Approaching female clients?
I read that by 2012 women will control 60% of the wealth in the US, and that also 2/3rds of the work force in the US are women (I'm not sure about that 2nd statistic but thats what they said).
So...as men, what have you found to be a barrier when approaching women as prospectant clients. Wether it be a Widow, single wealthy woman, or maybe just a couple where the woman is the bread winner or controls all the finances? Maybe you have some tips to share, or bad experiences where you looked like an ass.
I know we have a few women FA's on here too that can probably chime in with some tips from their own experiences.
I just imagine a female FA would be more successful at targeting female clients.
Being a woman myself, I wouldn’t object to a male financial advisor who is genuinely interested in helping me achieve my goals. I wouldn’t say that a female financial advisor has an advantage over a male advisor either for that matter. As long as you are competent, knowledgeable, and concerned about her well-being I would say your good to go.There was an interesting presentation that I listened to a while back titled The Difference Between Men and Women in Investing. The common thread was that women and men communicate differently (obviously) and how you communicate your message to a woman will determine her perception of you. There are challenges which are unique to women. The biggest issue is that they typically make less money (even if in the same occupation) than a man in their lifetime, so they have less to work with. Also women typically have a longer life expectancy so their money runs out quicker. All in all I would say it is how you market/brand yourself. Most wholesalers have seminars, ideas, things you can use to focus on this niche.
Hartford has a good seminar “A Woman’s Journey to FInancial Independance”. If delivered well, it’s a great seminar.I have found women to be great clients. They listen better, are more trusting, and aren't trying to find out how you are trying to scam them. They are genuinely interested in getting help. Men, on the other hand, don't trust anyone, are always looking for how they are being scammed, and they won't implement your recommendations, even if they think you are right, because they don't want to have to pay you. One caveat; Gen-X women are TOUGH (30-45 yr olds). They are practically like men when it comes to the above. Just don't try to "impress" women or talk over them. Talk to them like they are your friend or sister, or whatever. I don't mean be "simple". But women will admit that they don't like technical crap and jargon. Men will claim to know everything.
Just my experience but:
women invest like they are already wealthy. By that, I mean they don’t want to gamble with their money and they rarely have “play accounts”. They tend to take ALL of their money very seriously.
Women want advisers, not salespeople. Educate them, don’t sell them.
Women must trust you. They won’t be impressed by you and if you try it will come off all wrong. Women get hit on all the time and if your body language or actions appear in any way like a come on, you are finished. As was said, talk to them as your friend or sister.
Agree with previouis posts.
My best clients are women. They listen, they ask questions and once they trust you are a breeze to work for.
My experience is that when you meet with a couple with a good marriage, if you win the wife’s trust you will earn their business. Bad marrriage you have no shot because their goals are different.
Allianze also has a nice piece called “Women, Money, and Power”. It’s an especially good piece for the younger, Gen X’ers
Don’t think females generally favor female advisors, rubberman. A lot of women like male advisors. The best thing, for me, though, is to get in front of them (client bring a friend). Show them who you are, if they like you (most like to be treated like equals, are analytical and careful up front and totally trusting later), you’re in and will get referrals.
[quote=gvf] Allianze also has a nice piece called “Women, Money, and Power”. It’s an especially good piece for the younger, Gen X’ers
Except that you would NEVER want to sell and Allianze Annuity! Hartford, Goldman and Oppenheimer have good seminars.
Don’t worry Miss Jones, it’s a generic piece. There’s not even a mention of annuities if I remember.
[quote=MISS JONES] [quote=gvf] Allianze also has a nice piece called “Women, Money, and Power”. It’s an especially good piece for the younger, Gen X’ers
Except that you would NEVER want to sell and Allianze Annuity! Hartford, Goldman and Oppenheimer have good seminars.[/quote]
Why is it that you would never want to sell an Allianz annuity?