The Spectrem Group, an investor research group, just published their 2011 study on “Wealth Women Investors” (link to purchase the $5,000 report below). The results mirror The $14 Trillion Woman. Below are key facts and what to do about it.
UHNW women worry more than less wealthy women about:
- Running out of money
- Personal health
- Care in their old-age
- Care of elderly parents
- Suffering financial castastrophe
All women investors worry more than men about:
- Having enough money for retirement
- Overall economic conditions
- Well-being of children and grand-children
- Safety and avoiding risk in investing
“Help clients plan for overall life issues rather than asset allocation”
Tip of the Day – Refresher on How:
- Ask questions about life and family
- Listen, listen, listen
- Ask what worries her
- Explain how working together will guard against the “worries”
- Tie the investments to the impact on life and family
Story of the Day:
I frequently work with advisors on prospecting strategies. Recently, I was working with two partners on branding messages to new prospects. They shared a sample of their usual message, which included an explanation of investment strategies using common financial terms. I said:
“Guys, without the financial jargon, what does it actually mean in the life of the client?”.
We all laughed, since they intended it to be clear. Then one of the partners said “It means, if you become our client, you will have an 85% chance of having more money than you expected in retirement.”
BINGO!! Sold! Tell everyone (women and men) exactly that! Since then we’ve gone on to develop even more compelling messages to develop prospects, increase loyalty and generate more referrals (and it’s working!).
Moral of the Story:
It’s really not hard. If you don’t already, focus on what it means practically and explain it that way. It ‘s compelling for women and for men too!
Resource of the Day:
If you want more of the research data, click below to purchase the $5,000 survey report:
