Do you currently market your practice to women? Your immediate reaction to this question is probably "Yes, of course I do!" But, more clearly understanding the financial need of women, and specifically marketing to that need is how you gain more clients in this under-served segment of the population.In many American households, women are the primary decision makers and 53% of them are also the primary bread winners.* Women are focused on protection. They don't want to outlive their money and they don't want to be a burden on someone else.
When you are working with couples, it is extremely important to use words that reflect a shared need for protection and a joint effort in the decision making process. One million women become widowed every year in the United States and 70% of them change advisors after the death of their spouse.** Making all female prospects feel comfortable with you as a trusted resource will help to reduce that turnover in your business.
March is "Women in History Month", and MVP thinks it's a great time to be thinking about how you can increase your business by marketing better to female clients. Here are some great resources to help you get started:
* Source: Financial Experience and Behaviors Among Women, Prudential 2012.
** Source: Spectrum Group Study of Wealthy Women Investors, June 2011 and U.S. Census Bureau, August 2011 (Marital Events of Americans, 2009)
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