Female clients are nothing new – this is 2017, after all – but many women have begun paying attention to their savings and retirement plans and leveraging the expertise of an advisor to do so.
Here, then, are five facts about female clients that, while seemingly common sense, can help advisors better service more female clients.
Fact #1: Women have different needs – and their priorities may not lie where you think.
Simply put, says Rosemary Caligiuri, managing director of United Capital’s Langhorne, PA office, not all women are alike. They process information through a lens that represents differing values, circumstances and viewpoints. “But we as advisors need to not stereotype all women together,” she says. “Each has a voice and a life they bring to the table.”
Fact #2: Women want to be empowered to manage their own finances.
For years, the myth persisted that women can’t or don’t want to make financial decisions and have lower confidence in retirement planning.
“Women do like to verify information and collateral,” notes Caligiuri. “Their process is to confirm – get comfortable with information and ask questions. As advisors, we should adopt a role of advocacy and empowerment.”
As the old saying goes, knowledge is power. She adds, “It is our role to empower our clients so they can make better decisions for themselves.” A woman might need an additional appointment to move through the planning process. This should be seen as having a deliberate approach – not low confidence.
Fact #3: Women can be rational, too.