How to Add More Raving Fans

Just listened to a great call sponsored by Vanguard about how and why female clients quickly become your RAVING FAN.  What I loved was that everything she said only validated the work I do with the financial advisors I coach.  Here are some of the statistics that I found of interest:

  • Just over 50% of the women with wealth have earned it the rest have acquired
  • The greatest motivator for women with wealth is Independence and Pride
  • Their lack of knowledge is based on that lack of interest – many find stocks and bonds boring! Yet this also enhances their desire to work with a professional who will guide and lead them.
  • Two of their most pressing concerns: Losing money and making a BAD decision with their money
  • Philanthropy is a high interest for more than 50% of the wealthy women – don’t ignore this
  • 70% of wealthy women depend on a referral from their lawyer or CPA to find and Advisor

What I found most interesting about this discussion and not that it was news to me ;

Lack of chemistry was the number 1 deal breaker when choosing a financial advisor.

3 prerequisites must be demonstrated in order to land a wealthy female client :

  1.  Good interpersonal skills
  2.  Financial expertise
  3. Strong communication skills.

When these prerequisites are met and demonstrated in most every case cost and performance was not an issue.

Another important point that I found fascinating was that :

  • REFERRALS:  74.6% of the women find advisors through referrals from others
  • SEMINARS:  57.4% found an advisor through a seminar
  • COI’s (Centers Of Influence): 37.6% found their advisor through their Center of Influence
  • COLD CALLING: Just 8.8% of women found their advisor through cold calling.

Why any advisor would NOT concentrate a large percentage of their efforts on affluent women is beyond me.  They are more loyal, more appreciative of your value and give you more referrals.   So why when we hosted a national call focusing on targeting the affluent woman was it mostly female advisors that signed up?  There not exactly the ones who need the added coaching…..

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