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The question we get asked most often by advisors who have taken the first step in recognizing that their future success lies with acquiring more female clients is this: “Where do I find women with money?”
Here’s what we tell them:
Rule #1
Understand that most people like to congregate with people they have something in common with – and this is particularly true for women.
Rule #2
Review you existing clients i.e. the women in your book and enlist them to help lead you to others like them. A caveat here though -- this isn’t simply about asking for referrals. It’s about taking the time to learn more about each client – you need to know what interests them so you can get involved in their lives in a genuine way.
This may seem obvious but it is a source of incredulity to us that so many smart advisors miss this.
One advisor we talked to told us that he had several female lawyers as clients and that he liked working with them: “they make lots of money, and invest a good chunk of it”, he said. “And they were too busy to be involved in each investment so they used a fee-based account, making their value as clients great.”
He would loved to have more clients like them but he was dismayed that he didn’t get the referrals he hoped for. But truth be told, he had never asked for them.
How could he turn this into a terrific growth opportunity? Here’s what we told him:
Ask your existing female lawyer clients to introduce you to their firms.
Law firms have a challenge retaining their female lawyers so they do all kinds of things to keep them – including offering financial planning sessions right at their offices. Why not offer to speak on the subject (no selling) to a group of female lawyers?
Part of the role of a female lawyer is to bring in business for the firm. Invite the female lawyer you want to speak at a conference you’re involved with (make sure the audience is a business one). She would appreciate it and perhaps remember you to her colleagues.
Female lawyers also usually belong to an association. Its mandate is to add value to the lives of its members and, as such, is often focused on the challenges facing female lawyers. Offer to speak at a luncheon or session of the association on meeting one of the challenges through sound financial planning (no selling again).
Write a white paper or a series of articles about the challenges and ask the law firm to make them available (free of charge) to female lawyers at their firm.
Maybe your female lawyer clients belong to a sports club, running club, take yoga, or hike. Again this means – you have to know more about them than the value of their investments. But if you do know, you can join the clubs they are part of and hold sessions on life transitions, financial planning for motherhood, divorce, anything that speaks to their unique challenges as female lawyers.
Related: Underperformance Isn’t What You Think It Is
Takeaway: Meeting women with money isn’t an issue when you focus on what interests your existing female clients.