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Four Sure Fire Ways to Succeed in 2018


Four Sure Fire Ways to Succeed in 2018

1. Get out of Your Comfort Zone

Think about it honestly. Have you been doing business the same way year after year and expecting better results?

We see financial advisors on a daily basis who say they would like to grow their business but when it comes right down to it, they are reluctant to change how and with whom they do business.

Make 2018 the year you step out of your comfort zone and start prospecting for female clients. Learn how to reach out to women on a personal level. It may not be intuitive but the good news is that studies have shown that advisors who take the time to connect with female clients and develop a relationship with them come out on top. 

2. Brand your practice “female friendly”

Consider this: women control 1/3 of all wealth and that’s likely to grow to 67% of all financial assets – yet 73% are unhappy with the service they get, 87% claim they can’t find an FA they can relate to and 80% of widows leave their existing FAs when their husbands die.

Why wouldn’t learning how to make your practice female friendly be a priority?

Related: 3 Reasons Financial Advisors Need to Pay Attention to Women

3. Learn how to prospect for female clients

Prospecting for women is not about hobnobbing on the golf course or glad handing at social functions. Successful advisors understand that an ongoing, sophisticated and organized effort is required. 

The first step is understanding that women’s approach to finances is very different than men’s. For women it’s not just about your successes and how you invest but about how well she can relate to you as a human being. 

4. Put your ego in your pocket 

What’s your process? Do you dive right into talking about your investment methods, or boast about your firm’s investment performance? Many advisors feel that the best way to sway clients is to demonstrate their “winning” strategy, but that is the worst approach when it comes to women. 

Women are looking for is an authentic connection with you. So be honest, ask questions, be interested. Instead of talking about yourself — start with “tell me about you and what’s important in your life” and then actually listen and act upon what she says.

No matter how tempting it might be to talk about how good you are at your job and the amazing returns you can achieve, remember it’s not about making yourself look good, it’s about making her feel good about herself. 

Take away

Understand that women are no longer a “niche” market – they are the market. And it’s a market “ripe for the picking” for advisors who are willing to take the time to understand what women want and deliver services that relate to their lives. The caveat here is, “you can’t fake it.” Take a course and learn how to successfully prospect for women – it will be the best investment you can make in 2018.

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