Most advisors are in denial, when it comes to their female clients.
When asked, most every advisor will share “I have a good relationship with my female client.” That’s what my parent’s advisor said until my mom transferred all her money out. To make matters worse, my mom’s advisor was a woman.I remember the call to this day. My mom rarely went against my father and they had been working with this advisor for 10 years, so when she called me out of the blue asking me to recommend another advisor I took notice. Curious as to why she would move her money she shared, “Our advisor only talks to your father.” Considering my mother's gentle and accommodating nature I’m sure her advisor had absolutely no clue my mom wasn’t happy and assumed she had a great relationship with both my parents.Most women won’t tell you they are not happy, they will just leave. According to Boston Financial 70% of women who lose a spouse through death or divorce (which is most women) will leave their advisor. This number can be staggering and should be a powerful motivator for advisors. To retain your female clients requires more today than ever before.
In the past, women were content to take a back seat but that is no longer the case. Women want to know that they matter, that their voice is heard and that what they need in terms of advice , education and a relationship meets their needs as a woman and an important client.Related: There is a New Sheriff in Wall Street and She’s Not Wearing a Corset!
Related: Two Marketing Points Financial Advisors Must Understand to Avoid Failure
Leading advisors in the world of women have incorporated the femXfactor into their business and marketing strategy.The femXfactor is about infusing key feminine components into every aspect of your business model creating a more positive experience for women. It starts with communication, your style even your vocabulary can set the tone for a refreshing new experience that women will lean into and talk about with other women (and the men who love them.) Incorporating a process that is designed to enhance women’s strengths indicates that she is a priority and that you understand how she thinks and works best. Lastly, by providing a community and educational component to your practice validates your commitment to engaging and empowering women which will, in turn, create exponential business growth.
But it all starts with WHY.
Until a woman knows why you care about her (and not just her money) it won’t matter what you do she will always be a little bit skeptical as to your real motives. This ounce of skepticism can breed doubt impeding referrals and undermining her loyalty. That’s why every advisor must share their personal story about why they care about women, one that is real, sincere and authentic.It may be a story about your mother left to raise kids on her own with no financial knowledge, a sister who is financially blindsided after a divorce, or a grandmother who never experienced the life she deserved. When you can tap into your source of motivation, an incident that truly inspired you to want to help women, it will quickly pave the way for a more fruitful, meaningful relationship that lasts for generations.This one story, well written and clearly articulated will open more doors than ever before. It won’t matter if you are talking to a woman or a man, prospect or center of influence. In today’s gender sensitive world your personal story will speak volumes.When you integrate these vital female centric components into your practice and commit to creating a more positive experience for women you will feel an immediate shift in your business. Prospecting will become a thing of the past as your message will attract more clients of both genders. Referrals, well you will never have to ask again, they will occur organically and more frequently. And instead of worrying about attrition your energy will be focused on appealing to the next generation of business growth