Dee Costa, Sr. VP Business Consultant
The country is seeing a shift from a primarily male-dominated financial industry to a rapidly growing female demographic, with both female advisors and female clients, and this growing presence has forced a cultural shift. In fact, the female demographic is stronger than ever before. In this article, Asset Marketing Systems would like to focus on a few specific attributes that female advisors possess and also shed some light on how all advisors can benefit from understanding the differences between female and male financial decision-makers.
Statistics show that women are living longer, earning and inheriting sizeable sums of money, and becoming more engaged in the process of managing their wealth. In 2020 women controlled $72 trillion dollars of wealth, and according to Financial Advisor Magazine, two-thirds of the nation’s wealth will be controlled by women in 2030.
Women bring a plethora of unique and natural strengths to the world, but these intrinsic qualities make women excellent clients and advisors.
- Women are relationship-minded
- Women are driven by a purpose
- Women are masterful communicators
Women desire a more balanced, holistic approach to finance. Because women tend to be relationship-minded, they are more inclined to invest in long-term relationships with their advisors, and the woman-to-woman connection with like-minded female advisors adds strength to the equation. They want to form a true connection. Nurtured by nature, most think of money differently than just the numbers. Families, charities, and in general relational connections weigh in on their financial decisions. Perhaps most important, women are usually motivated by a purpose that runs deeper than a paycheck.
Driven By a Purpose
Many women in the industry came into the business because of a personal experience. Either they were beneficiaries of life insurance after their spouse died prematurely, or they were left stranded by the lack of life insurance. Some were impacted by seeing family members who suffered financially due to an absence of planning for things like Long Term Care. These experiences, especially coming from a female advisor, create a purpose that female clients can connect with.
For any advisor, developing the “why” that reveals a little about who you are and your reason for becoming a financial advisor helps create a stronger, more intimate connection. We all have a story inside of us that drives why we do what we do. Before you can “speak” about your why you need to “investigate” your why, digging deep to explore your feelings and your desires to help you recognize what truly drives you. From there, you will create a script so powerful that every word coming out of your mouth rings true and aligns with your actions, marketing, and business process. This one story will inspire more interest in your services, create a foundation of trust, and clarify your purpose in a magnetic way that ultimately attracts your ideal clients. The “why” is your bulls-eye!
By implementing a purpose-driven practice, you will no longer question your value. You will have more confidence that you are earning your fees, and you will feel less stressed and more organized. Your focus will be clear.
Because your marketing message is a true reflection of you and your beliefs, it will hold its value for many years. So make sure that as you market yourself and your services, you present yourself in a way that truly stands out. Be very image conscious!
Choose a course of marketing that fits with who you are. If speaking in front of people makes you break out in a cold sweat, that’s probably not a good choice for you. If you love to host webinars, make sure you plan one every few months and incorporate that into your brand.
When marketing to the female client, choose your words and images strategically. Depending on where you live and what is open, there are many creative ways to attract female clients. See the Marketing Minute for ideas.
Everything you do must be driven by what works for you and your market. This is your business, your unique message; own it, embrace it, and broadcast it far and wide.
Leveraging female attributes in the financial world creates a profound impact. It softens the process to become more personal. It encourages trust, communicates a sense of ethics, and forms an environment where all of your clients feel well cared for.
Asset has several marketing tools available to help you capitalize on this growing market. We invite you to be a part of our demographic movement to meet the needs of female advisors and clients.