The gender gap in funds under advice is inching to a close, as more superannuation funds engage with customers via digital financial advice, Decimal has said.
According to the Decimal Digital Insights Report, which tracks investment advice patterns of users across Decimal’s superannuation client base, the percentage of all inquiries that are women has grown to 43 per cent, up from 36 per cent six months ago.
Men on average have 16 per cent more funds under advice than women, down from the 21 per cent gap six months ago, the report shows.
Decimal said it believes this trend is closely related to the way superannuation funds are starting to engage with customers, with digital advice proving to be an effective equaliser.
Former ASFA chief executive and Decimal non-executive board member Pauline Vamos said digital advice is a major step for fund members to have greater access to “objective, cost effective and convenient financial guidance”.
“What’s also particularly exciting is its appeal to women, who for various reasons had limited access to the ability to guide their own financial decisions,” Ms Vamos said.
“In Australia today, many funds are developing digital advice strategies to ensure their long-term relevance. Funds want the digital experience to reflect their brand essence and philosophy, and that requires compliant, personalised advice and seamless implementation integration.”
ASIC must overhaul the way it engages with advisers to focus on proactive educat...
ASIC needs to work harder and more efficiently if it wants to reduce fees and im...
The corporate regulator should establish a specialist advice unit to provide cas...