Are You Looking for A Hero?

woman working on computer
No one else cares about our money like we do, right? Maybe that’s why nine out of ten women struggle to find a financial hero.

When Tina Turner belted out “We don’t need another hero” she may not have been entirely in tune with her audience.

A recent Financial Fitness white paper by Mortgage Choice confirms that when it comes to money matters, women find it hard to find a hero – a brand hero that is.

The need for authenticity

An overwhelming 86% of women say they don’t connect with financial services brands because of a lack of trust.

Put simply, no brand stands out from the pack that authentically seeks to improve a woman’s life and help her overcome adversity.

It’s hardly the sort of news that the financial services sector likes to hear. But it’s a wake-up call to the industry about what women really want in a money mentor.

Four qualities of a hero

The study also identified the top four qualities that matter most to women in the quest to find their hero brand.

1. Choice

Who doesn’t love a smorgasbord? We all want to be able to mix and match, pick what we love, add a little of what we like, and say “no thanks” to what doesn’t interest us.
It’s the same when it comes to financial services. Close to eight out of ten (79%) women say choice of products is a key quality of a hero brand.

2. Understanding your unique needs

How do you see yourself? Individual? Unique? One-of-a-kind? Chances are you view yourself as all these things – and rightly so.

It turns out that women crave a financial brand that shares this view.

The research confirms that 79% of women see a hero brand as one that understands their unique needs. It’s a defining quality that sets a hero brand apart from the pack.

3. No kickbacks for product recommendations

No one is denying the financial advice industry the right to be remunerated for their services. But 77% of women say it as a real turn-off when financial advisers or mortgage brokers pocket a little extra for recommending a particular brand.

And who can blame them? When commission levels differ between products, it raises questions about whether a woman is receiving advice that is genuinely based on her needs, or if it’s just an opportunity for an adviser/broker to better line their own pocket.

4. Independence

No one likes to feel their adviser is serving another master to the detriment of our personal needs. So nor surprisingly, 76% of women see a hero brand as one that is independent.

Quite simply, this provide confidence that the customer really does come first.

Is the struggle to find a hero brand impacting your financial wellbeing? To download the full Financial Fitness report, click here.

Picture credit:  Paige Cody on Unsplash

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