When The $14 Trillion Woman: Your Essential Guide to Engaging the Female Client was published (late 2009) we were still reeling from the global economic meltdown. No one wanted to talk about reaching this huge and open marketplace. Everyone was too busy trying to hold on to their existing clients and their jobs. No time or energy for reaching new clients.
That has all changed! There is a sudden urgency to reach women investors. Success will take some intentional changes, but it’s worth the effort. Here’s why:
Fact of the Day – Positive Impact from Women Clients:
- Women are people loyal. They stay with you!
- Women give 3 recommendations for every 1 from a man
- 46% of women now earn equal or more than their husbands
- 79% of high-wealth couples are dual earners
- 85% of women handle the family finances
- Women control 50% of the nation’s wealth (The $14 Trillion Woman)
Story of the Day:
Just this week I spoke to two women financial professionals. One was young, fresh and following her instincts. One was experienced and trained in the ways of Wall Street. Take a guess on who is finding success and who is experiencing sudden reversals?
Success by NOT following industry patterns: A female advisor landed two couples (this week) as the sole advisor on all investments because the wives got what they needed. Here is what the advisor heard that sealed the deal: “Honey, this advisor listened to me and explained everything clearly, your guy never does that for me. We’re going to move all our investments here now!”
Reversals on Old Methods: A seasoned female advisor is suddenly experiencing some reversals. Recently, this woman lost a client who attended a client appreciation event then a few days later, closed all her accounts. Then, the advisor lost a 20 year client relationship with a retired client. The advisor always assumed at a certain age, the son would step in to manage the investments. Instead, the client gave control to his daughter who swept in and closed the account immediately.
Moral of the Story
I met both of these women recently and the contrast is striking. The one who experienced success portrayed all the qualities I describe in the $14 Trillion Woman. I am not surprised by her success. The seasoned advisor displayed the old-school qualities that drive women investors away.
A marketing expert once told me the key to success is clearly understanding what you do. The old school way is to sell power, prestige, expertise and elitism because financial services was a prestigious and exclusive luxury.
NOT anymore. Now, people have gobs of choices and lots of skepticism. Today, successful advisors will focus on earning the right to serve through care and trust.
Resource of the Day:
The $14 Trillion Woman: Your Essential Guide to Engaging the Female Client – (click title to order via Amazon)
72% of respondents to a recent McKinsey survey believe there is a direct connection between a company’s gender diversity (more women) and its financial success. link to survey
