Women Travel in Packs: How Bringing in One, Brought Them...

LPL Financial Member FINRA/SIPC

1Member FINRA/SIPC

Megan R. Dalton, CFS®, CFP®, Partner

Dalton Wealth Management

West Chester, Ohio

Women Travel in Packs:How Bringing in One, Brought Them All


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Let’s Take a Poll


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“I’m going to the little boy’s room…Do you all want to come with me?”


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“Come on girls!!I’m headed to the bathroom!!”


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You see 5 or more girls collectively run into the bathroom….And I know what you’re all thinking…

• How do they all fit in there at once?

• What could possibly be going on in there?

• Are they braiding each other’s hair?

• Are they part of a secret girls-only bathroom cult?

What are they

saying about me?


6

Two is Company, Three’s a Crowd, but Four or More is a Party!

Don’t worry,

you’re not treading in dangerous territory trying to understand the inner workings of the female brain

So why do girls always go to the bathroom with an army behind them?

• Some questions were meant to be unanswered

• No guarantee of a scientific breakthrough here today

• Try to dissect this concept by going beyond the female bathroom phenomenon


7

Today’s Goal

How we can Take Advantage of this Female Pack Mentality:

• To find new ways to connect with your current female clients

• To be personally introduced to their closest circle of friends

• Tips and tricks to meet their unique wants and needs


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A Quick Divergence: The Disconnect


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Why Do We Need to Know This?

Statistics show a DIVIDE between women

and our financial industry.

There is a need for more careful attention

to the female client.

• Women report most disconnect to the

financial services industry than all others.

• When women rank how well businesses serve them,

they rank the financial industry as #33 out of #33.

• 2/3rds of women said they distrust their financial advisors.

Say they feel disrespected, misunderstood and overlooked.

Transamerica Coaching Forum. “The Largest Emerging and Expanding Market: Retaining and Attracting Women Clients.” Patti Hausherr. March 2015.


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Straight Down to the Point:

Female client is happy with your services

she will recommend you to her friends & family.

Over a lifetime:

Women = 26 referrals

Men = 11 referrals

Women will refer their interior designer,

boy who cuts their grass, lady who cuts her hair….

and their Financial Advisor!

Investment News. “Female clients more likely than men to make referrals.” By Andrew Osterland. April 24, 2012.

http://www.investmentnews.com/staff/aosterland


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American Women Constitute the Largest Economic Spending Force in the World.

• American women spend $4.9 trillion a year.

• American men pull up in third place, behind,

you guessed it, more women.

• Japanese women come in a close second

spending around $4.4 trillion a year.

NAIFA’s Advisor Today. “What Women Want.” By Maggie Leyes.


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Women are Controlling More of the Wealth

• As baby boomers age, women will control more.

• Because husbands, on average, die 7 years before their spouse.

The trend is that even if the women didn't

create the wealth, they are ending up with it.



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The Money is Coming in All Different Directions

Inheritance

• By 2019, 2/3rds of America’s ultra-wealthy will be female.

• In the next 30 years, women will be receive

$42 - $110 trillion in inherited monies.

The largest transfer of wealth in history!

• The days of running after affluent white males are over.

They are becoming an extinct species.

It is time to focus on the ladies!!



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What is the one thing EVERY women is scared of ?


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“Bag Lady Syndrome”

Sadly, there is NO cure for “Bag Lady Syndrome!”


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Keep in Mind…For Women, Money Does Not Necessarily Equal Wealth

What women want most from money is:

• Security

• Independence

• Freedom

• Ability to leave a legacy.


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Connect With Her


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Women Need to Tell Their Story

You need to listen to and understand her experiences:

• Carefully listening

• Asking curious open-ended questions

• Do your best to put yourself in her shoes

Not only are women socialized to share, they get a

biological boost in doing so. It is scientifically proven that

as she shares the pleasure centers in her brain light up.

“Tips for working with your female clients.” By: Kathleen Burns Kingsbury.

https://www.soa.org/News-and-Publications/Newsletters/The-Independent-Consultant/2013/november/Tips-for-Working-with-your-Female-Clients.aspx



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Women Want to Connect with You

“Your Tie Matches My Purse”

Women want to have something in common.

Note:

He never wore it again, but….

It meant something special to the client!


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Women Get Personal Quickly

Tip:

1. Greet female clients by name – use family’s names too

2. What she says is more important than what

we have to tell her

3. Like to re-establish the bond at every meeting

4. Put your own family pictures out on your desk

5. Sign Christmas cards from you and your family personally

instead of from the office


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Women are Loyal

• Being in relationships is what defines them and brings them pleasure

• Women work hard to establish, maintain, and preserve their

personal and professional relationships

• Once trust is established, women are extremely loyal friends, employees, and clients

• This loyalty is why women refer more friends, family members, and colleagues to advisors

Female client = 26 referrals

Male client =11 referrals

“Tips for working with your female clients.” By: Kathleen Burns Kingsbury.




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Gender Preferences


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Women’s Preference of their Advisor’s Gender

87% No preference

5% Prefer working with a female advisor

8% Rather have a male advisor

Transamerica Coaching Forum. “The Largest Emerging and Expanding Market: Retaining and Attracting Women Clients.” Patti Hausherr. March 2015.


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In My Personal Experience

• I have noticed some of the men do have a preference

“The Boys Club”

• Male clients that specifically request to meet with my dad

• Refuse to acknowledge I am even sitting in the meeting

• Just chalk it up to their own quirkiness and move forward


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In My Personal Experience

Female clients are telling my dad,

their advisor going back 20 years,

he doesn’t even need to show up to their

reviews anymore – they would prefer to

work with Me!

• Crochet me gifts and bring in cookies

• Always greet me with the not-so-industry-standard hug

I decided to start to focus on the female market. Especially

important to bond with the ladies given the data we just went

over about them eventually controlling the majority of this

country’s wealth.


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The Strategy = Leverage


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Women Travel in Packs

• Leveraging the fact that women like to attend social events with other women

• Introduced to my top high net worth female client’s closest circle of friends

Met 75 prospects by hosting one event for 25 of my clients

Example: Do The Math…

You serve 300 families in your practice, and your results are similar to mine,

you could potentially be meeting somewhere around 1,000 of their friends and family members over the

course of time that you continue to host this particular event.

The numbers could become tremendous!


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The Invitation


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“Lunch with Megan”

Idea: Host a fun client appreciation event for

our top female clients or their wives

• I custom designed a full color invitation/ ticket

• 500 copies professional printed on glossy card stock by a postcard printing firm

• Cost less than $100

• Sent letter to our female “A” and “B” clients inviting them to the event

• Specifically promised that, “No boring financial topics will be discussed”

• Included 4 tickets and asked them to invite their friends or family members

• What we already suspected was that women “travel in packs”


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The “Oh-So-Exclusive” Ticket


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“I Have No One to Bring with Me”

This reaction speaks to the power and effectiveness of our approach.

Our goal was to be introduced to the closest friends of our best female clients, and in my opinion we succeeded –we invited them…and they brought all their friends with them.


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Example: Edith and Carl

We did have one unsolicited guest.

Yes, ladies and gentleman,

believe it or not,

we had a Man!


33

Must Use All the Tickets!

• 25 current clients brought over 75 guests:

Friends, daughters, mothers, neighbors, old co-workers, etc.

• It was as if by sending them 4 tickets, they felt they were required to use them all

• It made it seem as if the tickets were limited

Clients called in to request a few extra of the ever-so-seemingly-exclusive tickets

• And of course, we made special “Exceptions” for them to bring more guests


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Party Favors


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“Choose Your Luncheon Companion”

• Zoo themed stuffed animals

• 11 inches high

• Colored t-shirts with our company logo

• Had my staff remove the remaining

animals to prevent anyone from taking

more than one and causing hurt feelings


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Party Favor Bag

• Small party favor bag at each seat

• Multi-colored transparent bags

tied shut with curly ribbon

• Business card attached,

“Thanks for coming!”

• Mostly Chocolates!

• Pen with our logo

• Box of mints with our logo


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Advisors at Conferences = Free Stuff

• Stuffed whale from Pacific Life

• Snoopy from MetLife

• Candy from a wholesaler’s expo booth

We can barely shove all that

stuff in our suitcases for the

return trip home!

Think of the 9 to 5 corporate employee who just

goes into the office every day.

They do NOT get to go to fancy conferences in

big beautiful cities and wholesalers don’t take

them out to fancy dinners.


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Welcoming Remarks


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Highlight Long Term Relationships

• Introduce myself and staff

• Highlight my strong long term

relationship with the clients –

Who had been with us the longest??

• Did the math in advance:

#2 beat out number #3 by 48 hours

#1 received a bouquet of flowers

• She could hardly believe we had been

working together for over 18 years!


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Speakers


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Eddie, the World Famous Traveling Bird Man

• Cincinnati Zoo – Education Dept.

• Owl, parrot, cockatoo, and penguin

• Gave a detailed descriptions of each

bird’s personality and lifestyle

• Tricks

• Cuteness overload when that little

penguin started to waddle around

the room

• Little old ladies with their high tech

iPhones snapping pictures


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Cuteness Overload


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“I didn’t know cockatoo’s could live 125 years, did you? Well, if you are thinking of buying one as a pet

you need to call me first. We do a lot of estate planning at our firm and if that bird is going to outlive you, we will need to work together on getting the bird

into your will.”


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Enjoying Lunch


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Enjoying Lunch


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The Success Story of a Local Business Woman:Tears and Triumphs!

• Inspirational presentation: “Repurposing”

How to view things and situations

in a new and more positive light

• She repurposes old items into new

charming gifts to sell in her shop.

Example: Old brass doorknob into a

wine bottle stopper with a cork

• Table set up for Sara to display items

from her store for purchase

• After the event, a dozen of our guests

stopped by her shop nearby in town.


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Other Possible Topics for Future Luncheons

1. Flower Arranging

2. Survivor’s Story – Female Veteran / Therapy Dogs

3. Corks and Canvas Painting class

4. Day Spa and Massage Therapy / Plastic Surgeon Q&A

5. Female Inspirational Speaker

6. Local Female News Anchor

7. Female Author and Book Signing

8. Wines / Champaign


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The Last Thing I said to the Crowd

• Please don’t forget to take home your

new zoo luncheon companion

• In front of you is a little bag of candy and since

we are all women, it is mostly chocolate!

• Hundred Grand Candy Bar…

Call me when you are ready to invest it!

• I know I promised no boring financial topics

would be discussed today, but I did not promise

no corny financial jokes!


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After the Event


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The Day After the Luncheon

• Received several phone calls from clients thanking me

• Received a dozen thank you cards

• Hallmark Christmas ornament –

Penguin with a Santa cap

• At 6 month account review,

ask if there will be another luncheon

and want a sneak peak at the topic


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Bob & Catherine

• Bob is part of “The Boys Club”

• Called and personally invited his wife - never met

• She has no interest in finances –

Reiterated the event was purely for entertainment only

• Catherine ended up sitting next to my mother

Clients LOVE to meet your family

• Day after she called to thank me for a

wonderful afternoon and new friendships

• Optimistic she will continue to attend these events –

our connection will grow stronger

• Renewed confidence that she will not be moving

her account if Bob passes away


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For “A” Clients who were Unable to Attend

Took the remaining stuffed animals and favor candy bags:

• Wrapped them up in little gift bags

• Hand wrote a note

• Hand delivered the packages to their homes

• Simply said, “We missed you and I saved this for you.”

They are so grateful, especially when you

use the word “saved” because it shows you

were sincerely thinking about them.

Then I told them to watch the mail

for next year’s invitation.


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The Cost


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Costs Covered by SAM Fee

• Prior to the event

A guest came in and moved a large enough IRA rollover

that the first year SAM fees from that one new account

paid for the cost of the entire event!!

• Nice surprise, but all the other transfers came after the event

• Total costs including the mailing, the hotel’s ballroom, food,

gifts, prizes, donations to the speakers for their time…

$4,000


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ULTIMATE GOAL:

• Not about new revenue

• Building loyalty

• Strong long lasting relationships


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Conclusion


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THANK YOU !!

• Thank you for your time and attention

• I hope you got some valuable take away ideas

that you can put to work in your own practice

“If I can walk away from a conference with

one, just one incredible idea, it was worth

the time, travel and cost to be away from

my practice.”


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Any Questions ??


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Thank YouContact Information

Megan R. Dalton, CFS®, CFP®, Partner

Dalton Wealth Management

Telephone: (513) 785-3512

Email: [email protected]

Safe travels home today!

Please feel free to reach out to me

with any questions or for more details.

Date post:	16-Aug-2020
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Women Travel in Packs: How Bringing in One, Brought Them...

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