The “superwoman” of today presents great challenges and opportunities for the financial services professional. The time-management balancing act of career, family and finances often equates to an 18-hour plus day for these individuals.
Todays women participate in short- and long-term financial decisions that impact both their immediate and extended family members, such as aging parents.
In fact, a recent study by Newark, N.J.-based Prudential Financial revealed that womens financial decisions are no longer limited to just the family budget. Instead, their role now includes issues such as saving for retirement, their childrens education, passing on money to loved ones and understanding the need for long term care insurance.
The female business owner has to juggle her own retirement goals, business continuation and disability concerns with obligations to her employees.
Retirement and life insurance needs may have to be balanced against educational funding and LTC for a parent.
Wealth transfer requires research and professional advice on wills and estate planning.
An unexpected divorce or death of a spouse can be devastating, and disability and business continuation planning can be the difference between a thriving business and financial nightmare.
Womens awareness of these issues and the necessity to put a plan in place have grown as their responsibilities have increased, but taking action still lags behind. By identifying and focusing on these different responsibilities, financial services professionals are better able to tailor their marketing efforts.
But how do we reach these prospects, educate them and promote action once weve identified them?
Here are a few approaches:
Female Business Owners Seminar. Using a female attorney as a co-presenter, do one or more seminars on topics such as estate planning and long term care needs. This approach allows you to reach more clients in one setting and provides networking opportunities for your guests.
Smaller groups (25 or fewer) of existing clients mixed with new prospects tend to promote more interaction. A personal story shared with the group by one of the attendees is a powerful reinforcement of the message you are attempting to convey.
The attorney gains clients just beginning estate planning with requirements such as wills and trusts, while you supply the funding vehicles.