The adviser industry still has work to do in finding a way to speak the language of women so as not to lose their clients.
Owner and founder of DLP Life Design Donna Lee Powell has said that the industry doesn’t always speak the right way to female clients and this can see them turn away from them.
“Women are equal to men, regardless of their wealth, status or the income they earn. They should be as financially empowered and equipped to deal with financial affairs as men are,” she said.
Advisers often see women leave after the loss of their partner, said Ms Powell, and this was for a variety of reasons.
“Women are not getting the compassion they require, and they can be spoken to in a way that makes them feel confused and inadequate,” she said.
“This is often a result of advisers tending to use acronyms and jargon, which in turn disempowers their customers, rather than educating and empowering them.”
Ms Powell said she had been lobbying the government for estate planning policy changes to better support women, particularly those that are widowed.
“I have been lobbying the government to look at inter-linking our federal, state and local governments to have one access point for large corporations to access the information that they require when someone dies,” she said.
“This will take out the unnecessary steps of individuals having to take the same documentation to about 30 different places.”
Given an increased focus on estate planning due to the gaining population, Ms Powell said it was important that advisers help guide their clients through it.
“Having the right estate planning advice can ensure that Australians and their families are protected and their quality of life is maintained regardless of death or disability,” she said.
A simple step was to review insurance and needs annually as circumstances change, said Ms Powell, particularly as it was not just the elderly that pass away.
“Families should ensure they review their insurance and estate planning needs annually as their circumstances change to guarantee that they are always sufficiently covered, no matter how old they are,” she said.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
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