More than one-third of wealthy women feel their private banks are talking down to them, according to a study. What do they want? Less jargon and a more direct and digital approach.

Thirty-six percent of wealthy British women feel they are being patronized by their private bankers, according to a study by Wealthiher, an industry network devoted to diversity, in conjunction with Kantar.

More than one-quarter of the women polled felt that private banking relies on jargon too much, which garbles information and reduces trust.

Massive Push

The study surveyed 2,500 women earlier this year, the majority of whom are married, made their own fortune, and are largely in the under £5 million ($6.4 million) wealth segment.

Julius Baer, which is making a massive push in the U.K. under regional head David Durchlacher, is one of the ten private banks in the network, while Swiss giants UBS and Credit Suisse are not.

«Time Poor» Women

The data matters because women comprise a small but increasing share of billionaires, according to a separate study by Wealth-X. One respondent in the Wealthiher study cited her career and wealth as being considered as a bonus by bankers, while her husband was viewed as the main marital asset, as an example of patronizing attitudes. 

They are «time poor,» and would like their private bankers to be easier to communicate with, according to the study (women still carry out the majority of housework in relationships where both partners work, according to U.S. government data – and thus may be more crunched for time).

Imposter Syndrome

Women said they would like to hear from their private banker through digital means or with personal visits. «Wealth manager should offer home visits to fit in around your life... use less jargon please,» one survey respondent said.

They also want more education, from a young age, in order to ask educated questions, and avoid their own «imposter syndrome.» This refers to a pattern of self-doubt that many women suffer from.

More Personalized Experiences

The women said they also wanted a more personalized experience from their private banks, the opportunity to network with other women on investment decisions, and simply to see more female private bankers.