Judy was panicked over her investments and frozen in indecision about what to do next.  The market wasn’t doing well and she wasn’t sure what all of this meant for her.  She was in her mid-fifties, single, didn’t have a pension (darn those years of doing her own thing!).

Late at night, while lying in bed, she was obsessed with the haunting images of ending up as a bag lady, pushing a cart down the street and wearing old clothes. She knew this was irrational.  After all, she was well educated and considered a success by any objective standard.  But she couldn’t get these thoughts out of her head.

Whenever she heard from her investment adviser, she grew more frustrated.  He just didn’t seem to get it. The more she expressed her anxiety, the more he talked about numbers, ratios, forecasts, averages, and projections.  By the time he got to his third piece of information about her portfolio, she wasn’t even listening anymore.

Judy felt overwhelmed by the overload of data.  There was no point in bringing it up to him as he just didn’t seem to understand.  And Judy didn’t trust what she was hearing because he did not appreciate her anxiety and fears.  

This is a real scenario and typical of what is happening in the financial services world.  Women are frustrated with the inability of most financial institutions to realize that their approach to investing is unique and not like a male approach.  This is the reason so many are demanding female advisers.  The industry, however, is sadly underserved by women.  As a result, the business is neglecting the needs of women and therefore missing out on hundreds of millions of dollars of potential revenue and profit.

Ironically, I have researched and consulted to the financial services business for many years but have been an unhappy client as well.  It is time for the industry to take charge of the situation and give women what they have been asking for.  If not, women will find something else to invest their money in, and it won’t be the market.

One of the first things advisers need to understand in dealing with women is that the relationship is all important.  This requires advisers to shift mindsets from selling to listening.  Advisers also need to slow down and spend the time to develop the relationship.  Throw out the script and the process—it won’t help you here.  What women want is genuineness. They want you to be real and to know that you’re sincere. 

Female customers in particular want advisers to listen and to understand what is being said.  They want to know that you are invested in their dreams and ambitions, and that you understand their fears and insecurities.

Right about now, you’re probably thinking that I’m advocating that you become well-versed in psychology.  Absolutely not.  But I am advocating that you learn how to have a meaningful conversation.  It’s not impossible and doesn’t require you to change who you are or to fake it.  There are skills and methods which make this task easier.

I developed a program called MyMoneyMindset ™, which helps financial professionals and their clients better manage their relationships.  The program is anchored with an online assessment tool which measures an individual’s attitude towards money along six elements.  The results are available immediately along with a report which provides some guidance to the customer, and the adviser, about how he/she approaches financial decisions.  As the financial professional, it gives you practical tips about how to interact with your client through market ups and downs.

Building a trusting relationship with women investors is a different journey than building one with men. It’s well worth the investment of your time to get to know your client on a personal level.  If you rush to a product sell, you will likely intimidate your client or scare her away. 

The female investor wants an adviser who listens and understands.  She will want to feel that your values align with her values.  MyMoneyMindset™ can guide you and your client through that process.  It will make what could be an awkward conversation much more comfortable.  Your client will appreciate your interest and you will appreciate the process which helps you develop the conversation at a much more meaningful level. You will develop a reputation for superior client relationships and a referral level which will soar.

President, Trust Learning Solutions

Co-Founder The Real Executive™

Co-Founder, MyMoneyMindset™

60 Bloor Street West, Ste 1100

Toronto Ontario M4W 3B8

Ph:  416-763-6985

Cell:  416-986-7049

Web: www.trustlearningsolutions.com

“Without trust, words become the hollow sound of a wooden gong. With trust, words become life itself.”