How to attract and retain the female investor-for the Financial Advisor

Attracting and Retaining The

Female Investor

Presented By: Andrea Nierenberg

October 21, 201

.

Objectives

• Why is it Crucial to Focus on Female Clients?• “Women” are Not a Niche• Shift in Your Thinking• Connect, Cultivate, Collaborate• Strategies to Develop and Enhance Stronger

Relationships• Customize, Educate, Differentiate• 6 Steps to Attracting Female Clients• Why This Client will Become Your Best Referral Source

© 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com 2

.

Why Focus on Female Clients


• “Female economic growth represents the biggest emerging market in the history of our planet.” (Nielson and WSJ 2/2013)

• By 2020, women will control $22 Trillion. (Boston Consulting)

• 85% of all buying decisions are made by women. (Pew Research Center)

• The average American woman is expected to earn more than the average male by 2028. (Yankelovich)

• 70% of all new businesses are started by women.(Pew Research Center)

.

“Women” are Not A Niche

• Different types of women: traditional, married, widowed, divorced

• Non-traditional business owner/executive• Combination• Nearing retirement, in retirement, single parent

Each have different wants and needs from their advisor.


.

Shift in Your Thinking

• Conduct research (formal and informal)• Think differently about your business -

constantly evolve• Build a heightened awareness of what

women want when working with an advisor


.

Connect, Cultivate & Collaborate

• Where to meet them– COI’s

• Trust and Estate lawyers• Mediators• CPAs

– Industry events and associations• 2-2-2 strategy

• Almost everywhere - go where they are• Create a niche within your practice• 24/7 'networking' mindset• Look at your top 5 female clients. What is their media

consumption?


.

Develop and Enhance Relationships

• Communicate, learn about her life• Listen, pay attention to her values

1. Spending

2. Saving

3. Investing

4. Borrowing

5. Giving

• One size does not fit all• Clarity is key, simple is not always easy• Lifestyle and family issues


.

Develop And Enhance Relationships

• Use real life examples versus statistics and charts• What is important in an ideal FA to a female investor?

– Communicate the way I understand 69%– Responsiveness in getting back to me 68%– Protect from loss/ Competitive returns 63%– Understand what I worry about most 54%– Regularly scheduled communication 43%

• Focus on details (Source AgeWave/LPL)

• Silence means they are processing• Build rapport and trust• Empathize• Notice and validate her experiences


.

Customize

• Specific to her• Nurture and build the relationship• Follow-up continually• Personality and communication style—pick

up on the small details• Women and men are wired differently


.

Educate

• Make education central to your practice• Provide access to outside research• Create simple to use resources• Help women learn together• Focus seminars on life stages—

“life events” drive investment choices


.

6 Steps to Attracting Female Clients

1. Celebrate her financial and non-financial victories. Send a note, email or text.

2. Notice the details.

3. Commit to serving your female clients in the way they prefer.

4. Educate. Help empower her financially.

5. Create a memorable experience with each visit. Get to know her family and invite them.

6. Invite. If she is married and you primarily work with the spouse, invite her and get to know her. Her input matters.


.

Differentiate Yourself

• Why YOU?• How do you differentiate yourself?• What makes you the advisor of choice?• You are on 24/7. Think of yourself as an investment

counselor, financial coach and educator. Become her external financial partner.

• Instead of ‘closing the sale’ think of ‘opening the relationship’—commitment.


.

What is the Female Investor Ultimately Looking for?

• Just what men want—just differently• To be given options, information, education

and to feel like an external partner• A connection with their advisor—speak the

same language• Someone who will help build and preserve

their wealth and plan for the future


.

Why She will be Your Best Referral Source

• With trust and confidence, she becomes loyal

• By focusing on the relationship, you build advocacy

• She will spread the word—53% over 47% referrals from men (Pew Research Center)

• Creatively stay on her radar screen


.

What is Your Action Plan?

• Based on today’s discussion, what is one action step you can take toward attracting and retaining more female investors into your practice?


.© 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com 16

Date post:	13-Jan-2015
Category:	Economy & Finance
Upload:	andrea-nierenberg
View:	73 times
Download:	1 times

How to attract and retain the female investor-for the Financial Advisor

Economy & Finance