How to Keep Women as Clients for the Long Haul

Many women seek an advisor to manage their portfolios.

Research shows women are searching for a trusted partner who understands their unique concerns and can help them build a holistic plan to prepare them for financial security.

If they don't find that in their advisor, well… these boots were made for walking, with upwards of 70% of women firing their advisors within a year of their husband's death.

Now, let's be clear: Retirement planning is important for everyone — men and women alike.

In honor of Women's History Month, this article focuses on the financial challenges that disproportionately affect women.

By understanding these differences, advisors can better serve all clients and build stronger, more inclusive practices.

So, how can you keep women as clients for the long haul? It all starts with listen to me, educate me, and prepare me.

Listen to me: A one-size-fits-all plan won't cut it.

When most financial plans are built, they assume a fairy tale ending — both spouses retiring together, enjoying their golden years, and living out their dreams side by side.

While that's a wonderful vision, it's not the only reality women may need to face.

Many women think beyond that picture-perfect retirement.

They want to know:

◆ What happens if I pass away much earlier than my spouse? Will they be financially secure on their own?

◆ What if my marriage doesn't last? With 1 in 10 marriages of people over age 65 ending in a divorce, women want to see what their financial future would look like if they suddenly had to split their assets.

◆ What if I outlive my savings? Women have longer life expectancies, which means they need financial plans that stretch further.

If a woman asks to see scenarios beyond the "happily ever after" version, take her concerns seriously.

She's not being pessimistic — she's being practical.

Advisors who acknowledge these realities and show women concrete financial roadmaps for multiple outcomes build trust, credibility, long-term loyalty, and referrals.

Advisor considerations:

◆ During planning sessions, ask: "Would you like to see projections for scenarios beyond the ideal retirement plan?"

◆ Model different financial paths, including widowhood, divorce, and outliving savings, to empower women with a full picture of their financial future.

◆ Validate their concerns.

A woman who feels heard is a woman who stays. And refers.

Educate me: Show me the risks I might not see.

Women currently control over $10 trillion in U.S. financial assets — with that estimate growing to $34 trillion by 2030. Yet, despite this financial power, many women feel less confident in financial decision-making.

Advisors may want to incorporate tailored education on the unique retirement risks they may face, including:

◆ Longevity risk: Women tend to live longer than men, meaning they need to plan for a retirement that could last 20 to 30 years or more.

According to the Women's Institute for a Secure Retirement, 80% of women will die single — with 80% of men being married when they pass.

◆ Lower lifetime earnings: Career breaks for caregiving and the gender wage gap mean women often retire with less savings despite living longer.

◆ Health care and long-term care costs: A longer lifespan and women spend more on health care in retirement, with 70% of nursing home residents being female.

◆ Gray divorce: Divorce rates among couples over 50 have doubled since the 1990s — and tripled for those over 65 — leaving many women managing assets on their own for the first time.

◆ Confidence gaps: According to our own proprietary study of female consumers, women aged 45 to 64 are 87% more likely than men of the same age to feel uncertain about their retirement needs, according to the Midland National and North American Empowered 2024 Study.

Many advisors assume their female clients already know these risks or, worse, don't bring them up to avoid uncomfortable conversations.

Knowledge is power, and women want advisors who proactively educate them so they can make informed decisions.

Advisor considerations:

◆ Incorporate risk education into every financial planning session.

◆ Use clear, relatable language — no jargon, no condescension.

◆ Host women-focused financial workshops on key topics like Social Security strategies, long-term care planning, and investing with confidence.

Prepare me: Don't just talk about risks — show me the plan.

It may not be enough to listen to a woman's concerns and educate her on risks — she wants to see the actual plan and be prepared to "stand on her own." Women want to walk away from financial meetings knowing that if life throws them a curveball, they have a road map forward.

Preparing women may mean:

◆ Creating contingency plans: One option for if everything goes well, and one for if things don't.

◆ Exploring insurance solutions: Does she need long-term care insurance? Would an annuity and the promise of guaranteed income help her feel more secure?

◆ Addressing asset protection: If she divorces later in life, will her assets remain protected?

◆ Making Social Security and pension decisions clear: Women should understand how timing, spousal benefits and survivor benefits impact their long-term income.

A woman should leave your office feeling confident and secure, knowing that you are thinking three steps ahead for her.

Advisor considerations:

◆ Run customized financial models that account for different life scenarios.

◆ Proactively ask, "How would you like to prepare for (widowhood, divorce, long-term care, etc.)?"

◆ Offer solutions that go beyond investments — think income strategies, tax planning, and estate protection.

Are You Walking the Walk?

"Are you ready, boots? Start walkin'!"

If you want to keep women as clients for the long haul, ask yourself:

◆ Are you giving her a financial plan that assumes life unfolds perfectly?

◆ Are you skipping over real risks because they're uncomfortable?

◆ Are you assuming she doesn't want to discuss these things? Or, if working with a couple, that they don't want to discuss them?

Women want and need financial advisors who take them seriously, respect their concerns, and proactively help them navigate retirement's uncertainties.

Advisors who do this can earn loyalty from a woman for decades.

Those who don't? Well, she might just walk, along with any referrals — existing and future potential.

Final question: Are you keeping step with your female clients, or are their boots gonna start walkin'?

Lori Seaton is director, strategic business development, at Sammons Financial Group member companies.

The Rae Western Boot. Credit: JustinBoots.com