Written by: Amy Sitnick | SEI
This post originally appreared on the SEI's Practically Speaking
I’m surrounded by men – little boys at home, in sales at work, in the financial services industry as a whole. In fact, only one quarter of financial advisors are women . However, women control 80% of all purchasing decisions and what’s more, women business owners are looking to work with women financial advisors. Even investing websites are catering to women investors.
So it actually makes sense for women to enter the financial advisory profession – it’s truly suited to women’s innate abilities to be empathizers and relationship builders . But we also need to consider what’s needed to help women succeed once they’re in this role.
Leverage and parity
You may ask why I (someone who usually writes about social media) am tackling this issue here? (Hint: it’s not just because I’m a woman.) In addition to my work in social media marketing, I’m also on the board of the SEI Women’s Network. We regularly conduct networking events and educational programs designed to inspire and support women’s professional growth. Some of the things we’ve done internally are certainly leverageable to you as advisors (no matter what your gender).
In 2014, the CFP Board launched its Women’s Initiative (WIN) and white paper, Making More Room for Women in the Financial Planning Profession , and is committed to achieving gender parity within the financial planning profession.
WIN encourages members to “include practice management and professional development programs targeted to women professionals as a staple feature in conferences, webinar series and workshops.”
And that’s where we come in.
The role of marketing
Marketing is a powerful tool to help female advisors thrive and succeed. Here are 10 key ways you can use it grow your individual brand and build your business:
Join (or create) a community. Talk to other female (and male) financial advisors who are doing well. What technologies are they using? Marketing techniques? Vendors and investment partners? Bounce your ideas for new initiatives off of this group. Whether a study group, conference, or informal group of friends, these colleagues can help you uncover what’s working. Perfect your elevator pitch. Who are you? Who do you serve? What services do you provide that can help target that niche? And just because you’re female, it doesn’t mean that your niche has to be female investors – that’s way too broad (no pun intended). Advisors like Newlin Archinal of Integrity Wealth Consulting in Pittsburgh, for example, specialize in working with selected companies or investors who may have experienced a downsizing. You have to understand the specific needs of your niche and be able to speak to that group. Have a sales script. After getting introduced to a qualified prospect, you need to have a script to introduce your services. The queen of marketing to female financial advisors, Adri Miller Heckman, provides an example here . Be Google-able. A big mistake that I see from female and male advisors alike is not showing personality on their LinkedIn profiles and websites. Completely fill out your profile and update your website with all the ways you help your clients. Provide real-life case studies of how you’ve helped others. Share pictures of you, your clients, and your office. It’ll go a long way in getting you found and encouraging prospects to want to take the next step in meeting with you vs. some other advisor. Host events. At our 2015 National Strategic Advisor Council meeting, we convened a study group of the most successful female advisors in the industry. We heard two differing, yet complementary approaches. Some advisors recommended having completely social events – such an evening of painting and wine tasting (as done by Sheryl Austin , Partner at DMJ Wealth Advisors in North Carolina). Other advisors stressed the need to have events that had “meat and potatoes” of real investment content, but presented in an easy-to-understand way. Female advisors tend to work with female investors, so workshops around retirement readiness specifically for women could be a good topic . With either approach, be sure to show personality, and empathize with your clients and prospects – you’ll relate to potential investors in a deeper way. Embrace social media. Not only do women use social media at higher rates than men , but interestingly, they use social media differently. Women primarily use social networking sites to make connections and stay in touch with family or friends; men gather the information they need to build influence. Combine your natural ability to network and stay in touch with the ability to conduct research and gather relevant contacts – it will ultimately increase your status and build your business. (How? See some of my other articles on social media for tips.) Consider a coach. Whether it’s a formal or informal mentor relationship, there is real value in getting feedback on your work and having an impartial opinion on your business. There are many coaching programs available to financial advisors. Take one for a test drive and see if you find it useful. Get connected to your local community. Many advisors believe strongly in philanthropy. Make it part of your firm culture. Volunteering not only feels good, but further builds your network. You can showcase your volunteer efforts on your firm’s website, as well as on LinkedIn and Facebook. Invite clients to participate in your efforts – whether a clothing drive, food drive, or trip to a shelter, to maximize efforts and share in the good will. Get published. It’s easier than ever to get published as a financial advisor and there’s great value in sharing your expertise. Consider a firm blog on your website or test the LinkedIn Publisher platform to get broad readership of your content. Topics should center on your firm’s value proposition and what’s of interest to the niche that you serve. Once you’ve written articles, you can further leverage them by sharing them with reporters who may have an interest in re-publishing the article in full or citing you as an expert. And of course, if you’re really passionate about a selected topic and have built up content, articles can be republished into an eBook or printed book. Maximize referrals. Rather than asking clients for referrals, paint them a picture. For example, mention that you’ve recently been helping a number of divorcees and widows who are feeling insecure and nervous about overseeing their household finances, then ask if they have friends who are going through something similar. Stay inspired
Whether you do yoga, travel, go for walks, or visit museums, I find that it’s crucial for women to remain energized and centered in their personal life, so that they can open themselves up to business success.
What other support mechanisms do you think women advisors need to succeed? How is being a female financial advisor different than being a male advisor? Let me know!
