This shift is being seen in the financial services sector too, where a growing number of women are building successful careers in the financial advice profession. Capital Legacy hosted 75 of them at a Women’s Month event in August where candid conversations were had, and insights were shared into how they approach their work.
Author: Lesley Erasmus, executive manager: distribution at Capital Legacy
Empathy, technical skills, product knowledge and good judgement are hallmarks of good financial advice, whoever is providing it. But these conversations offered a window into how female advisers think about their work, and why their clients recommend them. As Women’s Month draws to a close, it’s worth reflecting on some of the key themes that emerged.
1. Building relationships based on trust
Conversations about family dynamics, personal fears, financial pressures and end-of-life wishes are some of the most sensitive a person can have. The advisers spoke about taking the time to understand a client’s unique family structure, goals and lifestyle choices before recommending any solution. This is an approach that helps build the kind of trust that makes clients feel at ease raising difficult subjects.
2. Taking a comprehensive view of planning
Long-term financial security is about more than watching a portfolio grow. The advisers described a broader approach that includes building and preserving wealth, estate planning, managing risk, providing for family needs, saving for retirement, and passing wealth on to the next generation. This helps clients feel supported at every stage of life.
3. Building financial confidence among female clients
Women already control a significant share of household and personal wealth in South Africa, and that share continues to grow. Yet many still feel underserved by the financial services industry. Female clients often find it easier to raise concerns particular to their financial lives with someone who understands those realities first-hand (such as the impact of career breaks after having children, ongoing caregiving responsibilities, longer life expectancy, and the practicalities of widowhood). Female adviser representation can make a real difference in building financial confidence among clients who might otherwise stay silent.
4. Supporting clients through difficult transitions
Financial advice is required during life’s toughest times. Capital Legacy has more than a decade of experience drafting wills and administering deceased estates, work that touches lives during extremely difficult moments. Whether a client is grieving after a recent bereavement, going through a divorce, approaching retirement, or arranging care for ageing parents, patience and empathy can carry as much weight as technical expertise.
5. Encouraging open and honest conversations
A frank conversation today can prevent a family dispute tomorrow. Many deceased estate disputes arise simply because a person’s wishes were never clearly communicated while they were alive. Advisers are facilitators of exactly these conversations, about succession planning, inheritance, the appointment of executors and guardians, and the setting up of trusts. Having these discussions early can spare families a great deal of pain later on.
Ultimately, the best financial advice addresses both the human and the financial sides of clients’ lives, combining professional expertise with empathy and good communication. This Women’s Month, Capital Legacy celebrates the female advisers who are reshaping the industry and helping South Africans plan for life, not just money.
