I truly believe the best way for women to create wealth is by working with financial professionals. But, according to the Wall Street Journal, “fewer than one in five women currently has an advisor.”
Why? Because women can’t find anyone who understands them.
Advisors are talking to women just like they do men. Big mistake. True, money knows no gender. Women, however, are very different from men. Yet the financial world is based on the male model of communication.
Last week I offered 2 pointers answering the question: What would you like to tell the financial industry about how, specifically, they can better serve women?
Here are 3 more.
What Women Wish You Knew Before They Walk into Your Office, Part II
1. Women want to be educated.
Men like to learn through trial and error. Women like to be taught. In a study by Deloitte Touche, 90% of the women expected their financial advisor to educate them. They even rated service, advice and education far ahead of performance. What’s one of the best ways to educate women? Seminars. Why? According to an Emory University study, “the pleasure and reward centers of their brain light up if they can work towards their financial goals in a cooperative way with other women.”
2. Treat women as intelligent adults.
I’m aghast at how many advisors still tend to patronize women, address only the husband, or speak ‘financialese’. Being treated with dignity is a big deal for women. We do not want to be sold to or pressured in any way. We want to feel listened to, understood, given choices and time to make our decisions. When we say “I’ll think about it” it doesn’t mean ‘no’…it usually means we’re going to kick around the ideas with others, which is what women do!
3. Women clients tend to be more time consuming, especially at the beginning.
Women expect more service, ask more questions. But she’ll be your client for life if she knows you are there for her, as her partner, a part of her team, an advisor she can trust. In my 1st appointment with Eileen, my longtime advisor, she told me: “My job is to see your needs are met. It’ll take time but I need to find about your goals and level of risk.” And she did. Then she gave me choices. “I see myself in partnership with you. Here are your choices. Let’s discuss each of them and figure out what is best for you.”
This is by no means a definitive list. What would you add? Share in the comments below.
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