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A Failure to Communicate: What Financial Advisors Say and what Female Clients Hear

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It’s not news that men and women think differently and while this has been a great source of material for comedians, it is no laughing matter when it comes to personal finance.

When financial advisors “misinterpret” what a client is saying or visa versa, it can lead to confusion and even hurt feelings at best; but, at worse, it can mean a lost client.

Understanding how women think and recognizing your own insecurities and preconceptions can go a long way toward avoiding misunderstandings and developing a deeper more trusting relationship with your female clients.

For example, women think of investing in terms of life goals and they are generally not as confident about their investing skills as men so when you say, “don’t worry about that,” she is likely hearing, “you’re too stupid to understand.” And when you talk about growing her wealth, she may well be thinking, “what does this have to do with my life?”

On the other hand, financial advisors, predominantly male advisors, hear what their female clients are saying through their own filter. So when a female client says, “I want to think about that,” he may assume it is because she doesn’t trust him, when actually it is simply a reflection of her more cautious approach to investing. Rather than take offence, it would serve the relationship better to say, “take the time you need, and don’t hesitate to reach out if you have any questions. I’ll follow up with you next week.”

Some common phrases you may be using – and what your female clients may be hearing:

What your female clients may be saying – and what you might be hearing?

Take away

Be careful how you phrase things. Think about how what you are saying might be perceived. If she looks less than happy, ask questions until you are both on the same page. And when she speaks, try to see the query from her perspective and ask questions if you don’t understand her.

Learn how to Retain Female Clients through this online course and earn CE credits. Or visit us at here and learn everything there is to know about what women want and how to serve them well.

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