A new report
from Strategy Marketing
suggests women aren’t happy with the financial services industry? What can advisors do to change this?
Advisors can do plenty.
However, nothing will change until advisors understand what women want when it comes to money matters. Women in Canada control $1.1 trillion in financial assets. Yet statistic after statistic indicates this isn’t happening despite women growing their wealth at an astonishing rate.
The five big pet peeves of women when it comes to dealing with financial advisors: feeling stereotyped, being talked down to, treated in a demeaning manner, an assumption that their husband handles the finances, and not being taken seriously.
Considering how much is at stake when it comes to women and their money, you would think advisors, male and female, wouldn’t be so quick to judge. Especially when you consider that 1/3 of women earn more than their husbands.
Equally important is the fact that the average widow in Canada is 56 years of age. With significant assets passing into the hands of widowed spouses at a relatively early age it’s unfortunate that 80% of these women will switch advisors within a year of their partner dying. It should be a wakeup call to anyone taking their clients’ continued loyalty for granted.
So how can advisors meet this challenge?
For starters they can show women the respect they deserve. By simply asking the right questions, listening to their answers and generally caring about building a trusting relationship, women are far more likely to be happy with their advisor than if he or she is hell bent on forcing a bunch of technical mumbo jumbo down their throats.
There’s no quick fix for gaining the confidence of women. Only a real and genuine commitment to building a long-term relationship is going to be successful.
A wise person once said, “People don’t care how much you know until they know how much you care.”