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October 31, 2011 at 08:00 PM
Are gender differences between your prospects and clients really important? Only if you want to increase your income. Researchers have concluded your sales are and will be in direct relationship to how well you communicate and sell to the opposite sex. After all, 58 percent of all financial service products in America are purchased by women. According to the third largest annuity issuer in the U.S., 74 percent of annuities are purchased by women and they influence 20 percent more. The problem is that men are confused about how to communicate with women, let alone how to sell them.
The same is true for women trying to sell to men. But we’ll start with women.
The three things women look for when buying a financial product:
1. Protection against financial disaster
2. Protection for their kids and grandkids
3. A long-term relationship with a financial advisor
Research has shown that unless a client has assets of more than $1 million, they are unlikely to be contacted by their advisor more than once every 19 months. Yet a frequent relationship is what women value most. Women tend to think of success with people as defined by the number of close and lasting relationships they possess.
They are also more interested in protecting their retirement nest egg than a sizable return. Recent studies have shown women are happy with a 4 percent return with little to no risk than taking a greater chance with their investments.
