Advisors who are good communicators have clients who are more compliant and give more referrals. Understand how to manage three important types of conversations.
Financial institutions need to tread lightly; it's very easy to miss the mark when offering loans and related services to women.
With recent changes in marital laws, more gay couples are seeking the counsel of financial advisors to help them navigate the complex legal and financial landscape that comes with being in a same-sex partnership.
There are plenty of myths about women and money and it's important to bust these myths wide open. But people also have misconceptions about men and money. Here are just a few.
Use these key concepts to make sure you're reaching women.
What do you think? Is the younger generation breaking down the barriers and being more honest about their thoughts and feelings about money?
Your clients need help understanding and gaining insight into what makes it so hard to set financial limits with their children before they can curtail or slow down this behavior. Questions aimed at the underlying motivations are much more effective than showing them scary charts and graphs.
As a financial advisor working with couples, it is important to appreciate the lifecycles of a couple and how you can help your clients during each phase of their lives together.
Women are a growing economic force. They currently control the majority of wealth in the U.S. and are estimated to receive approximately 70% of the $41 trillion in intergenerational wealth transfers over the next several decades. It makes good business sense to learn how to attract and retain these economically powerful female clients.
Globally, women are more economically powerful than ever before. Kathleen Kingsbury write that, despite this financial influence, many women still struggle to express their personal power in the workplace.
Advising clients financially can be emotional business. A female-friendly advisor knows how to validate clients’ feelings while assisting them in making sound financial decisions. This is not an easy task, however, and a simple technique called the Wise Mind can help.
Many financial service firms are targeting women as their economic power increases. The best way to market your practice to any demographic is by providing high-quality services. However, it is also prudent to have a marketing strategy that speaks to your ideal clients and clearly articulates how these clients can benefit from hiring your firm.
Ninety percent of women report feeling insecure when it came to personal finance and 48% of women agree with the statement, “Investing is scary for me.” These statistics highlight the need for financial advisors working with women to foster financial confidence in their clients as part of the client engagement.
While affluent women present a unique challenge to you as the advisor, they also represent a big opportunity as well.
Financial advisors have a bad reputation with women. Most feel slighted by the industry and see it as catering only to male wealth creators. They resent the assumption that women are disinterested in financial matters, are not good with money, and "should not worry their pretty heads about it." They are dissatisfied customers, who have real economic power. And they are unhappy that the financial services industry does not provide products and services to meet their needs