It’s a grave misconception that men control the majority of the wealth in the United States these days. In fact, according to MassMutual Financial Group, women age 50 and older control a net worth of $19 trillion and own more than three-fourths of the nation’s financial wealth. With numbers like those, it’s important to recognize the differences and implement strategies that make the most out of your client interaction, no matter what the gender. Here are some tips to get you started:
- Know why women seek life insurance. Some say it’s the cost of living and outliving their money that worries women. Others insist it’s creating a legacy for their family. Whatever the reason, you must listen to learn it. Go with open ears.
- Be an active, engaged listener. According to some experts, women will size up an advisor quickly. If you seem too pushy or arrogant, the client will likely look elsewhere. Instead, listen intently. Ask questions, take notes, and repeat what she said for clarity.
- Market yourself with your client in mind. When it comes to finding female clients, many advisors recommend seminars as a way to connect. Seek out bookstores and ask attendees if they know any professional organizations or community groups that would be interested in hosting a speaker. Be creative.
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