Marketing to Women

Sheeva Izadi, Marketing Consultant

Women, thanks partly to superior longevity, are expected to control two-thirds of the nation’s wealth by 2030. Nine in 10 women will, at some point in their lifetime, be the sole financial decision-makers for their households; and about 70% of women leave their advisor within a year of being widowed.1

Some eye-opening statistics, right? Well, despite these numbers, women are largely under-targeted when it comes to financial services.

When it comes to managing money, paying for major expenses or planning for retirement, the needs of women are unique. Many may be intimidated by the financial world or perhaps they have put off saving for retirement because they are taking care of others or maybe they just don’t know what’s the best move to make regarding their finances. In any of these scenarios it is important to recognize the challenges that your female clients are facing and approach it in the best way that you can – which can often times be a different approach than you would use with your male clients.

Those surveyed in a study done by the Boston Consulting Group said that the industry doesn’t understand that women view money and wealth differently from men. The study reported that women don’t seek to accumulate money, but see it as a way to care for their families, improve their lives and find security.2

How can we better market to these needs? By using language referencing family and legacy. These topics can segue into others such as retirement and succession or inheritance planning.

Targeting the female demographic doesn’t have to be complicated. Here are some simple ways that you can facilitate a deeper connection.

Get Involved with the Community

Does your area have a women’s organization? Get involved! Offer to be a sponsor for events they may be hosting and participate in them if possible. Getting to know the community on a deeper level helps to alleviate any concerns or trust issues individuals might have going into the process of working with you.

Client Appreciation Events

Invite your female clients, wives and daughters of clients to an event catered to them. Host a wine or chocolate tasting, facilitate a private yoga class, or do a fun cooking event. The possibilities are endless, and any of these can be easily transformed into a referral or educational event.

Partner with Community Leader

Seek out women of influence in your community and form a working relationship with them. Ensuring that they are excited about your business’s mission and vision, collaborate on events to engage like-minded community members. Utilize their reach to create real, authentic content that appeals to your audience.

For more information on how you can implement these tactics into your marketing plan, contact your Marketing Consultant at 888-303-8755.

1. https://www.fa-mag.com/news/wanted–women-financial-advisors-25321.html?issue=260

2. http://image-src.bcg.com/Images/BCG_Women_Want_More_in_Financial_Services_Oct_2009_tcm9-125088.pdf

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Annuity Info You Must Have during National Women’s Month

Josh Ver Hoeve, VP of Annuity & Life Sales

March is National Women’s Month and if you have read our life section article you maybe are shocked with some of the statistics. If you have not read it, I would encourage you to do so. One way to help mitigate some of those risks many women face in retirement is by offering an annuity solution. I would say that it does not always make sense to sell a guaranteed income annuity instead of an LTC policy, we find that many times that is a client’s best option because there is NO medical underwriting involved for these benefits.

Not to mention, just about every client will need a guaranteed lifetime income, why not sell one with home health care benefits? Instead of medical underwriting, there will be a two or three-year waiting period before home health care benefits can be taken advantage of and it could take 3-6 months to qualify for after that waiting period. Most advisors and clients have no issue with those waiting periods because it also gives the time to allow the income and income account to grow. The proprietary products Asset offers through North American, PrimePath 12, not only provide a joint guaranteed lifetime income without a fee, they also provide home health care benefits, doubling the income if either spouse cannot complete two out of six Activities of Daily Living (ADLs). Neither annuitant needs to be in a facility but rather can receive an enhanced income at home.

PrimePath is often used for joint benefits because their home health care benefit does not reduce joint payouts. Here is an example; if your guaranteed joint lifetime income payment is $10,000 and you qualify for their HHC benefit, it will go to $20,000. There are a few insurance companies who have this benefit; however, they typically increase by 150% for joint versus 200% for single life income. If you do have a separate life case, I would like to draw your attention to the F&G Safe Income Plus. The Safe Income Plus is one of the best income products on the market even without the home health care benefits, and they will also double your income for home health care much like North American.

They will have higher guarantees than North American and work really well for single life guaranteed income cases. Please also note that F&G’s product and HHC benefit is available in many more states, such as California!

Contact our team today for more information on any these featured products at 858-303-8755.

Our Specialists are also here to help you with any illustrations and scenarios.

And take a look at Asset’s new life and annuity quote request tool.

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Planning for the Female Financial Perspective

Dee Costa, Sr. VP, Business Consultant
Josh Ver Hoeve, VP of Annuity & Life Sales

Women may represent the single largest business opportunity over the next several decades.  Here is just a sampling of why:

  • Women control an ever-increasing percentage of the personal wealth in this country – with estimates as high as $14 trillion – 51% of the current total
  • 67% of the nation’s assets are anticipated to be in women’s hand by 2020
  • 40% of women out-earn their husbands
  • Women continue to statistically outlive men
  • Womens’ financial lives are also often more complex than mens’ as they may need advice surrounding their roles as primary caregivers for not only their husbands but also their aging parents.
  • As women age, their longer life spans leave them more susceptible to suddenly taking on additional financial responsibilities later in life
  • 73% of women report being unhappy with the financial service industry
  • 87% say they can’t find an advisor with whom they can connect

Taking these facts into consideration, the industry should stop treating women as a small niche market that it could possibly serve. They are the market and their presence will continue to grow. In fact, according to statistics, women already make 80% of the purchasing choices in the current market.

The greatest risk women face in retirement is LONGEVITY! Longevity means that women have a higher risk of suffering debilitating illnesses, spending more on healthcare costs, and have a higher risk of ending up in skilled nursing care. Living longer means that women need to make sure that their money lasts as long as they do.

To help women plan for retirement, we need to help them grow and protect assets, as well as account for the traditional risks, such as inflation, taxes, and market risk. There should also be a focus on longevity risk, including planning for health care costs and the likelihood of needing some form of Long Term Care at some point.  Remember the goal of most women, is to never be a burden to their children.  If we can help them put that fear and worry to rest, we will allow women to live their BEST lives in retirement.

One of our best product recommendations that addresses this concern is an Asset Based LTC/Life policy or Asset Based with Chronic life insurance policy. These policies can be designed to protect women from many of these risks while adding additional protection benefits when a spouse passes.

Take a look at Asset’s new client approved brochure called Understanding The Importance of Long-Term Care and call the Asset Life Department to have us run an illustration for you at 888-303-8755.

1. Ryan Gorman. Business Insider. April 7, 2015. “Women now control more than half of US personal wealth, which ‘will only increase in years to come'”.

2. Judy Paradi and Paulette Filion. Strategy Marketing. 2016. “Financial advisors are failing women: What female clients
really want and how to change the dialogue”
.

I would say that it does not always make sense to sell a guaranteed income annuity instead of an LTC policy, however we find that many times that is a client’s best option because there is NO medical underwriting involved for these benefits. Not to mention, just about every client will need a guaranteed lifetime income, why not sell one with home health care benefits?

If you do have a separate life case, I would like to draw your attention to the F&G Safe Income Plus. The Safe Income Plus is one of the best income products on the market even without the home health care benefits, and they will also double your income for home health care much like North American. They will have higher guarantees than North American and work really well for single life guaranteed income cases. Please also note that F&G’s product and HHC benefit is available in many more states, such as California!

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