A Barron's Conference Notes That Women Investors Are Not A Niche; They're People With Different Needs Than Men
Another comment was made that women are just like people. Here’s the news…women are people! People with different advisory needs and different perspectives that need to be recognized by the advisors who serve them.
The fact is, there are more wealthy women between ages 25 and 44 than there are men. Women live longer than men. Eighty percent of women, at some point in their lives, will be the one making the financial decisions for the family.
Women start businesses and build wealth in much the same way men do. Women have succession and estate planning needs just like men do. But women have different issues they deal with in their lives. So, as much as women want to be treated equally with men, they do not want to be treated identically.
Women want to be listened to in a respectful manner, not a condescending one. Just like men, women have different levels of investment experience and financial knowledge. Women as part of a
client couple want to be included in the conversation with their advisors. Body language and direction of conversation are vitally important and immediately let women know your attitude towards them.
Viewing your role as an advisor as one of partnership with your clients—male or female—will foster broader communication that will enable you to break down any stereotypes or demographic assumptions you may have. And whether you are a male or female advisor, it’s these types of assumptions that have the power to destroy a client relationship before it even gets started.
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