There are those that think ONLY female advisors can effectively capture the affluent female market place, that couldn’t be further from the truth. My Mom left her former Advisor (a woman) and moved to work with another advisor,( a MAN). Gender was NOT the issue. He was more personable, communicated well with her and really took an interest in her life. That’s REALLY all it takes to attract the affluent woman client.
According to Hannah Shaw Grove the number 1 factor women look for in a financial advisor is Chemistry. Regardless of your gender when a woman feels this chemistry she is more likely to become your client and loyal raving fan. So now the question becomes “How do I create that chemistry?”
Chemistry between a woman and a financial advisor consists of three characteristics, characteristics that can easily be mastered by either gender;
1. Interpersonal Skills; Knowing how to connect with your audience, asking thoughtful open ended questions and engaging the other person in a reciprocal conversation. Women need to learn about you just as much as they want you to learn about them so you must be prepared to share your own stories about life. The traditional methods of “profiling” a client (you asking question and they answer) lacks the interpersonal, back and forth communication that is necessary to build trust and chemistry with a woman.
2. Communication Skills: This is not about how well you can promote yourself or how well you articulate the products, tools and resources you have available. Good communication is about speaking in the language of the listener, being able to explain who you are and what you do in a way that the listener can understand and relate to. In most cases financial advisors have used the industry speak and jargon often speaking over the heads of the listener, this is one of the quickest ways to lose a female client.
3. Expertise: It’s important to note that expertise is the third characteristic (the bottom of the list) yet for most advisors it is the only aspect they focus when trying to lure a prospect. Women won’t care about what you know until they know that you care about them. So much energy is channeled into building up your expertise that it can consume the conversation denying you the ability to utilize your interpersonal and communication skills. In most cases you have simply BORED them. You must learn how to convey your expertise in a way that leaves them feeling confident yet not overwhelmed.
Chemistry is gender neutral, any advisor can learn to become more personable, speak in the language of their clients and present their expertise in a way that reinforces the confidence and trust; trust already established by your interpersonal and communication skills. Whether you are a male or female advisor creating that chemistry is a sure fire method of building a highly successful practice within the world of women and wealth.