How To Know When Your Female Clients Are Happy

If you had to guess which of your female clients will leave you over the next 5 years? 10 years?

Many of your female clients have been with you for 10-20 years they would never leave you, or would they? Most financial advisors continue to stay in denial about their female clients. They assume their female clients are happy and committed to the relationship. Why wouldn’t they think that, after years of service and good investment performance, why would they leave now?

Perhaps they are stuck in a rut. The routine of your relationship was created many years ago when women were less involved and rarely encouraged to participate in their financial affairs. Oh sure they continue to meet with you and go through the motions but are they really getting what they want from you? Times are changing and so must you if you plan to retain your female clients, today’s woman wants more than just investment advice.

90% of women know they need to become more involved in their financial affairs and 62% expressed a strong interest in learning more (Alliance women, power and money 2013).

Are they learning from you? If not don’t be surprised if they turn to another financial advisor to get the education they want (and you know what happens next). The challenge with women is they won’t always tell you they are not happy or that they want something more. Next thing you know you’re getting an email to say her accounts are being transferred out.

So if women won’t tell you how do you know they are not happy?

A good question and sometimes hard to answer but by answering the following questions you may get a better idea if you are adapting the new environment and encouraging the women’s desire for more financial understanding:

Is your female client smarter about her finances today as a result of working with you? If so how?

Does she reach out to you with financial questions that go beyond just investing in stocks and bonds or does she see you as simply a “stock broker”?

Is she fully engaged in conversations during your face to face reviews or is she just listening with little interest and agreeing with what you have to say?

Could your female client explain her statement to you? Does she truly understand what she is reading?

Can your female client tell you the purpose for each of her investments ie; growth, preservation, income?

While women want to learn more they may not always speak up and ask, you may have to be the initiator and change things up a bit. As a financial advisor you must reach out and encourage your female clients to become more engaged. This is the right thing to do for every women and the best thing for your continued business success.