7 Smart Ideas for Working With Female Clients

Women are a growing economic force. They currently control the majority of personal wealth in the U.S. and are projected to receive about 70% of the $41 trillion in intergenerational wealth transfers over the next several decades. As most advisors know, it makes good business sense to learn how to attract and retain these economically powerful female clients.

Here are 7 ways to build trust and foster good relationships with your female clients.

Source: Kathleen Burns Kingsbury, wealth psychology expert, KBK Wealth Connection

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1. Celebrate 1. Celebrate

Send a note, email or text of congratulations for both financial and non-financial victories.

2. Notice 2. Notice

Be aware of the details - both about a client's presence and about your own offerings. Female clients usually appreciate nuance, so take the time to give them something to notice.

3. Commit 3. Commit

Pledge to better serve your female clients. Take the time to ask questions about their lives, dreams and goals.

4. Educate 4. Educate

Women want advisors who can help them learn. Be sure you are not talking down to female clients and prospects; instead, get to know their level of understanding and empower them.

5. Create 5. Create

Develop memorable events or experiences for your top female clients to thank them for their business. To meet the next generation, suggest that clients bring their daughters, as well.

6. Invite Her Spouse 6. Invite Her Spouse

Be sure to ask female married clients to attend all meetings with their spouses. If you're not getting input from both partners, you're missing out.

7. Mediate 7. Mediate

Women in couples sometimes need help settling differences. Take the time to hear both spouses' sides of a story, and let them come to an understanding.

One final note - When thinking about your female clients, consider the concepts that resonate with them. These ideas can help you connect better with your female clients in many effective ways.

Women are a growing economic force, and as most advisors know, it makes good business sense to learn how to attract and retain these economically powerful female clients.

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Comments (3)
Men tend to view wealth as a way of making more money and achieving a certain level of success. Women tend to view wealth in the context of relationships and use their money to take care of those they love. When asked in a recent survey, 54% of women associated wealth with the word "security," whereas men surveyed associated it more with the words "success" and "power."
Posted by STEVE B | Tuesday, August 27 2013 at 2:12AM ET
Posted by jtllopsg k | Sunday, April 06 2014 at 2:30AM ET
Posted by jtllopsg k | Tuesday, April 08 2014 at 11:52PM ET
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