or a woman.
Personally, I dislike services aimed especially at women, for women, and by women. It is patronizing, in a "do you not understand what the big serious men are talking about, then come to me, I can explain so you understand".
Thank you for taking the time to reply.
I personally am probably more like you, I don't mind who I deal with, so long as I get what is right for me. But we are not all the same, and of the new clients I meet, who are women, the bulk of them tell me they picked me because they prefered a female adviser.
My desire to set up the business is based on personal experiences of working with clients who are going through major life events and how rewarding it has been to work with them.
The idea is not driven by empirical evidence. But you can read some studies from Prudential and NEST (to name but a few) which show how women's attitudes towards finances differ from that of men. I'm not proposing that advice for women from a woman is better, just that some might prefer to deal with a woman and different factors would influence decisions.
It certainly wasn't my intention to be patronising by suggesting that we don't understand finances.
As a woman and a businesswoman I do not use services targeted at women.
I find it unnecessary, I am capable of using the same service providers as men.
I don't think an IFA firm specifically aimed at women is necessary to be honest.
I would not under estimate the attraction of women focused businesses in this day and age, personally I think it is a great idea, especially for an IFA so long as you come across warm and friendly...you pay good money for their valuable advice and it is easier for me to believe that a women advisor has my best interests at heart because she is in the same boat, plus I find it easier to build rapport with female advisors, - I have nothing against men or anything like that but if I had to choose between seeing a male or female IFA, I'd always choose a female IFA
You can always try it and if it doesnt work, re brand. Good luck x
Don't understand why you want to limit your target market by 50% based on gender. Agree with others, when looking for financial advice I want to talk with the best person for the job. The idea that I need a fluffier, pinker, female branded service is actually rather insulting.
I am with Hopping I actively steer clear of 'women' focused services. I want an IFA with a track record of investing well in my circumstances rather than because I am a woman.
I deliberately looked for a firm with a female IFA and I also have a female gardener because I wanted to support local female entrepreneurs. But I would find a service aimed at women a turn-off, to be honest. My IFA has many years of experience and many affluent clients, lots of whom are men. She told me some of her clients had told her they felt she was less likely to try and bullshit them - this is actually more a product of her personality than her gender, although equally they may have felt her risk appetite was more similar to their own - because of the kind of studies you allude to, OP.
Personally I would market yourself not as a firm for women but a female-led firm for everyone.
I'd find it a little bit patronising, possibly sexist, and avoid tbh. Although I realise that's not your intention.
Agree with the other posters - make a virtue of the fact that YOU are female in case people want a female IFA but don't exclude men from your services. It would put me right off if you advertised for women only.
I think you need to look round the women 'thing' rather than straight at it.
For example, there is a huge growth in women freelancers/women setting up from home/the whole mompreneur vibe (although that word makes me stabby). I'm one of them and I'd like to speak to an ifa soon. But I don't want to go to someone who is used to only dealing with people in conventional careers. I need someone who understands the unpredictable nature of freelance work, the fact that the first three years I didnt earn much, that things are on the way up but that tying all of my savings up isn't perhaps the best idea for me.
I don't want a pink ifa. I want an ifa who understands my working circumstances.
If you worked to that, you'd be developing a gender neutral service that actually is highly targeted to a market sector which is fairly likely to have a large number of women in it. Do you see what I mean?
Why are you thinking of setting up a business which will lean to exclude 50% of the adult market?
Thank you soo much everyone for your help, I really appreciate it.
There does seem to be a mix of opinions, and I can see both points of view.
I hadn't thought about it being regarded as patronsing until some of you mentioned it. I've since seen some websites that hit exactly the tone you hint at, i.e. I'm going to explain the big male complicated stuff to you. I would absolutely hate to come across like this.
Lancashire man - good point, I have some really great male clients and enjoy working with them.
I've decided to focus more on my values and what I stand for... as Tribpot puts it I'm not the type to bulls**t. I'm very direct, straight talking type of person. I want to appeal to those that just want to be told the truth. I believe that one of the most important aspects of advice is telling people the downside, as there is no perfect solution/advice, there is always some type of risk. Lots of people will sell you the benefits of a course of action, but my clients walk into things with their eyes open and the knowledge that I will always be honest and straight with them.
Thanks again everyone, you've been a massive help.
I would be drawn to an IFA who specialises in working with women and I doubt I am alone. I don't think you have to 'go pink' but I do think that it is ok to go niche, particularly in such a broad market. Have a look on google analytics to see if people are searching for female IFAs, that will give you a better idea of how many people are looking!
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