The Wall Street Journal recently reported on a survey of the affluent by the Boston Consulting Group. The survey found that 55% of the affluent (those with more than $250,000 of bankable assets) said private banks need to do a better job of serving women clients.
In general, women respondents said the banks give better advice, better deals and better terms to men. Often, the women felt ignored and that the wealth managers communicated directly with the men.
Here’s some highlights:
• Women want a level playing field and the same advice and opportunities men get;
• However, women also want their advisors to understand that their needs are not the same as men;
• Women are more likely to change their financial priorities because of life events—marriage, divorce, birth of a child or death in a family.
These issues apply to ministries working with major donors as well. Often ministries cater to men with the assumption that men will make quicker decisions. Yet in many cases the women will be the one who will outlive the men and will make the ultimate giving decisions.
Like the business world, ministries need to undergo a mini revolution on how they see and serve women major donors.
William High is the President/General Counsel of the Servant Christian Community Foundation. Servant’s mission is to inspire, teach and facilitate revolutionary biblical generosity. He may be reached at firstname.lastname@example.org.