Overview 1
Catalyst 1
Summary 1
Methodology 2
Executive Summary 3
Women in Private Banking 3
The private banking sector has historically catered to male? clients; therefore the private wealth management arena has also traditionally been dominated by men. However, there are a growing number of reasons why banks are seeing the advantages of attracting women, both as clients and as employees; 3
Women are living longer than men, with life expectancy in the UK? at its highest level ever; 3
Women are controlling a greater proportion of wealth; by 2025? women will hold 60% of UK wealth and by 2010 women will control $22 trillion in the USA; 3
Women are increasing their wealth around the world, particularly? in regions such as Hong Kong and the Middle East; 3
Women are gaining wealth from several different sources,? including inheritance and divorce; banks are also seeing a rise in female clients as wives take a bigger role in controlling household finances; 3
Corporate executives are a growing segment of the female wealth? market, and female entrepreneurship is growing; 3
Banks are recognizing this trend and making attempts to attract? and support female business. 3
Client Strategies? 3
Banks are trying to attract more female clients;? 3
Women are worth more than they were in 1998, and their wealth is? growing; 3
Not all banks are making the effort, and there is a gap in the? market which some private companies are taking advantage of; 3
Banks are launching services to try to attract female? clients; 3
New female-focused businesses are appearing, such as Bramdiva? and Independent Women; 3
The US is the clear leader for innovative ways to attract and? serve wealthy women; the UK needs to catch up; 3
Banks are focusing on tactics rather than strategy.? 3
Women as Private Bankers 4
Banks are employing active recruitment strategies;? 4
Several banks are leading the field, including Barclays Wealth,? Deutsche Bank, Merrill Lynch, and Citigroup; 4
The number of female bankers have risen in recent? years; 4
Some believe that women have qualities which give them a? competitive advantage in private banking; 4
The rise of female bankers is not just down to political? correctness, and a shortage of skills in the financial services industry is leading to increased opportunities; 4
Affirmative action is not the way forward; private bankers? should be hired for their talent not their gender. 4
Table of Contents 5
Overview 1 5
Catalyst 1 5
Summary 1 5
Methodology 2 5
Executive Summary 3 5
Women in Private Banking 3 5
Women as Private Bankers 4 5
CHAPTER ONE WOMEN IN PRIVATE BANKING: WHY THE CURRENT FOCUS? 9 5
Introduction 9 5
Women are living longer than men 9 5
Women are controlling a greater proportion of wealth 11 5
Women are increasing their wealth around the world 12 5
Women are gaining wealth from several different sources 12 5
Banks are recognizing this trend 15 5
CHAPTER TWO CLIENT STRATEGIES 16 5
Introduction 16 5
Key findings 16 5
Banks are trying to attract more female clients 16 5
New, female-focused businesses are entering the market 18 5
Some see the new services as offering marketing tricks instead of real service 20 5
Banks in the UK are focusing on tactics rather than strategy 21 5
The US is leading in innovations to attract wealthy women 21 5
CHAPTER THREE WOMEN AS WEALTH MANAGERS 23 5
Introduction 23 5
Key findings 23 5
Banks are employing active recruitment strategies 23 5
Women are succeeding as private bankers 25 5
Some believe that women have qualities which give them a competitive advantage 26 5
The rise of female bankers is not just down to political correctness 27 5
Affirmative action is not the way forward 28 5
APPENDIX 29 5
Methodology 29 6
Further reading 29 6
Ask the analyst 29 6
Datamonitor consulting 29 6
Disclaimer 29 6
Table of figures 7
Figure 1: Life expectancy for women is increasing 10 7
Figure 2: Girls live longer than boys 11 7
Figure 3: Self employment in the UK by region, 2004/2005 14 7
CHAPTER ONE WOMEN IN PRIVATE BANKING: WHY THE CURRENT FOCUS? 8
Introduction 8
Women are living longer than men 8
Life expectancy in the UK is at its highest level ever 8
Women are controlling a greater proportion of wealth 10
By 2025 women are predicted to hold 60% of UK wealth 10
Women will control $22 trillion in the USA by 2010 11
Women are increasing their wealth around the world 11
There are several other regions apart from the UK and USA in which women are controlling considerable proportions of wealth 11
Women are gaining wealth from several different sources 11
Inheritance is still the primary source 11
Divorce is a growing market 11
Wives are controlling more of the family money 12
Corporate executives are a growing segment of the female wealth market 12
There is still a pay gap, but successful women are seeing salaries rise 12
Female entrepreneurship is growing 12
Banks are recognizing this trend 14
Banks are making attempts to attract and support female business 14
CHAPTER TWO CLIENT STRATEGIES 16
Introduction 16
Key findings 16
Banks are trying to attract more female clients 16
Not all banks are making the effort 16
Some private companies are arriving to take advantage of the market gap 17
Banks are launching female-friendly new services 17
Coutts Woman aims for style over content 17
Lloyds TSB: Diamonds and chocolate appeal to men as well as women! 17
New, female-focused businesses are entering the market 18
Bramdiva has generated high levels of publicity 18
Citibank Women & Co is designed to address the specific needs of women 18
Independent Women offers a comprehensive range of services 19
Frauenbank is the world's first bank for women 19
TAIB is one of the oldest private banks in the Middle East 19
Some see the new services as offering marketing tricks instead of real service 20
Style over substance: are current UK offerings patronizing? 20
Banks in the UK are focusing on tactics rather than strategy 21
The US is leading in innovations to attract wealthy women 21
Women are taking matters into their own hands 22
CHAPTER THREE WOMEN AS WEALTH MANAGERS 23
Introduction 23
Key findings 23
Banks are employing active recruitment strategies 23
Several banks are leading the field 23
Barclays Wealth leads in the UK 24
Deutsche Bank specializes in global networks 24
Merrill Lynch has a supportive global partnership for women 24
Citigroup Difference is a company-wide diversity support network 25
Women are succeeding as private bankers 25
The number of female bankers have risen significantly in recent years 26
What attracts women to private banking? 26
Some believe that women have qualities which give them a competitive advantage 26
Many banks believe hiring more women will enable them to serve women better 27
The rise of female bankers is not just down to political correctness 27
There is a general skills shortage in the financial services arena 27
Affirmative action is not the way forward 28
APPENDIX 29
Methodology 29
Further reading 29
Ask the analyst 29
Datamonitor consulting 29
Disclaimer 29
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