Financial advisors need to communicate better with older women, says an senior industy expert. “In the Babyboomer generation especially, many women weren’t involved in family finances” says Gillian Hepburn, newly installed head of UK adviser solutions at Vanguard, in an online interview with Money Marketing. “Then they inherit everything and are left feeling like rabbits in headlights. We need to communicate differently, with more empathy.” There’s also a danger of making behavioural assumptions that can lead to the wrong conclusions, she says. “We claim women are more risk averse, but I think they’re more risk aware. It’s a different mindset, not a weakness.”
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