Five Tips for Financial Advisors to Keep Female Clients Happy

Posted by adaniels in Blog on April 4, 2012

A new guidebook for financial advisors, published by Pershing Advisor Solutions, reveals that women are generally more dissatisfied with financial advisors than men are. reports that the guidebook, called “Women Are Not A ‘Niche’ Market. They Are A Significant Business Opportunity” says that in “16 areas of a financial firm’s practice, women were more dissatisfied than men in every single category—from communication issues to transparency about charges and fees.”

Pershing also found that 70 percent of women fire their financial advisors within a year of their spouses’ deaths. This could be a significant financial loss for those companies, given that around 50% of women over age 65 outlive their husbands by fifteen years.

So what can financial advisors do to keep their female clients happy? Kim Dellarocca, who directs practice management for Pershing, has five tips for advisors to follow to help retain women clients:

  • If the women are part of a couple, make sure that both are included when having meetings to discuss finances, and to emphasize how smart financial decisions can help the woman as well, and protect the family.
  • Treat the woman as an equal partner in their financial decision-making.
  • Listen to the woman’s concerns, and not just the man’s.
  • Host financial planning events and workshops which are “couple-friendly” and which interest both husband and wife.
  • Get the woman’s own email address to be able to directly send her financial planning information.

Written by Lisa Swan


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