Fully understanding the impact of the female investor on your business is essential to your long-term success. In my opinion, the real challenge for advisors is learning how to attract, retain and serve female clients.
Before taking on those three challenges, I recommend that you first evaluate the actual gender demographics of your practice. That assessment will provide a good measure of your success with attracting and retaining female clients. If your practice reflects U.S. demographics―according to the U.S. Census Bureau's there are nearly 5.5 million more women than men in the country― more than half of your client base would be women. Only after you evaluate demographics of your practice can you move forward with repairing the disparities and pursuing the untapped opportunity.
Once you've evaluated the actual gender demographics of your client base, the next step is to allow the information to guide you. Ultimately, you shouldn't just pursue the untapped opportunity, but rather pursue the untapped opportunity in a manner that can be a long-term win-win for all through a multi-faceted, well-executed approach. Like many others, I readily recognize the opportunities presented by building a female client base. The challenge that I think we all agree on is how to genuinely and effectively serve the female marketplace. Recommended next steps include: