0
Essen%al	
  Skills	
  for	
  	
  
Advising	
  Female	
  Clients

	
  

Kathleen	
  Burns	
  Kingsbury	
  	
  
Wealth	
  Ps...
The	
  great	
  ques7on	
  that	
  has	
  never	
  been	
  
answered….”what	
  does	
  a	
  woman	
  want?”	
  
-­‐	
  Sig...
The	
  Economic	
  Power	
  of	
  Women	
  
70%	
  of	
  the	
  $41	
  trillion	
  in	
  intergenera%onal	
  
wealth	
  tr...
Women’s	
  Buying	
  Power	
  	
  
80%	
  of	
  the	
  household	
  buying	
  
decisions	
  ¹	
  
VETO	
  Power	
  
80-­‐9...
The	
  Industry’s	
  Problem	
  	
  
2/3	
  of	
  women	
  don’t	
  trust	
  financial	
  advisors	
  1	
  	
  	
  	
  	
  ...
Women	
  are	
  NOT	
  a	
  Niche	
  
The	
  Female	
  Brain	
  
• Neurological	
  Need	
  to	
  Connect	
  
• Greater	
  verbal	
  access	
  to	
  emo%ons	
  
...
The	
  Male	
  Brain	
  
Female	
  Rules	
  of	
  Road	
  
• Get	
  personal	
  quickly	
  through	
  stories	
  
• Use	
  feeling	
  &	
  collabor...
The	
  Men’s	
  Handbook	
  

The Real
Man’s
Handbook

Rule #1: Never, ever share this book with women!
Essential	
  Skills	
  for	
  Advising	
  Women	
  
#1:	
  	
  Listen!	
  
#2:	
  Build	
  Trust	
  
Gender	
  and	
  Trust	
  
90%	
  of	
  married	
  and	
  single	
  women	
  don’t	
  have	
  a	
  
preference	
  for	
  t...
Building	
  &	
  Maintaining	
  Trust	
  
 Thoughmulness	
  
 Reliability	
  
 Understandability	
  
 Sensi%vity	
  
...
#3:	
  Balancing	
  the	
  Triangle	
  
What	
  Women	
  Need	
  From	
  You	
  
•  Listen	
  
•  Invite	
  Her	
  To	
  The	
  Table	
  
•  Don’t	
  Stereotype	
...
Thank	
  You!	
  

	
  

	
  	
  

Kathleen	
  Burns	
  Kingsbury	
  
Founder,	
  KBK	
  Wealth	
  Connec%on	
  	
  
Email...
Track b 115_burnskingsbury
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Transcript of "Track b 115_burnskingsbury"

  1. 1. Essen%al  Skills  for     Advising  Female  Clients   Kathleen  Burns  Kingsbury     Wealth  Psychology  Expert  &  Author   Twitter: @kbkspeaks
  2. 2. The  great  ques7on  that  has  never  been   answered….”what  does  a  woman  want?”   -­‐  Sigmund  Freud,  founder  of  psychoanalysis  
  3. 3. The  Economic  Power  of  Women   70%  of  the  $41  trillion  in  intergenera%onal   wealth  transfers  will  go  to  women  1   Female–owned  business  generate  $3  trillion   in  annual  economic  impact  2   4  out  of  10  American  women  are  primary   breadwinners  for  their  families  3   ¹  ”To  the  Contrary:  Hot  Topics:  Women  and  Philanthropy,  Sharing  the  Wealth”,  PBS  Online;  ²  Center  for  Women’s  Business   Research,  2009;  ³  ”Women  of  Wealth:  Why  Does  the  Financial  Services  Industry  S%ll  Not  Hear  Them?,  2011.  
  4. 4. Women’s  Buying  Power     80%  of  the  household  buying   decisions  ¹   VETO  Power   80-­‐90%  solely  responsible  for   their  finances  at  some  point  in   their  lives  ²   ¹ Silverstein, M. Kato, K and Tischhauser, P., Women Want More, Boston Consulting Group, 2009. ² ”Wojnar, K. and Meek, C. “Women’s View of Wealth and the Planning Process,” Advisor Perspectives, March 1, 2011.
  5. 5. The  Industry’s  Problem     2/3  of  women  don’t  trust  financial  advisors  1               Financial  services  rated  lowest  in  customer   service  out  of  34  categories  2                                                         70%  of  women  fire  the  couple’s  financial  advisor   within  one  year  of  the  death  of  their  spouse  3   ¹  State  Farm  Survey,  2008;  ²  Silverstein,  M.  Kato,  K  and  Tischhauser,  P.,  Women  Want  More,  Boston  Consul%ng  Group,  2009;    ³   ”Wojnar,  K.  and  Meek,  C.  “Women’s  View  of  Wealth  and  the  Planning  Process,”  Advisor  Perspec7ves,  March  1,  2011.  
  6. 6. Women  are  NOT  a  Niche  
  7. 7. The  Female  Brain   • Neurological  Need  to  Connect   • Greater  verbal  access  to  emo%ons   • Wired  to  see  the  “whole”    
  8. 8. The  Male  Brain  
  9. 9. Female  Rules  of  Road   • Get  personal  quickly  through  stories   • Use  feeling  &  collabora%ve  words   • Define  success  as  being  “indispensable.”   • Nod  equals  listening,  not  agreement   • Are  LOYAL!  
  10. 10. The  Men’s  Handbook   The Real Man’s Handbook Rule #1: Never, ever share this book with women!
  11. 11. Essential  Skills  for  Advising  Women  
  12. 12. #1:    Listen!  
  13. 13. #2:  Build  Trust  
  14. 14. Gender  and  Trust   90%  of  married  and  single  women  don’t  have  a   preference  for  the  gender  of  their  advisors*   1  in  4  divorcees  and  widows  feel  strongly  about   the  gender  of  their  advisors*     The  majority  of  women  look  for  good  chemistry   Source: “Women of Wealth: Why Does The Financial Services Industry Still Not Hear Them”, Family Wealth Advisors Council, 2011.
  15. 15. Building  &  Maintaining  Trust    Thoughmulness    Reliability    Understandability    Sensi%vity    Transparency  
  16. 16. #3:  Balancing  the  Triangle  
  17. 17. What  Women  Need  From  You   •  Listen   •  Invite  Her  To  The  Table   •  Don’t  Stereotype     •  Appreciate  Her  Gender  Lens   •  Help  Her  Talk  To  Her  Partner  
  18. 18. Thank  You!         Kathleen  Burns  Kingsbury   Founder,  KBK  Wealth  Connec%on     Email:  kbk@kbkwealthconnec%on.com   Phone:  508.297.1212   Twiper:  @kbkspeaks  
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