Wondering how to connect with those who control more than 50% of the US wealth? Are you actively engaged with the people who hold a combined purse of more than 14 trillion dollars? Do you use a one-size-fits-all for client cultivation, relationship building, and maintenance?
In the last several years, the tide has been shifting as women control more and more of the wealth in the US. This “trend” is projected to continue and increase well into the future.
If you don't know your female clients, now is the time to step out of the office and get to know them.
Over the last several years, I have been invited more regularly by financial institutions to speak to their female clients on a variety of “life transition” topics. This is just one example of how some organizations are trying to meet their client where she is and show a different level of care and understanding than in years past. Getting to know her beyond the finances and understand life stage, allows the advisor to develop a trusting and empathetic relationship, so s(he) can best serve the client.
So why the title, “From Golf Course to Book Club”? I started thinking more about how women have had to “play” on the male playground for years, both as client and co-worker. While yes, many women love and excel at golf, this seems to be a symbolic go-to activity for relationship building and is not necessarily fitting for all clients. Similarly, not all women are involved in a book club, however, understanding what connects with your female client and building your cultivation events around her is a great start to a solid relationship. Stepping out of your office and into her world, is well worth your time and effort.
What's “in it for you” to explore new ways to do business?
- Develop solid relationships with over 50% of your existing and potential clients
- Create connection and loyalty resulting in higher retention
- Feel more connected to your clients resulting in greater work satisfaction
- Gain more referrals (females generally refer twice as much as their male counterparts!)
In my work consulting with organizations and doing employee trainings on this topic, I regularly see how an open mind, small adjustments to regular practices, and sincere outreaches to the female client (on her playground) create significant results for the advisor.
What are some traditional practices that you can shake up? Give it a try. The upside is well worth your time and energy and you might just have some fun in the process!