UBS Wealth Management has launched a five- year plan to better serve female clients, whose wealth is expected to grow from $13 trillion to $18 trillion by 2021.
The plan includes an education programme to 'increase the financial confidence of one million women' in the next four years.
The wealth manager is also planning to raise the ratio of women in management roles from a quarter to a third as part of this plan.
In addition, the Swiss private banking giant will embed a gender view in all its standard processes and create a dedicated advisory board to represent different backgrounds.
UBS said women want to be served with a different dialogue that places greater focus on their aspirations as opposed to pure investment outcomes.
“As a consequence, UBS Wealth Management will broaden the dialogue it has with clients to include the purpose of wealth based on four core dimensions: business, investments, family and legacy,” the wealth manger said in a statement.
UBS Wealth Management also revealed that its aims to launch an education initiative in partnership with leading education organizations to increase the financial confidence of one million women by 2021.
Its research found that less than one in five (19%) women are confident about their financial knowledge, compared to over a third of men (34%).
UBS Wealth Management president Jürg Zeltner said: “Research shows that women are not adequately served by wealth managers today and this represents a huge opportunity. We’re making it a business priority to significantly scale up the changes we’ve piloted across our Wealth Management business to better serve female clients and are aiming to kick-start long-term change across the financial industry to better serve women. The societal and economic benefits are significant if the industry can get it right.”
Mara Harvey, managing director UBS Wealth Management and head of the program, added: “Later this year we'll launch a bespoke financial education program in partnership with leading education organizations to increase the financial confidence of at least one million women by 2021. The idea is to give the next generation of female investors the expertise and knowledge needed to make the most of their wealth.”