Women are a growing economic force. They currently control the majority of wealth in the U.S. and are estimated to receive approximately 70 percent of the $41 trillion in intergenerational wealth transfers over the next several decades. As you know, it makes good business sense to learn how to attract and retain these economically powerful female clients.
Each month, I come up with a word that captures the essence of what advisors need to do to build trust and foster a good relationship with their particular female clients. Here are the top seven words on women and wealth, or tips, to help you begin to ponder how you can better serve women and their partners:
- Celebrate. Celebrate her financial and non-financial victories. Send her a note, email, or text to congratulate her.
- Notice. Notice the details. Female clients appreciate the nuances so take the time to give them something to notice.
- Commit. Make a commitment to better serve your female clients. Take the time to ask her questions about her life, her dreams, and her goals.
- Educate. Women want advisors who educate them but do not talk down to them. Meet her where she is at and empower her financially.
- Create. Create a memorable experience for your top female clients to say thank you. Invite her daughter and meet the next generation.
- Invite. Make sure you invite your female clients to all meetings with her husband. Her input matters.
- Mediate. Women in couples need help mediating differences. Take the time to hear both sides of the story hers and her loved ones.
What words resonate with you and your clients? What words do you want to add to the list? How can you continue to connect with your women clients in small and effective ways?
Kathleen Burns Kingsbury is a wealth psychology expert and founder of KBK Wealth Connection, and author of several books including How to Give Financial Advice to Women and How to Give Financial Advice to Couples, both published by McGraw-Hill. For more information, visit kbkwealthconnection.com.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access