ORLANDO, FLA. — How can a National Association of Insurance and Financial Advisors member build a successful practice catering to women?
Susan Waring recommends that advisors that start by understanding that there are many different types of women.
“If you don’t take the time to know me–if you don’t take the time to realize that you cannot label me, the same way you label other women with similar characteristics–then you’re missing the mark with the women’s markets,” Waring said here at NAIFA’s annual convention.
Waring, chief administrative officer at State Farm Life, Bloomington, Ill., said the women’s markets make up a big group of markets.
Women generated $3.7 trillion in buying power last year, and 90% are either the primary financial decision-maker or they share equally in decisions. Women carry 76 million credit cards–8 million more than men carry. And by 2010, said Waring, female-owned households will make up almost 28% of U.S. households, or 31 million homes.
To tap this large and growing market, Waring said, life insurance professionals must be cognizant and respectful of the cultural and generational differences among women. And they must appropriately tailor their communications style.
Yet too many advisors ignore the need to customize presentations for individual niches of the women’s market–and at their own peril. Many high net worth women have jettisoned a financial advisor because the advisor failed to establish a trusting relationship or show the necessary attention to the client’s goals and objectives, Waring reported.
“You’re missing opportunities to grow your business if you lump all women together,” Waring said. “You must get to know them, the roles they play and their needs and preferences.”