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Ignoring Women Costs Financial Industry $700 Billion a Year? Mish Calls “Bull$hit”

Courtesy of ZeroHedge View original post here.

Authored by Mike Shedlock via MishTalk,

A study says Ignoring women costs $700 billion dollars a year in lost profits. I say bullshit…

Obvious Bullshit

Please consider an article by Emily Cadman, on Bloomberg, Ignoring Women Costs the Financial Industry $700 Billion a Year.

The male-dominated finance industry is missing out on more than $700 billion a year in revenue by failing to listen to or tailor products for women, according to management consultancy Oliver Wyman.

“Women are arguably the single largest under-served group of customers in financial services,” Jessica Clempner, the report’s lead author, said in a statement Tuesday. “Firms are leaving money on the table by not listening to and understanding their women customers.”

No Link to Study

The article did not post a link to the study. Bloomberg seldom does. This makes it hard to see what the report really said or how.

Only Two Costs Cited

There are the only two cost examples mentioned in the article.

  • If insurers sold life policies to women at the same rate as to men, they could generate $500 million in new premiums, Oliver Wyman estimated.

  • Women also tend to hold more of their assets in cash rather than stocks and bonds, costing wealth and asset managers a potential $25 billion in fees.

The Math

Assuming those numbers are accurate, they total $25.5 billion a year.

Where the hell is the other $674.5 billion?

Please don't tell me that the $500 million was supposed to be $500 billion because I will not believe that either. Besides, if women are more cautious perhaps they a a bit smarter. Other than term-life, most insurance schemes are pure garbage.

And as for the $25 billion, with trading fees down to zero, I am more than a bit suspicious of that number as well.

OK. Let's lure women into new women-designed ETFs.

Q: Did the author propose one?

A. No

Q: Did Jessica Clempner, the report’s lead author?

A. Who the hell knows because there is no link to the report.

But seriously, are ETF's and services designed for women going to bring in the other $674.5 billion?

Nonetheless, this story is likely to go viral because of the preposterous claims. Few will realize what happened. The parrots at Yahoo! Finance already picked it up, without comment or additional links, but did leave out the link to the Oliver Wyman advertisement.

Click-Bait Infomercial

There is no study, wild numbers, and a missing $674.5 billion out of an amazing $700 billion claim.

Instead there is a link to an Oliver Wyman advertisement.

What is this all about?

Cadman's article smacks of a paid-for infomercial, not so cleverly disguised with hype clickbait.

 

 


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