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

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

  1. 1. Presented By: Andrea Nierenberg October 21, 201
  2. 2. • • • • • 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
  3. 3. • • “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) © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 3
  4. 4. • 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. © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 4
  5. 5. • 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 © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 5
  6. 6. • 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? © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 6
  7. 7. • Communicate, learn about her life • Listen, pay attention to her values 1. 2. 3. 4. 5. Spending Saving Investing Borrowing Giving • One size does not fit all • Clarity is key, simple is not always easy • Lifestyle and family issues © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 7
  8. 8. • Use real life examples versus statistics and charts • What is important in an ideal FA to a female investor? – – – – – • • • • • Communicate the way I understand Responsiveness in getting back to me Protect from loss/ Competitive returns Understand what I worry about most Regularly scheduled communication 69% 68% 63% 54% 43% Focus on details Silence means they are processing Build rapport and trust Empathize Notice and validate her experiences © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com (Source AgeWave/LPL) . 8
  9. 9. • • • • 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 © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 9
  10. 10. • • • • • 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 © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 10
  11. 11. 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. © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 11
  12. 12. • • • • 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. © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 12
  13. 13. • 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 © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 13
  14. 14. • 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 © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 14
  15. 15. • 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 . 15
  16. 16. © 2013, Nierenberg Consulting Group, LLC./www.nierenberggroup.com . 16

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