The XX Factor: 7 Tips to Future-Proof Your Practice

More women than men associate negative emotions with financial planning and say they are less confident about managing money according to one study. Shift this trend by taking steps to better engage female clients and build a relationship based on trust and confidence.

1. Treat couples as equals… and individuals.

When meeting with couples, be sure to give equal attention and importance to each person in the conversation, helping both feel respected and included. Female clients should feel they have a voice and are empowered to make decisions.

Pro Tip: Consider having individual meetings with each partner, as well as the couple together. You may find different wants and needs that can be satisfied with more than one sale.

2. Help improve financial literacy.

A study shows that women tend to be less financially literate than men, but are more willing to accept what they don’t know and learn from it. Recognize this willingness to deepen their knowledge by addressing questions and encouraging involvement every step of the way.

Pro Tip: Research shows that women who undergo a retirement planning course increase their preference for annuities, whereas men who get the same education become less likely to favor them.

3. Consider single status.

On average, women are living longer than men, and many Baby Boomers are splitting up after age 50, which is often called “gray” divorce. This can financially affect female clients more now than when they are younger and have fewer assets and longer timelines to save for retirement.

Pro Tip: Shine a light on the positives of a lengthy retirement and how a solid strategy can help provide them with financial security for the retirement lifestyle they want.

4. Be honest and transparent.

Throughout the conversation, provide sincere input and focus on solutions that can help meet her goals. Explain how you profit from commissions and fees from the different financial products you may offer.

Pro Tip: Provide slant-free information, disclose your reasons for favoring one product over another, and appreciate women’s preference for guaranteed or safe financial products.

5. Help inform around Social Security.

The program can have many stipulations — especially for those who have experienced divorce, re-marriage and spousal death — that it’s easy for anyone to miss out on the best benefit option.

Pro Tip: Make sure you are well-informed enough about Social Security to be able to walk clients through their situation. Join DMI + Athene to get Social Security (CSSCS) Certified on March 23rd.

6. Link education and retirement planning.

Clearly explain retirement planning options, the ones that are the most suitable and match their risk profile. Stay ahead of the curve by knowing women are interested in impact investing, LTC, and leaving a legacy

Pro Tip: 9 in 10 women believe financial professionals want to sell more than educate. Address this misperception head-on by making sure women clients understand their options and participate fully in the planning process.

7. Recognize the value of their business.

70% of widows leave their financial professional following their husband’s death. Make sure you establish a valued relationship with your female clients from day one and prove that no matter what, they can count on you for support.

Conclusion: Being a trusted resource to your female clients takes treating them as equal partners, actively listening to their questions and concerns, and providing the education they need to feel empowered. When you understand the unique financial challenges women face and connect with them in a meaningful way, you are more likely to create loyal customers who stick with you for the long term and recommend your business to others.