Five Steps to Serving Widowed Women

Five Steps to Serving Widowed Women

The population is aging and the ranks of widows, currently consisting of 11.3 million women, will continue to swell.  This devastating transition prompts a high percentage to switch financial advisors or seek one out for the first time. They are aware that hundreds of thousands of advisors can invest their money, but they want more. They look for a competent professional who understands their grief and the challenges of their lives, and that is where they will place their business.

For future success, it is therefore crucial that financial professionals educate themselves so they understand the grief process and are equipped to communicate with and support widows. Use these five easy starting points to improve your service to widowed women:

1. Ask good questions and really listen to her answers.


Too many people tell a grieving widow they know how she feels, or they offer advice on how she should feel.  Distinguish yourself by being willing to invite her story so you find out how she actually does feel.  Ask non-invasive questions like “What do you wish people knew about what you’re going through?” or “What things have people said that were helpful, and what have they said that was unintentionally hurtful to you?” Listen well, and ask further questions based on what she tells you.

2. Every time you talk to the widow, whether on the phone or in person, give her the next time you will call to check in.


Grieving people are often anxious about becoming a burden to others. Calling anyone to ask for assistance takes courage and the willingness to risk rejection, both of which are in short supply. It is incredibly reassuring to know that you will call her instead. When you call, begin by asking what kind of a day it is for her and listen to her experience before going on to ask what questions she has for you.

3. Act in straightforward ways that build her competence.


Widowed women are afraid others will take advantage of them. Take great care not to speak in a condescending tone or to convey the impression she is incapable, deficient, or less than a full partner in the process. Assess her level of knowledge and educate her to the depth she desires. Keep her updated with easy-to-understand bullet points and summaries of your activities together, including the basic rationale behind them. 

4. Consider providing non-financial resource lists.


Use input from clients, friends, and associates to build a non-financial resource-and-referral list. Then if she needs a professional service (anything from car maintenance to a plumber), she doesn’t have to pick someone out of the yellow pages. Remind her that your list is based on input from many people and you are continually refining it, so you look forward to getting her feedback afterwards. When you follow up, thank her for helping you make it easier for others in her situation who need services in the future. 

5. Be patient with her.


Grief is a lengthy and somewhat unpredictable process, especially after such a major loss. Expect ups and downs, with frequent sad periods for months. Many widows describe the second year as even harder than the first, since the reality has fully sunk in and they’ve let go of so much, but they have not yet developed new goals or a meaningful purpose in life. Be among the few people who are willing to listen and support her over the long haul.

These are just a few of the concepts to put into practice so you can serve the ever-growing numbers of widowed women who will cross your path. 

Amy Florian
Life Transitions
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Amy Florian, CEO of Corgenius, combines the best of neuroscience and psychology with a good dose of humor in training professionals to build strong relationships with clients ... Click for full bio

Most Read IRIS Articles of the Week: April 17-21

Most Read IRIS Articles of the Week: April 17-21

Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, April 17-21, 2017 


Click the headline to read the full article.  Enjoy!


1. Market Keeping You up at Night? Look for the Right Hedge


Like so many others in the industry, I was wrong. For years, I was certain that the bull market was nearing its end. I thought the market was over-extended, and that, surely, the wild equities run was coming to an end. But everyone else was bullish, and perhaps rightfully so. And while I’ve watched equities continue on their spectacular rise, I do think now is the time (really!) to put a hedge in place. Here’s why. Here’s how. — Adam Patti

2. How to Manage Bond Market Pain and Seek the Gain When Rates Are Rising


The realities for fixed income investors have changed. How is this being reflected in markets? Bond investing has become increasingly difficult over the past decade. Markets have been heavily distorted by ultra-low interest rates and quantitative easing, as well as by extreme risk aversion in response to the global economic crisis and the eurozone debt crisis. — Nick Gartside

3. Seven Reasons You'll Fail as a Financial Advisor


Is being a financial advisor worth it? I am an optimistic person and I encourage other people to keep a positive mental attitude (shout-out to Napoleon Hill and W. Clement Stone). However, by taking a good, hard look at the negatives in life, we can successfully pivot towards the positive aspects that will help us achieve our goals. — James Pollard

4. The Secret to Turning Every Prospect into a Client


How do you treat one of your most valued, existing clients? Here’s a list of some things that come to mind. — Andrew Sobel

5. Why Do Clients Change Advisors?


According to many advisors I speak with, the only clients that leave are those who have died. And while attrition may not be a big problem in this industry, I have to assume that at least a few clients change advisors without doing so via the funeral home. — Julie Littlechild

6. Why You Should Focus on Getting Referral Sources


I was talking with an advisor last week about how to get into conversations about what he does. He was relaying the story of going jogging with a friend who could be a good client but is, more importantly, connected to a large network of people who fit this advisors ideal client description. — Stephen Wershing

7. How Big Picture Thinkers Seize More Opportunities in 7 Steps


Big picture thinkers are not unicorns - rare and mystical. And they were not born with the innate ability to think big. They do, however, pay attention to the broader landscape and take the time to think, analyze and evaluate. — Jill Houtman and Danny Domenighini

8. 5 Actions to Build Your Reputation


Your reputation is who you are and how you show up, Monday to Monday®.  Many of us take our image and reputation for granted.  Give careful thought to the kind of reputation that you would be proud of Monday to Monday® and that would resonate with your purpose and priorities. — Stacey Hanke

9. How Are You Poised to Begin Welcoming GenZ to Your Workplace?


The generational changing of the guard is a fact of life as old as time. Young replaces old in responsibility, importance, control and culture. Outside of the family, the workplace is perhaps where this is seen most regularly by most people. — Shirley Engelmeier

10. Are Price Objections REALLY Price Objections?


Next time you hear your prospects give you price objections, it’s not because of the price. The give price objections because they don’t know the full value proposition that they’d be paying for. And it’s not based on their need, or your features and functions. It’s based on the buying criteria they want to meet internally. — Sofia Carter

11. Understanding the Economic Value of Transition Deals


Last week we wrote about the economic rationale behind going independent vs. moving to another major firm as an employee. As a follow-up topic, we thought it prudent to analyze transition packages attached to big firm moves and peel back the layers of the onion to show the components of these deals. — Louis Diamond

Douglas Heikkinen
Perspective
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IRIS Founder and Producer of Perspective—a personal look at the industry, and notables who share what they’ve learned, regretted, won, lost and what continues to ... Click for full bio