How to retain women clients in transition

May 18, 2014 @ 12:00 am

Runtime: 2:26

Women are most likely to switch advisers when they are going through difficult life transitions. But certain efforts can help keep relationships with these clients rock solid, according to Kathleen Burns Kingsbury, founder of KBK Wealth Connection.

Video Transcript

There are several unique needs of women who are divorcees or widows. I think the first thing you need to do, is separate those into two different categories. So you take your divorcee. And, they are going through a particular loss. It's a loss, that they may have initiated. They may have decided to end the marriage. Or it may be that the marriage. The partner, decided to end the marriage. And so typically what ends up happening, is for people who are going through that type of experience, they tend to be less rational and more emotional. And so as an adviser, it's really important to be able to, provide that rational context for somebody who's going through those emotions. With a widow, the unique emotional challenges involve really going through a grief process, of saying goodbye to your partner, of maybe, in some cases, learning how to take care of your finances alone and an adviser is really it needs to be there both emotionally, to be able to sit with whatever emotion the widow may be feeling, sadness. Anger, resentment, relief if she was a primary caregiver, and also be able to help them take it step by step by step. Because often when we're grieving we're overwhelmed, so, really helping a person break it into bite size pieces can make a really big difference in their financial success long-term. The deciding factor of whether a woman stays with an advisor after a divorce or widowhood really comes down to good chemistry. Really feeling like that advisor is listening, and really cares. And there's actually research that shows if you're empathetic and your clients perceive, you as understanding, that you're more likely to not only stay during difficult times of transition, you're also more likely to give. A lot of referrals. So, those are the important things to keep in mind. I think one of the most important things for, advisors who wanna work with Women in Transition is to be able to, identify who is your ideal female client. Women in Transition is catch-all phrase, that involves a lot of different women with different traits, different financial needs, different family structures. So to really think about, what are the things, what are the traits, what are the financial needs of my ideal female client. So say that's an executive who's getting a divorce, who maybe has some kids, and figuring out how do I serve that particular niche really really well. Unless you do that first step, it's hard to really, do a good job at reaching out to these women in transition. [MUSIC]

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