The Chartered Insurance Institute (CII) has highlighted the need for personalised debt management advice, especially for women.
In a Thinkpiece by Carole Nicholls, past president of the Personal Finance Society, it is suggested that financial plans should be designed around the WeightWatchers healthy living programme.
Ms Nicholls calls on the industry to move away from the traditional product-driven offering to one based on outcomes.
"The new model I am suggesting offers the individual a personalised financial plan to work to which should focus on the outcome as well as the investment – making the connection between the product and the result in real-life terms," she states.
Ms Nicholls highlights the fact that women often find financial advisers poor at communicating in clear and simple language without being patronising.
This results in them feeling less confident about making financial decisions, the CII’s research shows.
"The industry is missing a trick if it focuses on the product rather than the whole experience for the consumer," adds Ana Catalano, manager of policy and research at the CII.
Earlier this year, the CII called for financial products to better cater to the needs of older people.