Recently, women have been the topic of a lot of financial industry conversations, studies, and white papers in the financial services industry. With women making up slightly over half of the population it seems it is past time for industry professionals to realize the importance of female clients and to begin questioning if their current practices are female friendly.
As a female who has worked in the financial services industry since 2006, I can say the industry as a whole has made several steps to engage more female clients. However, overall the industry still has a long way to go. To the industry’s credit many practicing professionals have read the numerous articles, white papers, and research studies written whose focus has been “Women & Investing” or “How to Communicate with Female Clients” and attended many seminars created that tout, “How to Attract and Retain Female Clients” or “The Opportunity Female Clients Represent”. Still, with all the research and studies as an industry, we are missing the mark.
Over my career, I have worked with many women who confided they felt unwelcomed by many financial advisors or companies offering financial services and excluded from many conversations/ relationships with their partner’s financial advisor. If you have ever had these experiences you will probably relate to this frustration too.
Many unmarried women want help with questions and need professional guidance regarding their financial lives. There are just as many married women interested not only in their families financial futures, but their own financial futures too. How frustrated, discouraged, and hurt they must be when they encounter situations that leave them feeling interrupted, overlooked, and unheard. One of the main roles of the financial advisor is to develop and deepen relationships with the intended goal being to better understand, plan for, and respond to their client’s needs.
You may wonder, “How can any of this be achieved if one party feels alienated?” The answer sadly is, “It can’t”. You must work with an advisor you feel is respectful, collaborative, communicates well with you, and works to earn your trust.
For example, one simple approach I have used with great success is “goal prioritization and review”. When working with an individual, I simply ask them to review their goals given during our planning discussion and to prioritize those goals beginning with the most important one. Then, together we discuss their reasons. When working with a couple, I asked them to each prioritize their goals discussed during the planning session. Then I facilitate a conversation where each partner discusses their individually prioritized goals. This activity has been designed to better understand the goals, each partner feels, are the most important. This process has resulted in many additional conversations that may not have been reached otherwise. Many clients have remarked how much this simple exercise meant to them because they felt their voice and priorities were important and had been heard. This gave them more comfort and trust that working together was the right choice. The key is the shared conversation of their priorities; they knew I listened !!
When Castle Wealth Advisors, LLC was started it was important to create an approachable company that used an ethical and solid investing approach to answer individual’s and business owner ’s financial questions regardless of age, gender, race, or net worth. In fact, it was so important, it became the company’s mission!!! If you would like more information on financial planning, working with a Certified Financial Planner™and services we provided check us out at Castle Wealth Advisors, LLC.
If you don’t have a trusted advisor, you’re unsure or have questions about your investments or financial lives, and are located in California or Alabama, Castle Wealth Advisors, LLC would be happy to discuss your situation and offer guidance. Check us out to learn more about financial planning and who we are.
This information is general in nature and may be subject to change. Financial professionals and other representatives are not authorized to give legal, tax or accounting advice. Applicable laws and regulations are complex and subject to change. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. For advice concerning your individual circumstances, consult a professional attorney, tax advisor or accountant.
Securities offered through NMS Capital Advisors, LLC, Member FINRA/SIPC. Advisory products and services offered through Castle Wealth Advisors, LLC, a Registered Investment Advisor. NMS Capital Advisors, LLC and Castle Wealth Advisors, LLC are unaffiliated entities.