CBA educates planners on women’s finances
The Commonwealth Bank (CBA) has launched a ‘Women and Financial Planning' program which will educate 600 employed financial planners on establishing stronger relationships with female customers by the end of 2016.
The program aims to help financial planners understand women's distinct financial needs by teaching planners about lifestyle, demographic, and behavioural differences between male and female customers, which they could then apply to existing and new customers.
CBA executive general manager, wealth management advice, Marianne Perkovic said: "As one of Australia's largest financial services providers, CBA is well placed to demonstrate the value of financial advice for women — and help ensure our planners offer women the support and guidance they need to achieve their financial goals."
Thus far, more than 110 financial planners from licensees Financial Wisdom and Count Financial have already completed the training.
As part of the program, the bank will also look to emphasise the benefits of financial planning as a career choice for women, with women already in the profession available for guidance, Perkovic added.
The program comes as the bank's Retire Ready Index, released in August, showed single women have 47 per cent of what they require for a comfortable retirement, including the Age Pension (according to the Association of Superannuation Funds of Australia standard), compared with 78 per cent for single men and 98 per cent for couples.
Reseach by Colonial First State Global Asset Management found non-advised women aged 35 to 49 were less likely than men to invest in growth assets such as equities.
AUTHOR
Malavika Santhebennur
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
