The Female Market Reality
by Tony DiLeonardi
Fully understanding the impact of the female investor on your
business is essential to your long-term success. In my
opinion, the real challenge for advisors is learning how to
attract, retain and serve female clients.
Before taking on those three challenges, I recommend that you
first evaluate the actual gender demographics of your practice.
That assessment will provide a good measure of your success with
attracting and retaining female clients. If your practice reflects
U.S. demographics―according to the U.S. Census Bureau's there are
nearly 5.5 million more women than men in the country― more than
half of your client base would be women. Only after you evaluate
demographics of your practice can you move forward with repairing
the disparities and pursuing the untapped opportunity.
Once you've evaluated the actual gender demographics of your
client base, the next step is to allow the information to guide
you. Ultimately, you shouldn't just pursue the untapped
opportunity, but rather pursue the untapped opportunity in a manner
that can be a long-term win-win for all through a multi-faceted,
well-executed approach. Like many others, I readily recognize the
opportunities presented by building a female client base. The
challenge that I think we all agree on is how to genuinely and
effectively serve the female marketplace. Recommended next steps
1. Look at your practice - Analyze your practice and ask yourself
probing questions such as: How do I stack up? Do I have
enough single women clients? Have I built a strong client
relationship with the married women? Then grade yourself on how
well you're doing.
2. Analyze the scope of your local market for women clients. Find
out the depth of the women's market in your community and in your
service niche. The more you know, the more you will be motivated to
go after it.
3. Determine your ideal female client - Depending on your focus
and your community, the ideal client may be younger professional
women or older women responsible for legacy wealth.
4. Connect to women professionals and learn how to connect
with female prospects. Reach out to female peers!
Now that you have the framework to plan your course of action,
we'll move on to discuss the specifics for attracting, retaining
and servicing female clients in my next post.