Insight to Attracting More Female Clients

Insight to Attracting More Female Clients

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.”

Related: 7 Lead Generation and Client Acquisition Strategies

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

Annette Bau
Human Performance
Twitter Email

Annette Bau, CFP®, a Certified Financial Planner practitioner and the author of numerous products and four books including 101 Insider Secrets for Marketing to Affluent Women ... Click for full bio

Most Read IRIS Articles of the Week: March 19-23

Most Read IRIS Articles of the Week: March 19-23

Here’s a look at the Top 11 Most Viewed Articles of the Week on, March 19-23, 2018

Click the headline to read the full article.  Enjoy!

1. Multi-Factor or Not Multi-Factor? That Is the Question

Let’s pretend you are a US investor that wants to deploy some of your money overseas.  You think international developed market stocks are attractive relative to US stocks, and you also think the US dollar will decline over the period you intend to hold your investment.  — Chris Shuba

2. The Lies Spread by Bankers About Cryptocurrencies

I had a chat with The Financial Times the other day, and provided lots of background as to why I don’t think cryptocurrencies are the choice of criminals. The comment that was reported was the following ... — Chris Skinner

3. Alternative Investments? You May Need New Shock Absorbers!

During the tumultuous red and green gyrations of the capital markets this year have your clients anxiously called to ask: “What’s going on with my portfolio?” What do you do when the usually smooth ride in your luxury automobile becomes as bumpy as Mr. Toad’s Wild Ride in the Happiest Place on Earth? What does the average investor do? — Ted Parker

4. Why Fear of Inflation Is Rattling Investors

Inflation is a bad thing, right? It make things more expensive, right? For those of us of, let’s say, a certain vintage, we recall the runaway inflation of the late 1970’s and early 1980’s. So why does the Federal Reserve – in charge of managing the country’s currency and value thereof – actually try to create inflation? It’s called the inflation targeting and it matters to your money. — Bill Acheson

5. The Best Retirement Investments for a Steady Stream of Income

As you near your 60’s, your prime earning and saving years will transition into a period of time where you get to enjoy the “fruits of your labor,” a.k.a retirement. We call this segueing from accumulation to decumulation, the period when you will be drawing from your accumulated nest egg. Dana Anspach

6. An Emerging Theme In Thematic Investing

Exchange traded funds (ETFs) are popular vehicles for market participants looking to engage in thematic investing. Thematic investing looks to take advantage of future growth trends, including disruptive technologies. Given that forward-looking approach, stock-picking in the thematic universe is equally as hard, if not harder, than in traditional market segments. — Tom Lydon

7. 8 Winning Questions You Should Be Asking Every Prospect

It’s not enough for your salespeople to be product experts, they also need to be capable of having the kind of conversations that position them as business experts and even strategic resources. — Lisa Rose

8. 10 Steps to Successful Strategic Alliances

Business growth doesn’t come from wishful thinking. As you know, it takes a lot of hard work. The growth of your business is not an option – it is a necessity. Coordinating the right mix of strategies to gain market share and improve client acquisition rates is essential to advance your firm in today’s economy. — Michelle Mosher​​​​​​​

9. Keep It Light: Harnessing Humor for Financial Marketing Success

It’s undoubtedly true that investors’ financial security is no laughing matter, and this is reflected in the stolid, dour, reliable imagery and branding that is, by and large, the industry standard. This is hardly surprising—investors need to believe they’re placing their hard-earned money in the hands of experienced, trustworthy professionals. — Alexandra Levis​​​​​​​

10. Do the Economics of a Move to Independence Really Add Up?

The number one question advisors ask when exploring a move to independence is how the economics compare to accepting a recruiting package from a major firm. It’s certainly a valid concern, because while the recruiting deals being offered by the wirehouses are down, it is still very possible for a top advisor to get a really attractive hard-to-pass-up offer. — Mindy Diamond

11. Four Big Reasons Why Short-Term Muni Bonds Should Excite You

Municipal bonds might not be the first thing that comes to mind when you think of a sexy investment. They don’t typically command news headlines like the stock market or bitcoin. — Frank Holmes

Douglas Heikkinen
Twitter Email

IRIS Co-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 ... Click for full bio