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Why the Women’s Markets can be Dangerous for Advisors

Why the Women’s Markets can be Dangerous for Advisors

Without a feminine compass, venturing into the lucrative market of women and wealth (while necessary for growth) can be dangerous, especially for male advisors.  Over the next decade, women will be the recipients of the greatest transference of wealth in our nation’s history.  While this shift presents an enormous opportunity for financial advisors, statistics tell us women are not happy with the financial services industry, leading to massive attrition.

This combination of wealthy women and their less-than-stellar impression of financial advisors is already forcing changes within the financial industry.  According to The Gender Gap in Financial Literacy 2015 study, while more women seek retirement savings projections and utilize asset allocation models than ever before, it seems they are doing so through their company retirement plans.  So why not through advisors?  Women’s desire to plan and prepare for the future is natural to their nurturing and multi-tasking nature, making them ideal candidates for financial advisors, yet there seems to be a disconnect.

The challenge for advisors today is that the approach that worked well for her husband, father, or brother does not translate well for the wealthy woman who represents her own interests, thus, change in the methods of effectively engaging women is eminent and necessary to future growth for advisors.

Advisors today have two choices:  

  1. Embrace this shift by integrating a new, more feminine model for success leading the industry in attracting female clients and women-controlled assets
  2. Or wait for massive attrition (women won’t tell you they are not happy, they just leave) that will force change.

For many advisors— especially men—venturing into this untapped market can seem daunting; without a roadmap or feminine compass, trying to appeal to women has the potential to cause more harm than good.  While the desire to provide women with the environment they want may be sincere, the fear of potentially alienating women can prevent advisors from moving forward.

In reality, this fear can be real. Most women won’t tell you they are not happy, and they often won’t say they felt disrespected or that you are speaking over her head, making her feel less than comfortable., No, she won’t tell you, but she may tell all her friends and family about this one miserable experience potentially damaging your reputation.

Achieving success in the women’s market is not rocket science, but it does require a new approach that transforms the way you communicate and educates women. Prospecting, selling, and closing while highly productive in a more masculine world does little to build productive relationships with women, often turning them off. A greater focus on building relationships, inspiring and motivating generates more positive and productive results with women.

Incorporating a more feminine business model, advisors can develop trusting relationships with women faster and more effectively. Using this new model, advisors begin to inspire women to consider other options and opportunities without selling them (which she abhors). And lastly, by implementing a more female approach, advisors gain the skills necessary to motivate women by giving them a voice, listening to what is truly important to them, and respecting her desire to become more confident in her financial independence journey.

Adri’s new keynote presentation, Success Re-imagined, in a post-pandemic world, investors demand more authenticity, transparency, and understanding, qualities that many women advisors bring naturally to the business.

Are you doing enough to keep your female clients happy? Lets find out.

After completing this 10-question survey, we will review your answers and provide you with recommended tools and strategies to meet your needs.

Do you have a story that tells women why you care about them?

Does your message about what you do appeal to women?

Is your message compelling enough to inspire further interest from both genders?

Have you carved out a place for women on your website?

Do you send regular emails that are of interest to women?

Do you post women friendly content on social media?

Do you host events and seminars for women only?

Is your office decorated in a way that women love?

Do you communicate in a way that women understand?

Are you getting enough referrals from women in your database?

Please provide us with your contact info, so we can send you your results!

First Name *

Last Name *

Company *

Email*

Phone Number *

Are you Male or Female?

Would you like to join Adri’s email database: Including marketing advice from Adri, updates on her latest coaching programs and direct access to her blog?

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Tell us a little about your business, and we’ll let you know what strategies will best help your business grow.

I want to strengthen my relationship with my female clients in order to prevent future attrition.

I want to actively attract more women in a way that inspires more referrals to my practice.

I currently focus on women and want a source of ideas, strategies and a supportive network to enhance my efforts.

I want a seminar process that both engages women more effectively and helps brand me in my community as the advisor that cares about women.

I want to make women a primary focus to my future marketing, but want a proven plan and process that is easy and effective.

Please provide us with your contact info, so we can send you your results!

First Name *

Last Name *

Company *

Email*

Phone Number *

Are you Male or Female?

Would you like to join Adri’s email database: Including marketing advice from Adri, updates on her latest coaching programs and direct access to her blog?

×
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