Women Investors’ 4 Key Stages Are Focus of LPL Marketing Platform

The four stages, in which “advisors are often a resource,” notes Fox-Foley, are: 

1. In Relationships, where the emphasis is on enabling advisors to effectively engage with both partners in a marriage or domestic union. Fox-Foley said that at this stage “the level of engagement with both partners is paramount,” actively engaging both parties early on when they come in as a couple.
2. In Transition, in which the focus is on providing support to women investors during a time of significant life change, such as a career transition, divorce or death of a spouse. “Advisors can be a resource when these life events happen,” said Fox-Foley, and having a high level of engagement with the client prior to a transition can aid in retaining her as a client at a time when other research shows many women are more likely to fire their advisor. Women who do leave their advisor often complain, she said, that the “financial advisor never included me in the planning process; I wasn’t talked to or listened to appropriately.” 
3. In Business, which identifies strategies for advising professional women, including women who are business owners or have inherited significant assets
4. In Retirement, where the emphasis is on enabling the advisor to work closely with investors in developing financial strategies that support the goals of living longer and better.

Especially for women in these last three stages, “seminars are a useful tool,” said Fox-Foley, noting that there is much research showing that women like to learn in groups.

LPL’s platform has a library of free, compliance-approved seminars on career transitions, divorce and on female business owners. Also on the site are best practices case studies to help LPL advisors understand the female client marketplace and educate them on the holistic, often nuanced approach they should have in serving women. In addition, LPL provides client questionnaires, workshops, scripts, training and access to original research on behavioral psychology on the site. 

In addition, LPL hosts a monthly web seminar for advisors addressing best practices in serving and retaining women clients, and includes breakout sessions at its regional and national conferences where advisors who have had success with female clients share their insights. 

Are female clients better served by female advisors? “The approach is for all advisors,” said Fox-Foley, “It’s not about gender,” but about “giving all our advisors the tools” they need to tap into this “incredible opportunity.”