A financial services business designed exclusively for women has launched with the aim of tackling the gender investing gap by promoting greater financial inclusion.

Rainchq will provide financial education, events and access to qualified and regulated financial advice delivered by St James’s Place Wealth Management.

The annual service will cost £300 and includes unlimited content, two financial advice sessions and one event invite.

Research from Insuring Women’s Futures shows that the average 65-year old woman retires on £35,800 while the average man of the same age retires with a pension five times greater.

Rainchq CEO and co-founder Davinia Tomlinson said: “Unlike other financial services, Rainchq will be positioned as a lifestyle brand, with a focus on good financial health as a foundation for overall holistic wellbeing.

“Rainchq is also one of a handful of firms offering access to financial advice via video conference as the lead communication channel, compared to the traditional face-to-face offerings. This inclusive approach means the brand is for women across the country, and not just a London-centric proposition.”

Personal experience

Tomlinson explained her own personal experience had shown her the financial services industry was not designed with women in mind, “as the low numbers of female investors demonstrate”.

“As a mother, like many, I returned to work part-time, which obviously had a knock-on effect on how I invested and yet there was no advice tailored to my situation,” she said.

“Our goal is to tackle the challenges specifically faced by women, most notably the gender investing gap, gender pay gap and financial advice gap – and to provide women with tailored guidance on what to do with their money as well as access to best-in-class investment products.”

This is reproduced from Professional Adviser; all views are from the publication. This originally appeared online on 5 November 2018.

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Further reading on this topic:

Wealth managers need to connect further with female HNW investors