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New survey says wealthy women feeling patronised by their private bankers

May 24, 2019 Hubbis

A new study from Wealthiher Network has found that over a third of wealthy women believe their private bankers talk down to them. 36 percent of the women surveyed said they felt patronised by their bankers, while more than a quarter said banks rely on jargon too much, which confuses information and reduces trust.

The Wealthiher study points out that women comprise a small but rapidly growing share of the world's billionaires. As an example of patronising attitudes, one respondent in the study cited her career and wealth as being considered a bonus by bankers, while her husband was viewed as the main marital asset.

Another respondent said she would like to hear from her private banker through digital means or with personal visits, adding, "Wealth managers should offer home visits to fit in around your life... and use less jargon please."

Women also want more financial education for their children from a young age, in order to be able to ask informed questions. In addition, those surveyed said they want a more personalized experience from their private banks, including the opportunity to network with other women on investment decisions, and simply to see more female private bankers.