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You probably hear a lot of talk about “landing” and “retaining” clients – implying that a client is a passive object, for you to win and hoard. This terminology, which we are all guilty of using, casts advising as some sort of grand competition. Men may be comfortable with a competitive approach. But women are not!
Women relate in a cooperative, equality-based manner. This affects how you should work with them. Leave the competitive approach behind – as well as the financial jargon.
Focus on offering a cooperative and equal partnership to your female prospects, not “landing” them. Doing so will not diminish your expertise or your value. Women come to advisors because they need professional knowledge and services. You can be the expert and work cooperatively at the same time. You are not above them as a director, competing for their loyalty, nor below them as a subordinate, competing for their favor; you have equally important roles, and if you can demonstrate that, you won’t have to compete for anything.
She is an expert in her life and what she wants financially. You are an expert on products and services to reach her goals. It’s that simple.
Power of partnership
Our experience has been that less than half of all women feel confident in their investment knowledge. Women know that they need your expertise. Their confidence increases dramatically when they have a financial professional working with them.
So the positive impact of quality financial advice is clear. Women know they need help. Why, then, aren’t they pounding down your door to demand your services?
We believe the disconnect between women and financial services is caused by the outdated and ineffective tactics advisors and other financial professionals use to attract female clients.
Consumer research overwhelmingly confirms that women reject traditional sales approaches. The old-school sales formula is rooted in a competitive model that focuses on capturing the sale. Put on a good show and push for a commitment. It is all about winning their business. It has nothing to do with connection or partnering. It does not match a woman’s way of relating. She doesn’t want to be viewed as an object to be won, or her money as a prize to be captured from her.
Even more, the old-fashioned approach does not match women’s style of buying. The mismatch is so great that fully one third of all women do not trust any salesperson – on principle! Here’s how women buy:
- They consult their friends and people they know.
- They gather lots of information, from multiple sources.
- They ask a lot of questions.
- They take time to consider.
