In the Baby Boomer era, financial advice was often spoken about on the golf course or in men’s clubs — places women were not frequently found. As a result, women were typically on the outside looking in when it came to wealth-growing opportunities.
This can be hard to imagine in today’s world, as just decades later women have become a financial force to reckon with. Given the increase in women who have careers, head corporations, run their own household and invest, Oakworth Capital Bank has formed their advisory and talent model to meet women’s needs. Between their wealth advisors and private bankers, 50% are female.
According to a recent study by Merrill Lynch and Age Wave, only 52% of women say they feel confident managing their investments, compared to 68% of men. According to research by Accenture Consulting, women are more likely to use dedicated advisors than men, but are less likely to say they are satisfied with their advisors or find them trustworthy. As a result, only 61% of women reported having a good understanding of their investments and holdings.
“At Oakworth Capital Bank, we are proud to celebrate initiatives that support the women we serve, helping them succeed,” said Alice Womack, Associate Managing Director, “We’re focused on adding value to our female clientele through our DEPTH program. You’re not just our client, you’re our partner.”
“We developed a program called DEPTH, which is dedicated to Women, Wealth and Wellness,” said Womack. “We want to help women succeed by offering services that target their needs. Many desire to gain a much deeper understanding of financial matters, from business planning, networking, death of a spouse, estate planning, divorce and budgeting to family finances or caring for aging parents. DEPTH serves the unique needs of our female clients in the form of programming, conversation circles and individualized consulting.”
Oakworth has combined many years of experience to build a better client approach from the ground up. Clients with Oakworth say that what makes Oakworth unique is the “people and service,” plus they make banking “easy.” This is not something you hear clients say often about their banking experience. No wonder Oakworth has a Net Promoter Score of 90 and a client retention rate of 99%.
Scott Reed, Chairman and Chief Executive Officer, shares that the approach not only offers a more personalized experience but also challenges the status quo–including how female clients’ needs are met. This is one way Oakworth is reimagining how financial services are delivered. Reed puts more emphasis on the human connection to create a deeper understanding of a clients’ needs in order to help them achieve their financial aspirations.
“Within the walls of Oakworth, there’s a culture that fosters our client’s goals through a cultivated relationship with a client advisor,” said Reed. “Our culture fosters an environment where our associates focus on relationships with not only our clients, but also with each other.”
Oakworth’s core values include:
► The Golden Rule: Treat others the way we wish to be treated.
► Character: Conduct ourselves with the highest level of honesty and integrity.
► Innovate/Creative Spirit: Employ ideas that create value for both the clients and the organization.
► Professionalism: Attract and retain the brightest, most motivated talent.
► Work Ethic: We recognize that hard work is required to achieve our objectives.
Throughout the company’s mission of helping their clients succeed, Oakworth Capital Bank uses the strategy of renewing the art of personal service combined with the benefits of modern technology, providing a more personable experience and solutions for more growth. For more information, visit oakworth.cc/depth.
