Women are rising up and realizing they have stayed quiet for too long. They are no longer content to sit on the sidelines while their husbands and advisors manage their financial affairs. They acknowledge that while the financial services industry has done little to encourage their participation, their own personal scripts and limiting beliefs have contributed to their lack of involvement and commitment to their financial affairs.
The Diary of A Wealthy Female Client is a fictional story that shows the evolution of a woman just starting out on her financial journey. The purpose is to highlight the typical issues and challenges that cause women to eventually lose control of their financial lives and ultimately fire their advisor. I hope you will find this truthful, enlightening and a bit entertaining. Enjoy.
I finally got John to agree to meet with a financial advisor yeah!! I really want us to start saving and planning for the kids college and were starting to make good money so I want to do everything right. I’m not sure why John was so resistant but I’m glad he finally agreed to go. I am anxious to get started. A neighbor gave me the name of the guy that he works with, said he has done a good job managing their money so I gave him a call, we go next week. I think I just like feeling in control (at least that’s what John always says). Feeling good…..
We met with the financial advisor today and I must say it wasn’t as good an experience as I was hoping for. It was kind of annoying that most of the time he spoke to my husband. I mean he didn’t ignore me but I felt his questions to me were simply to check off a box not to really hear what I had to say. Heck, John always interrupts me anyway; sometimes I wonder why I bother. After a while I found myself thinking “When is this going to end, I have some errands to run and have to be at my appointment at 11:00”. Why was I so looking forward to this meeting in the first place, this isn’t fun. Feeling disappointed…
1. Assume it was the Woman: As an advisor assume that it was the woman who was the catalyst to meet with you regardless who called you which may cause you to direct most of your questions to her.
2. Engage her and Listen: Women really want to be heard and acknowledged in this process. Use purposeful open ended questions to allow her the opportunity to provide you with information you may never have asked for:
• Tell me Mary what prompted you and John to come see me today?
• What were you hoping to accomplish in our meeting today?
• What roles do you both play in managing your financial affairs?
• How involved would you like to be?
3. Be Timely; Women are notorious for thinking about what they have to do next. By clarifying your time you will be better able to get her undivided attention. At the beginning of the meeting be clear on what you plan to accomplish and how long the meeting will last. Be sure and finish at that time unless the potential clients decide to stay longer.
• I expect this meeting to last 45 minutes, does that work with your schedule John? How about you Mary?
• Do you have any pressing appointments following this meeting that I should be aware of?
By following these key points Mary’s journal entry will be markedly different turning her trepidation into anticipation for your next meeting.