Attracting affluent female clients is critical to sustaining and increasing the firm’s market share.
Women control $20 trillion in U.S. wealth and are expected to control more than $40 trillion by 2020.
Although most advisers understand the importance of attracting and retaining affluent female clients, up to 98% of women leave their adviser when they become widows.
In order to get and retain a share of this market, advisers need an executable plan. Here are five steps.
Step 1: Assess clients.
Create a spread sheet to assess clients in various categories. These may include likeability, net worth or niche to name a few.
Next, create additional categories such as charities, groups, churches and organizations that they support and to which they belong, what they read or watch on TV and any other important information.
Using the spreadsheet, look for commonalities that they have with other clients and opportunities to maximize exposure to people like them.
Affluent women are generally friends with other affluent women, and it is very likely that the groups to which affluent female clients belong will have other similar members.
Step 2: Advisers should determine with which type of affluent women they are most compatible.
Determine the best fit, whether it is traditional women such as homemakers, or business owners or executives. Some women fit into more than one category.
Step 3: Seek out the appropriate target group.
Women tend to have similar priorities to men, but an array of different challenges. A recent Pershing study outlines six key differences that advisors should consider when working with female clients.
Affluent women may be found at business functions; charity events; groups that cater to hobbies such as golfing, wine tasting or hiking; church events; groups that play bridge; or school events for their children or grandchildren.
Step 4: Attract the ideal clients.
To build market share and attract affluent women, advisers need to find out what they want.
A great strategy is to create a questionnaire that provides insight on what the ideal client wants and how the firm can best deliver it. Make a commitment to meet each week with affluent women who fit the ideal client profile to complete the questionnaire.
Step 5: Retain Them
The key to retaining affluent women for life is to create a community. Those who have done a good job of identifying the ideal female client will find that they can retain their clients and get more referrals to those with similar wants and needs.
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