Everyone — male or female — needs a solid financial plan. I believe advisors can double their client base and production by focusing on working women. Too often, though, advisors overlook women as clients. This is unfortunate because many women are excellent clients who easily see the long-term picture when it’s properly illustrated, and they tend to have the patience to follow a plan.
Yet women aren’t always on the typical financial advisor’s radar because the world of advisors hasn’t caught up with the reality of the marketplace. With women in the United States graduating college at a higher rate than men, we are starting to have high numbers of professional women in the workforce holding more powerful roles. In 2010, women became the majority of American workers and surpassed men in attaining degrees higher than a bachelor’s, according to The Atlantic. These women often don’t get married until later in life, if at all, and may not have children.
Conversely, you have women who were married and now aren’t. Because they were out of the workforce and may be in their 40s and 50s, they have to recalibrate their financial plans. They’re also not a target market for a typical advisor. Finally, there are second marriages and blended families that may want their finances handled separately but don’t know where to start.
Keeping women as clients
When working with single female clients, or heads of households who are women, efficiency is the most important courtesy to extend. Time is valuable to them. You have a very small window of time to build trust. You likely can skip talking about last night’s basketball game or the latest movie you’ve seen — too much small talk is uncomfortable for busy women. Be clear about the work that you do, learn about their goals and dreams, be clear with recommendations and always follow through with everything you say you will. Set your next review with them in advance and it will be on their calendars!
One thing remains the same, no matter who your clients are: Always do the right thing for them, and the income will follow.
Victoria Joy Avedesian is a General Agent, Capstone Colorado.
Read more on this topic in
- “Coaching with compassion: Regina Bedoya helps women reclaim their lives through financial coaching”
- “Working with female clients”
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