Let us be perfectly clear from the get-go, this is not an article about politics. It doesn’t matter where you stand politically – unless you have lived under a rock for the past two weeks, you cannot have avoided the news that Kamala Harris has become, for the first time in America history, the Vice President Elect of the United States.
As remarkable as that accomplishment is, she follows in the footsteps of many notable women, from all walks of life. Women old and young, from politics and law to activism and the arts, are making themselves seen and heard in untold numbers.
While these women are the outliers, their very existence is a sure indication that businesses, including the financial industry, can no longer continue to think of women as a niche market! We said it five years ago and we will say it again, women are the market and will continue to be!
For those of you reading this, think for a moment about your own office, think about your practice – who are the women you work with? What status do they hold in your organization? How much influence do they exert? Are you 100% confident the women are as respected as your male clients and colleagues? Are they just the worker-bees or do you rely on them to offer opinions and different points of view?
It is worth repeating that women will control $93 trillion in wealth globally by 2023 and many are looking for financial advice – the caveat here – they want advice on their terms – connecting on a human level and being treated with respect.
If that isn’t enough to motivate you to learn more about how to win and retain female clients then consider the following:
- Women are the decision makers when it comes to choosing a financial advisor or at least they have veto power over the decision.
- Women expect more than just a technician who can invest – they expect a relationship, someone who understands their life journey because women express themselves in terms of their lives. Remember that pivotal moment in the Democratic debates when Kamala Harris said, “There was a little girl in California who was bussed to school. That little girl was me.” She made it clear that to know her – you had to know her life journey.
- Women don’t assume they know everything and are more than willing to surround themselves with people who know more than they do. It’s why they look for advisors who will help them understand and invest their values as well as their money.
- Women will likely outlive the men in their lives. So, retirement plans are for these women, not the men you might be talking to.
If there was any doubt that women are the life-blood of the wealth management industry, Kamala Harris should give you and your colleagues pause.
While Kamala Harris is very visible and her power is self-evident, there are hundreds of thousands, indeed millions, of women hiding in plain sight – if you just bother to see them, hear them and are willing to engage them in ways that matter to them.
For more information on working with women who invest, visit our website www.strategymarketing.ca, sign up to our mailing list and order our book INVEST(in)HER – The Smart Financial Advisor’s Guide to Winning Female Clients in 6 Easy Steps