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Like most advisors you are likely aware that the female market is no longer a “niche, nice to have” market. Women are the market!
Besides making almost 85 % of all purchasing decisions, women, young and old, control more than $3.2 trillion in financial assets. And the good news is – they are looking for financial advisors they can connect with – yet only 17% say they work with an advisor.
So what can you do to take advantage of this huge market? The key word here is “connect.” Women relate to money and finances differently than men, while ultimately they want their investments to do well, they are just as concerned with finding an advisor they are comfortable with, someone who understands and cares about their needs as an individual.
Here are 3 easy steps to take to show them you are the right advisor!
1. Listen more than you talk – we call it ‘listening with heart’
Did you know that the average advisor talks for 49 out of every 60 minutes he spends with his client? What that says to women is you care less about them and their interests and needs than you do about “selling” them. Listening means asking leading questions and letting her talk. If her responses are short – say, “tell me more!” For your next client meeting have an associate time you – aim for talking less than 30% of the time.
2. Respect her by always asking her opinion (yes, every time)
Don’t tell her what you have decided on her behalf. Present your recommendation and ask her views on what you’re suggesting. What does she think – does this option work for her? Be prepared to answer questions and explain things to her in plain language – not jargon.
3. When you discuss her portfolio, translate it into what matters to her – her goals.
If you have taken the time to listen to her, you should know why she invests or what matters to her – whether it is paying out the mortgage or having enough money to travel in retirement, tie the way you invest her portfolio to her life goals.
Rather than “we’ve taken a balanced approach to your portfolio and have managed to consistently outperform the benchmark” say, “this means that if you stay on track with the plan we created just last year, you should have an extra $10,000 a year in income to travel without affecting the portion of the portfolio earmarked for retirement.”
Learn how to Retain Female Clients through this online course and earn CE credits. Or visit us at here and learn everything there is to know about what women want and how to serve them well.