In a national study, when rating their level of satisfaction, women are least satisfied with the financial services industry than any other industry. This low level of satisfaction leads to a high distrust, making your ability to attract and retain women clients even more difficult.
You see, most women you pursue as a client often believe that you only care about her because you want her account. She believes you are only showing interest in her because you want her money. Until you can dispel these notions building her trust can be an uphill battle making the process of earning her business much longer process.
But, when you can share WHY you care about her as a woman, you will immediately gain her trust, respect, and the opportunity to earn her business.
Let me share a real-life example that will emphasize the importance of sharing your personal story about WHY you care about women.
In my early years as a financial advisor at Smith Barney, I remember cold calling a Mr. Solomon, dispensing with the typical industry protocol I quickly changed gears and said;
“You know, Mr. Solomon, my real passion is working with women.”
(This got his attention) I then began to share my story.
“When I was young, my Dad was an excellent investor. He managed our money well, made good investment decisions, and to his credit, constantly urged my mother to become more involved.
My mother did get involved and started attending their review meetings. Still, when she couldn’t understand the yield and pe ratio, the concepts significant to my father, and he made her feel stupid and incapable of learning. The worst part was Mr. Solomon; she believed him.
As a young woman starting a career as a financial advisor, women like my mother became my mission. I wanted to create an environment where women felt comfortable asking questions, where they could learn and become more confident in their ability to make important financial decisions. I wanted to create an environment where women felt supported in their efforts to become more engaged with their money. That’s why I do what I do.“
After sharing my personal story, Mr. Solomon immediately referred three women to my practice, which amounted to $3,000,000 in assets. One of those women referred her fiancé with $1.5 million in assets, and even Mr. Solomon became my client, transferring another $1.7 million to my charge. I raised $6.2 million in new assets because I shared my story about why my focus was helping women become more engaged in their financial affairs.
You see, when you share your story about why you care about women, you inspire trust. Your account about WHY you care about women can become your most potent and effective business-building tool. Almost every advisor has a story; the question is… what’s yours?