Today, we dive into insights for attracting more female investors intro your business.
I recently received a great question from Joe, an advisor with a major firm:
“My goal is to attract more female investors to my practice. I have been trying to implement the research process but have had very poor results. Can you give me some insight?”
During the conversation with Joe, I identified a few key elements that turned his results around, and can do the same for you, too!
Below are the five steps to help you attract more female investors:
Step #1: Identify Your Ideal Client
Joe’s first challenge was to identify which affluent women he was targeting. While Joe wanted to work with combination/non-traditional women (women with a career and a family), many of the women he was talking with were traditional (homemakers & wives). He was not aware that there are five different types of affluent women, and that the approach to them differs depending on which group you want to serve.
Step #2: Conduct Research
After some additional research, Joe determined (with a little bit of help from me) that some combination/non-traditional women do not see themselves as “female investors” and do not feel qualified to provide insight on investing.
While the term “investor” has worked for male clients who see themselves as “male investors”, that doesn’t necessarily mean that it works with women. Interestingly, many of the women who see themselves as “female investors” often think in terms of real estate. Make sure that before you use terms or language, you confirm that your prospects and clients understand what those terms mean and can relate to them.
Step #3: Offer an Incentive
One of the most effective strategies to get women to take the time to answer your survey is to provide them with an incentive, such as a special report or a whitepaper. Joe was providing no incentive, but was hoping these successful and busy combination/non-traditional women would agree to participate. Once he took the time to find out what incentive would motivate them, he created a special report that provided insight on some of the common mistakes that combination women make when investing. He quickly started getting traction, and was able to get some of the women who had initially declined the interview to actually participate.
When you are conducting your research in step #2, take the time to find out your ideal client’s biggest challenge and what keeps them up at night. Next, create your paper on the topic, and get it approved by your compliance department. Some examples of topics include, “The 10 Best Strategies to Achieve Financial Freedom” and “What You Need to do to Avoid Investing Mistakes.”
Step #4: Shift Your Focus
Joe, like many advisors, was focused on his goals. He was also very proud of the return on investments he manages. The key with the majority of females (as with all prospects and clients) is to focus on what they want, versus what we want. The majority of women are more concerned about the “ROR” (Return on Relationship) than the “ROI” (Return on Investment). What we think pales in comparison to what our clients and prospects think/want. When you shift from your focus and goals, to their focus and goals, your business can’t help but explode, as it did for Joe.
Step #5: From Chaser to Attractor
Joe is a big producer and has an intensity that has served him well with his bottom-line, aggressive, business-owner clients. He like so many other male advisors jokes about “loving the hunt” in his quest to find new clients. While the chaser model can work to find some new clients, a better approach with women is to attract them. We attract clients by offering them what they want, how they want it. Some great attractor strategies include creating a community, relationship marketing, feeder workshops, and reciprocal referral partners.
This article originally appeared on PMA360.com.
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