When advisors are prospecting they need to realize that we no longer live in a world where a cookie-cutter approach will get it done. Not all clients are made alike. It’s clear we have strong diversity in this country and it requires advisors to no longer subscribe to a one-size-fits-all approach.
This philosophy even extends to specific market types. I had the good fortune recently of serving on a diversity marketing webinar with Rebecca True of Orlando, Fla.-based True Capital Advisors. True said something during the webinar that resonated—that women are not a niche market.
That’s definitely not something I’d heard before. We’d approached things from the aspect of marketing to men versus women. But what True said made sense. So, what are the market segments or niches with women?
True said there are a few niches to consider:
- Women business owners
- Corporate executive women in a specific industry
- Women in transition–divorcees, widows, sudden inheritors
As you can see from the three groups there are fairly broad distinctions. For instance, women business owners might respond to products where you talk in terms of tax savings. Also, they’ll be interested to hear about the products that impact employees and employee benefits.