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Astute advisors know that when it comes to converting prospects to clients, there isn’t a linear path to success and the reason for that is each prospective client has different desires, goals and needs.
For example, a smart advisor wouldn’t approach a 50-year-old dentist in the same way they’d attempt to lure business from a 28-year-old tech worker. Likewise, and it should go without saying, advisors should be having different conversations with female prospects than they do with men.
Getting it right with women is crucial for advisors and not just because they make up half the population. Consider the studies and surveys confirming women can derive more benefit from working with advisors. After all, scores of data points, research, studies and surveys confirm the following: Women are better savers and more prudent investors than men. Plus, they’re eager to attain more financial education and high-level advice.
That’s confirmation that authenticity and preparation are essential when working with female prospect and clients. Both should be easy for advisors to address and we’ll delver into the preparation part here.
Clients Have Questions. Advisors Should Have Answers.
Bank of America Merrill Lynch recently posted a list of six questions that women should ask advisors when they’re the evaluation/hiring process. The list may or may not be comprehensive, but its inclusions are important and by examining it, advisors can enhance preparedness for female prospects.
One of the questions is “How many women have you worked with and how have you helped them?” This should be easy to answer and advisors should be clear articulating that they’ve helped women across various life events – divorce, workplace advancement, becoming widowed, etc. Next up is how often the advisor will be in touch with the client.
“Women are super busy, and they’re looking for convenience,” notes BofA. “They also have an interest in learning more about investing and managing their money through all kinds of markets and life situations. Ask how accessible your advisor will be and what information and resources they have available to share about the markets, the economy and your financial life.”
Other questions that advisors should expect from women include the advisor’s retirement planning strategies and digital/tech offerings.
The Big Questions
All of the questions that women should ask advisors are important. Others advisors should be at the ready with answers are, according to Bank of America, “What resources do you offer to help me reach other financial goals?” and “What should I ask you that haven’t?”
That last one can be tricky for advisors, but it shouldn’t be. That speaks to the preparation element of the equation. Be prepared to answer that question because smart clients, regardless of gender, should ask it.
Keep in mind that answering this question is essential because it shows an increased level of care and that the advisor wants the client to be a long-term client.
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