Updated August 7, 2023
Most advisors, financial coaches, and wealth managers would love to serve more wealthy women clients.
The first step to achieving this goal is to find and attract them. Then you want to gain their business and retain them. The next step is to get warm introductions to their friends and family.
To effectively serve female clients, you must meet them where they are. This requires that you guide them in reaching their financial goals and dreams.
In the Wealthy Women – How To Serve More Female Clients, you will learn:
- The different types of affluent women
- How they choose their advisors
- What you can do to become their financial advisor or money coach.
What do wealthy women want from their wealth manager?
Like anyone else, affluent women have a range of financial goals, needs, and preferences when it comes to managing their wealth. While individual preferences can vary widely, here are some common factors that wealthy women might prioritize when seeking a wealth manager.
If you want to serve more affluent women, click here to download the free guide:
Build the relationship before you laser focus on beta, alpha, and complex data so they know you care. When women do not feel connected, they fire you and find another advisor.
Female investors want an advisor knowledgeable about investment strategies, tax planning, estate planning, and other financial matters. They want professionals who can provide sound advice and guidance to help them make informed decisions about their wealth.
Affluent clients want personalized and tailored financial solutions. They have unique circumstances, goals, and even risk tolerances. These female clients want advisors who can create customized strategies that align with their needs and aspirations.
Clear and open communication is essential. They want to work with advisors who can explain complex financial concepts in simple terms.
In addition, they want regular updates on portfolio performance and relevant input to help them achieve their objectives.
Building a strong, long-term relationship based on trust is important.
Wealthy women want wealth managers who are committed to their financial well-being. They also want advisors who can adapt to changes as their situation changes.
Ethical and Values-Aligned Approach
Many affluent women want advisors to help them integrate their values into their investment strategies. This may include environmental, social, and governance (ESG) factors.
Comprehensive Financial Planning
This entails creating a plan that considers various aspects of their financial life. This may include retirement planning, insurance, philanthropy, generational wealth transfer, etc.
Empowerment and Education
Affluent clients often want to be involved in the process.
A wealth manager who empowers and educates them about different financial options and helps them understand the implications of their choices can be highly valued.
Efficient execution of financial transactions and administrative tasks is essential. An advisor who can handle the details of their financial lives allows their clients to focus on the other aspects of their life that matter.
What do you think is one of the most important criteria for hiring an advisor:
- Mackenzie Scott, the ex-wife to Amazon founder Jeff Bezos
- Jacqueline Mars
- David Koch’s, founder of Koch Industries widow
- Alice Walton
- Miriam Adelson
- Susanne Klatten
- Francoise Bettencourt Meyers, the wealthiest woman in the world
If you don’t have a plan to grow your business, click here:
While these are some of the richest women in the world, they, like all clients, want privacy in their financial affairs. Thus, it is crucial for a wealth manager to demonstrate discretion and safeguard their client’s personal and financial information.
It’s important to note that preferences can vary widely, and each individual’s priorities may differ. Advisors who can coordinate their client’s financial affairs and demonstrate a commitment to their well-being are more likely to succeed in serving affluent women.
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In Wealthy Women, you will learn:
- The biggest mistake advisors and financial coaches make with affluent women and couples, specifically what you should do and not do
- What you need to know about the richest women in the world
- How to think like a wealthy prospect or client
- The most common complaint shared by women who fire their advisors
- What most female prospects share about their experience working with a male advisor (not what you want to hear!)
- The most important statistic when it comes to increasing your share of affluent women and couple clients
- The mind-boggling number of women living in poverty over age 65
- Why women need a financial advisor or money coach now more than ever
- Real-world stats of some of the richest people in the world
- And why women with high net worths fire their advisors
- What is most important to wealthy women (really all women)
- What one advisor did that completely revamped his business and life
If you don’t have a plan or your plan is not generating your desired results, click here:
If you want to know why wealthy women fire their advisors, tune in here: “Why Affluent Women Fire Their Advisors”
Enjoy the episode!