Marketing to Mass Affluent Women

How much, if at all, should your messaging change?

“Your overall marketing tactics don’t need to change – your message just needs to be tweaked,” Pollard says. “Men tend to be bigger risk-takers, and women tend to invest more in index funds, so the financial advisor who presents him or herself as more conservative and diligent may appeal more.”

Marketing materials aside, it also pays to promote your expertise by educating potential clients.

“Talk about what’s important to women,” says Stalter. “I write a column for a local newspaper, and it’s gained me a lot of attention because I’m able to address some of these very real planning decisions they face.”

Not every advisor will get a newspaper spot, of course, but there are plenty of other ways to sell by informing: blogs, LinkedIn posts and articles on your business’s website, to name just a few. When speaking to an audience that is often condescended to, no-frills informational content is a great way to build trust.

To that end, educational events can also work in your favor.

“We do lots of seminars, open to the public,” says Stalter. “Most of our attendees are women who are interested in financial education. That’s not to say men aren’t, but because of their longevity, women are also apt to be interested in these events.”

Ultimately, attracting an audience of mass-affluent women is similar to targeting any audience – the more you generalize, the less specific appeal you’ll have.

“If you’re a generalist who ‘works with anyone,’ it’s actually going to be harder,” says Pollard. Consider, then specializing in the specific needs of mass-affluent women – and that if that’s your target, you’re going all-in on it. Subspecialties, such as working with widows and/or divorcees, can also be useful.

Women on staff

For better or worse, people tend to buy from those who are similar to themselves – one big reason why having female advisors within your firm can only help boost your female clientele.

“There’s no question it makes a difference, and women tell us they come to us for that reason,” says Stalter.

Whether or not you should you bring on female advisors for the sake of marketing to women will depend upon your firm’s size, your current and future needs, and if you were already looking to hire. “If you have people on board who already have the capability to market to women, that may be more cost-effective,” says Pollard.

Still, diversifying a homogenous firm can improve your bottom line in more ways than one.

“The most effective teams are diverse because different people hear things and process things differently,” says Pierce. Hiring people of different genders, ages, ethnicities – not to mention different ways of thinking – can ultimately improve client outcomes, in addition to growing your appeal among different demographics.

Selling solutions, not investments

As with any demographic, appealing to mass-affluent women can be just as much about the “what” as the “how.”What exactly are you offering, in other words, and how does it meet the needs of your target audience? People, after all, really buy solutions, not products or services. It’s up to you to communicate how your expertise can meet the challenges of a woman planning for retirement.

“We focus on problem-solving,” Stalter says. “’Your investment philosophy is important, but it’s kind of the easy part. Women generally think about planning and the longer-term picture, but the way financial services are marketed to men tends to gamify things.”

Pierce likewise notes that “a lot of advisors keep their conversations very surface, and they don’t provide the solutions women are looking for. What do they want to do after they’ve left work – travel, give to philanthropic organizations, leave legacies for their grandchildren?”

If anything, focusing on goals and steering clear of investments and returns is an advisor’s best chance at earning business from female clients. Smart financial plans aren’t exclusive to any one gender, and timelines can be adjusted based on differing life expectancies. What matters is the lifestyle, longevity and security those plans provide.

Trust and chemistry

In a field where so much is at stake and so much personal information is shared, chemistry and well-established trust are key to client appeal. “You need to know, like and trust your advisor, and I think this all comes down to personal chemistry much more than people in this industry like to admit,” says Stalter.

Your personality probably won’t change. Trust, on the other hand, can be built up front by listening, demonstrating your understanding of the client’s needs.

“Don’t assume you know what their answers will be,” says Pierce. “With this demographic, ask, listen and really find out what’s important to them.”