Advisers give tips on what successful women want in a financial professional.
Advisers who succeed in attracting and retaining female clients focus on education and helping women not just with their finances, but with their lives.
“We help them clear away the hurdles that prevent them from focusing on their highest priorities,” said Paige Harty, a partner at SignatureFD, on an InvestmentNews webcast Tuesday.
Her firm launched its own women's wealth management practice called SignatureWOMEN several years ago to help female executives with their financial lives by also helping them with their personal lives.
Because time “is their biggest issue,” her firm provides female executives “an arsenal” of contacts for reliable help — everything from housekeepers to car buying.
“Executive women have unique financial needs and too often the financial services industry in general ignores them,” Ms. Harty said.
Her firm also hosts specialized events, including an afternoon at a shooting range. Clients are asked to bring guests to the events who might be interested in the topic at hand or in becoming a client of SignatureFD. After the events, advisers discuss who is going to follow up with which of the prospects, she said.
Michelle Brennan Hall, president and founder of Brennan Wealth Advisors, communicates with her female clients in ways that meet their specific needs, she said on the one-hour webcast, “How Best to Serve Successful Female Clients.”
For instance, her firm provides high-level summary briefs when they discuss client portfolios, and she doesn't discuss the nitty-gritty details because most women don't want that, Ms. Hall said.
She also gets to know her female clients' families very well, as well as the other support people and professionals in their lives.
“Women are collaborators,” it makes sense to know all the different people in their lives who help them make decisions, she said.
Her firm, too, stands ready with professional coaches and resume help, whatever might be needed by busy women.
“You need to have resources to help them which other advisers don't have,” Ms. Hall said.
All the participants on the webcast agreed advisers need to allow women to ask a lot of questions.
“Women in general really lack confidence as it relates to their knowledge of investments,” said Christine Gaze, president of Purpose Consulting Group and a former financial adviser.
A recent study of the financial literacy of men and women found no difference in their actual knowledge, but a giant gap in their perception of what they knew, she said.
Paul Tully, an adviser with Raymond James Financial Services, said he finds older women especially lack the self-assurance to make financial decisions.
“Younger women have had more opportunity to succeed quicker, and they tend to be more confident in their decisions,” he said. ”Some of the older female clients really defer to the male counterpart.”
He has clients come in for a series of meetings, usually at least three to five, to discuss financial issues so his female clients gain the confidence they need to feel secure about their decisions, Mr. Tully said.
