Targeting Women in Private Banking 2007

Content

• • Catalyst
  • Summary
  • Methodology
  • Executive Summary
  • Women in Private Banking
  • 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;
  • Women are living longer than men, with life expectancy in the UK? at its highest level ever;
  • 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;
  • Women are increasing their wealth around the world, particularly? in regions such as Hong Kong and the Middle East;
  • 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;
  • Corporate executives are a growing segment of the female wealth? market, and female entrepreneurship is growing;
  • Banks are recognizing this trend and making attempts to attract? and support female business.
  • Client Strategies?
  • Banks are trying to attract more female clients;?
  • Women are worth more than they were in 1998, and their wealth is? growing;
  • Not all banks are making the effort, and there is a gap in the? market which some private companies are taking advantage of;
  • Banks are launching services to try to attract female? clients;
  • New female-focused businesses are appearing, such as Bramdiva? and Independent Women;
  • The US is the clear leader for innovative ways to attract and? serve wealthy women; the UK needs to catch up;
  • Banks are focusing on tactics rather than strategy.?
  • Women as Private Bankers
  • Banks are employing active recruitment strategies;?
  • Several banks are leading the field, including Barclays Wealth,? Deutsche Bank, Merrill Lynch, and Citigroup;
  • The number of female bankers have risen in recent? years;
  • Some believe that women have qualities which give them a? competitive advantage in private banking;
  • 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;
  • Affirmative action is not the way forward; private bankers? should be hired for their talent not their gender.
  • Overview
  • Catalyst
  • Summary
  • Methodology
  • Executive Summary
  • Women in Private Banking
  • Women as Private Bankers
• Chapter One Women In Private Banking: Why The Current Focus?
  • Introduction
  • Women are living longer than men
  • Women are controlling a greater proportion of wealth
  • Women are increasing their wealth around the world
  • Women are gaining wealth from several different sources
  • Banks are recognizing this trend
• Chapter Two Client Strategies
  • Introduction
  • Key findings
  • Banks are trying to attract more female clients
  • New, female-focused businesses are entering the market
  • Some see the new services as offering marketing tricks instead of real service
  • Banks in the UK are focusing on tactics rather than strategy
  • The US is leading in innovations to attract wealthy women
• Chapter Three Women As Wealth Managers
  • Introduction
  • Key findings
  • Banks are employing active recruitment strategies
  • Women are succeeding as private bankers
  • Some believe that women have qualities which give them a competitive advantage
  • The rise of female bankers is not just down to political correctness
  • Affirmative action is not the way forward
• Appendix
  • Methodology
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
• Table Of Figures
  • Figure 1: Life expectancy for women is increasing
  • Figure 2: Girls live longer than boys 11
  • Figure 3: Self employment in the UK by region, 2004/2005 14
• Chapter One Women In Private Banking: Why The Current Focus?
  • Introduction
  • Women are living longer than men
  • Life expectancy in the UK is at its highest level ever
  • Women are controlling a greater proportion of wealth
  • By 2025 women are predicted to hold 60% of UK wealth
  • Women will control $22 trillion in the USA by 2010
  • Women are increasing their wealth around the world
  • There are several other regions apart from the UK and USA in which women are controlling considerable proportions of wealth
  • Women are gaining wealth from several different sources
  • Inheritance is still the primary source
  • Divorce is a growing market
  • Wives are controlling more of the family money
  • Corporate executives are a growing segment of the female wealth market
  • There is still a pay gap, but successful women are seeing salaries rise
  • Female entrepreneurship is growing
  • Banks are recognizing this trend
  • Banks are making attempts to attract and support female business
• Chapter Two Client Strategies
  • Introduction
  • Key findings
  • Banks are trying to attract more female clients
  • Not all banks are making the effort
  • Some private companies are arriving to take advantage of the market gap
  • Banks are launching female-friendly new services
  • Coutts Woman aims for style over content
  • Lloyds TSB: Diamonds and chocolate appeal to men as well as women!
  • New, female-focused businesses are entering the market
  • Bramdiva has generated high levels of publicity
  • Citibank Women & Co is designed to address the specific needs of women
  • Independent Women offers a comprehensive range of services
  • Frauenbank is the world's first bank for women
  • TAIB is one of the oldest private banks in the Middle East
  • Some see the new services as offering marketing tricks instead of real service
  • Style over substance: are current UK offerings patronizing?
  • Banks in the UK are focusing on tactics rather than strategy
  • The US is leading in innovations to attract wealthy women
  • Women are taking matters into their own hands
• Chapter Three Women As Wealth Managers
  • Introduction
  • Key findings
  • Banks are employing active recruitment strategies
  • Several banks are leading the field
  • Barclays Wealth leads in the UK
  • Deutsche Bank specializes in global networks
  • Merrill Lynch has a supportive global partnership for women
  • Citigroup Difference is a company-wide diversity support network
  • Women are succeeding as private bankers
  • The number of female bankers have risen significantly in recent years
  • What attracts women to private banking?
  • Some believe that women have qualities which give them a competitive advantage
  • Many banks believe hiring more women will enable them to serve women better
  • The rise of female bankers is not just down to political correctness
  • There is a general skills shortage in the financial services arena
  • Affirmative action is not the way forward
• Appendix
  • Methodology
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
• List Of Figures
  • Figure 1: Life expectancy for women is increasing
  • Figure 2: Girls live longer than boys
  • Figure 3: Self employment in the UK by region, 2004/2005