As an RIA building your brand and reputation within the world of women creates the potential for exponential business growth giving you a tangible advantage over your competition.
Firms that embrace a female friendly business model lead the industry in:
As an independent RIA firm, differentiating yourself from the hordes of financial firms and broker dealers is essential to growth and success . Touting your products, tools, service and resources are simply commodities and quite frankly adds very little to your relationship building efforts.
You need an edge, something that makes you different. You are different I know, but saying you are honest, ethical, and that you put the clients interest first, is not enough. In today’s world talk is cheap, you need to show people you are different without trying to sell and promote yourself.
Focusing on the women’s market gives you a HUGE advantage over the competition, but let’s be clear if you only care about women to get more business it won’t work. Women can smell insincerity a mile away. If you truly care and respect women, if you are sincere in your desire to get women more engaged in their financial affairs , the bonus will be more business, more referrals, more growth with less effort.
There are many factors that go into building your brand as the leading firm for women. It requires a new message designed around what is important to women using vocabulary from their wheel house. Your story, why you care about women (proving it’s not just their money you are after) will become your most powerful tool for building trust. A process that engages women and does not overwhelm them with financial speak enhances your real value moving women closer to yes. And lastly you need an environment that shows women you care , a welcoming environment that makes them feel comfortable and not an alien in the testosterone business world; Big black leather chairs and boardroom tables doesn’t cut it.Related: Women Are Completely Disenchanted with Their Financial Advisors: Yes You!
But the value does not stop there. When you as a firm embrace a more female friendly model, process and practice you will be able to recruit more women advisors . Instead of just saying you support women your message, model and efforts validate your commitment. THIS IS YOUR EDGE whether you are looking to attract more clients or recruit more advisors (especially female advisors).
The world is changing, being inclusive, being more authentic and personal are characteristics that will ensure forward momentum for generations to come, but it all starts now with advisors who care about women.