“Women are outliving their spouses and because they never dealt with finances before, they’re less confident about handling them later in life. As a result, they are more concerned about the stability of their financial future and outliving their money in retirement,” said Jeff Scott, head of market research for UBS Wealth Management Americas.
“Women who choose to leave financial decision-making and the financial advisor relationship in the hands of their husbands should seize the opportunity to take a more active role,” he adds.
And, what better way to do so than with encouragement from that financial advisor.
Here are some tips from Fidelity Investments on how to further engage your clientele, particularly those female clients.
- Think about how men and women communicate differently – male clients are typically greater risktakers and want solutions fast, while women are typically more conservative in their approach, and appreciate an advisor who is a good listener, understands unique financial concerns, knows their stuff and uses a collaborative approach.
- Re-evaluate your approach – consider altering how you deal with female clients and how you engage them in the investment decision process. Insist both spouses are present during client meetings.
- Educate your clients – Provide opportunities to learn more about investing by offering a client reading list, leaving relevant books and periodicals in your office’s waiting area, or host money-management workshops/seminars for parents and children.
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