How to Attract the Best and Most Overlooked Clients
What You Need to Know
The number of wealthy women is growing rapidly.
One factor to consider is life stage.
Another is relationship status.
Women comprise nearly half of the labor force, over half the college campus population, and more than half of personal wealth.
The number of wealthy women in the United States is growing twice as fast as wealthy men.
If you aren’t making them a vital part of your business, you’re definitely missing out.
1. Wired Differently
Finding female clients and prospects doesn’t have to be difficult, but you do need to understand that women and men are different.
Women tend to process their decisions more thoroughly than men do.
They want to think it through, compare their options, and focus on the long-term benefits of their decision.
Men want to take action, prioritize their options, and focus on immediate gains.
Men tend to favor growing their retirement savings while women prioritize security and longevity.
Women have often been wrongly stereotyped as emotional and overreacting.
In actuality, men are the ones who tend to panic with a market downturn, try timing the market, or trade too frequently.
In fact, between the two genders, women tend to be better investors, better savers, and start saving at a younger age.
Somehow, even though women are better investors, less emotionally driven, and better savers, they’re largely ignored by the industry, with only 37% of women working with a financial professional.
2. Life Stages
When focusing on women, it’s important to meet them where they are in their life cycle.
Four of the most common female demographic groups you will encounter are single and underserved, married but not involved, divorced, and widowed.
3. Single and Underserved
Being single used to be viewed as a bad thing, but women are now single by choice.
Marriage rates are at an all-time low, meaning more single women than ever before.
Being unmarried shouldn’t disqualify them from being valued clients.
They could have a successful career, be looking for financial guidance, but are still underserved.
4. Married but Not Involved
Next, we have the group you’re probably most familiar with; women who are married but aren’t involved in the financial decisions.
If they aren’t involved, have you considered whether they want to be involved but just don’t feel included? It’s important to address both partners in the relationship.
Traditional roles have, and are, shifting.
The majority of mothers now work outside the home, and many of them are the primary breadwinners in their household.
It’s time to start including these women in the conversations; after all, they probably have more input than you think.
