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Financial Advisor Marketing – How to Avoid Missing the Boat to Affluent Womenville

Financial Advisor Marketing – How to Avoid Missing the Boat to Affluent Womenville

Recently, on a cruise to Cozumel, the crew shared that there are always a few guests who miss the boat after stopping at port. While you may not believe this could happen at every port, the crew assured us it was the truth. Interestingly, the same thing happens with financial advisors who want to work with affluent women. As hard as that is to believe, some financial advisors just don’t realize that they need to approach affluent women differently if they want to get the results they desire.

A dramatic illustration of this are the studies that show that after the death of the first spouse, up to 98 percent of widowed affluent women will fire their financial advisor. Amazing — 98 percent! Why is that? Affluent women need different things from financial advisors than affluent men. The great news is if you take the time to learn a few simple techniques to better serve your female clients, you can be rewarded with an entry into an extremely lucrative niche market.

Ask-learn vs. tell-respond

Top financial advisors take the time to listen and ask questions, understanding that it’s the best way to improve their skills and grow their practices.

Top financial advisors listen to their affluent clients (not the chronic complainers who should be terminated or referred elsewhere) in order to really understand what they need. Top financial advisors also ask questions — in a non-intimidating way — of people who fit their profile of an “ideal” client, centers of influence (COI) who service their niche market, and other successful people they want to emulate.

When starting out as a financial advisor, it’s easy to ask questions because there’s so much we don’t know. But once we learn a few things, it becomes tempting to think we know it all.

Stephen Covey, in The 7 Principles of Highly Effective People, explains that listening to other points of view requires emotional maturity. Having an open mind also allows us to understand that “our way” is simply “a way,” and not necessarily “the way.”

One of the best ways to gain access is to develop an in depth affluent client questionnaire. Your comprehensive questionnaire should be designed to help you learn everything you can about your ideal affluent clients and prospects — from what kept them up at night and how they liked to be contacted, to what their hobbies were and the top three problems you can solve for them. This strategy can quadruple your results, so start asking the right questions.

Talk regularly to clients, prospects, and COIs in your niche market. Also talk with CPAs, pastors, and association leaders to get their ideas for working with affluent women. Ask the COIs for referrals from within the niche that you can interview. Explain that you want to ask their referrals more questions for market research purposes, and that you won’t solicit their business unless they ask about your services.

When you begin this process, compile the date into a spreadsheet. You will discover many facts about your affluent niche market that you would have never known. For example, you may find that your affluent women clients or prospects are members of a specific church. This then may lead you to establish contacts within the church and offer free workshops for church members.

When you know as much as you can about your wealthy clients and prospects — and really understand what they need from you and how you can best provide it for them — you’re poised to have affluent women client for life who love to do business with you. As the saying goes, “God gave us two ears and one mouth, so we should listen twice as much as we talk.” That should be simple enough to understand and apply!

Listen with your eyes, too

We also have two eyes, which can provide additional insights into the world of affluent women. Members of this particular group of clients may say one thing but mean something completely different, so you have to learn to pick up on visual cues. Look at her body language, clothing, jewelry, and the books your affluent women clients are reading to gain valuable information about their values, desires, motivations, and how they feel at any given time.

This strategy can baffle male advisors who ask, “Why would someone say something such as “everything is fine” when it isn’t?” or “I don’t have time or the qualifications to go into the psychology of it all” If you want to tap into the largest economic engine you have ever experienced, you better think again! You need to pay attention to clues.

For example, if an affluent woman prospect in your office tells you that things are good but crosses her arms or looks down on the floor, you need to gently ask more questions to find out what’s wrong. Watching for non-verbal clues is critical when serving affluent women.

Follow these financial advisor strategies so you too can get to Affluent Womenville!