Advice for Financial Advisors – Part 2

Advice for Financial Advisors – Part 2
I really believe that the best way for women to create wealth is to work with financial professionals. But, according to the Wall Street Journal, “Nowadays, less than one in five women have consultants.”
Why? Because women can’t find anyone who knows them.
The consultant talks to a woman like a man. Big mistake. Yes, money doesn’t know the gender. However, women are very different from men. However, the financial world is based on a male communication model.
Last week, I provided 2 instructions and answered a question: You want to tell the financial industry, especially how they can better serve women?
Here are the other 3.
What women want you to know before walking into your office, Part 2
1. Women want to receive education.
Men like to learn through trial and error. Women love to be taught. In a Deloitte Touche study, 90% of women expect their financial advisers to educate them. They even rate service, advice and education as performance. What is one of the best ways to educate women? seminar. Why? According to a study by Emory University, “If they can work towards their financial goals in a way that they work with other women, their center of pleasure and rewards will light up.”
2. Think of women as smart adults.
I still have a number of consultants who tend to patronize women, just speaking or saying “financial talkers”. For women, being treated with dignity is a big deal. We don’t want to be sold or stressed in any way. We want to have the choice and time to listen, understand, and make decisions. When we say “I will think about it,” it doesn’t mean ‘no’…usually, we’ll look around with others, and that’s what women do!
3. Female clients tend to be more time-consuming, especially at the beginning.
Women expect more services and ask more questions. But if she knows you are there for her, she is her partner, part of her team, a consultant she can trust, and she will be your life. On my first date with my long-time consultant, Eileen, she told me: “My job is to see your needs be met. It takes time, but I need to find your goals and risk levels.” She did. Then she gave me a choice. “I see myself working with you. This is your choice. Let’s discuss everyone and figure out what’s best for you.”
This is by no means a sure list. What would you add? Share the comments below.