When markets tumble all clients get anxious but for many women volatile markets undermine any sense of safety and comfort, creating fear and unrest.
Many women lack the years of experience managing their investments to understand the natural volatility and investment cycles. And while this is far from normal for most staying the course is the best option. But due to their lack of understanding and experience women want more assurances that the decisions they have made were the right decisions for their future.
1. You will lose clients to other advisors; When there is fear, relationships can quickly fall apart and it is not uncommon to find women seeking advice from alternative sources.
2. You will gain more clients through referrals; It is your ability to empathize, communicate and connect with your clients that will have the greatest impact and long term results.
Women need to know you care, you understand their concerns and that you have a plan even if that plan is to stay the course. Providing this type of support consistently is critical.
1. Remind her of the progress that has been made in her accounts. Focus only on the numbers that make complete sense to her. Don’t overwhelm her with too many numbers and statistics this only adds to her sense of anxiety.
2. Ask her questions, get to the root of her concern, the root is not always what they initially communicate. Women naturally fear running out of money be ready to address this issue on every call
3. Focus on what she needs; Focus on her priorities and the things that are important to her. Stay high level and remind her that this downturn does not always mean sacrificing her top priorities.
4. Ask her what she needs from you; Some women don’t want to be called every day and reminded of the volatility. Come to an agreement on how often you should reach out and connect. She needs to know you are watching HER money.
5. Don’t disregard her fears, acknowledge them, remind her she is not alone and help her understand the bigger picture and what you expect in the post-pandemic world and that the future is optimistic.