6 Tips for Dealing With Women Clients

Posted by adaniels in Blog on September 18, 2012

An author has advice for financial advisors when it comes to attracting and keeping female clients. Kathleen Burns Kingsbury, author of the book How To Give Financial Advice To Women: Attracting and Retaining High-Net-Worth Female Clients talks about the subject in this month’s Financial Advisor Magazine, and says that they have specific needs. She has six tips to help financial advisors to connect with female clients:

  • Let women explain their story: “To be effective attracting, connecting, and advising a woman, you need to listen to and understand her experience,” Kingsbury says. So be sure to listen, ask good questions, and empathize.
  • Understand that women connect with personal details: You will note when comparing men and women and the way they network that women tend to “talk about what you two have in common.” Keep that in mind, Kingsbury indicates.
  • Women may use “feeling words”: “Women connect through discussing their vulnerabilities and not through sharing activities the way men typically do,” Kingsbury says.  You don’t need to talk about your feelings with her; just listen and empathize.
  • Definition of success in a woman’s eyes? “Being indispensible”: Women want to be known as the go-to person, Kingsbury says, where men considerable being successful as doing things alone. “Make sure you mention how your female client is a valuable and an indispensable part of the financial planning team ,” she says, “because it is important in the female world for her to be seen as helpful.”
  • Women pay attention to body language and details: “A male client might not care if you follow up after each meeting with a note to say thank you, but doing so with a woman may mean the difference between keeping a client and losing one,” Kingsbury says. Women also notice body language.
  • Women “are loyal”: Kingsbury says that once there is a trust level, women are very loyal. And because of that, they will refer more friends and relatives to financial advisors than men do.

Written by Lisa Swan


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