Advisers hoping to attract more women to their practice need to hone their entertaining skills: networking is everything when it comes to marketing.
Advisers hoping to attract more women to their practice need to hone their entertaining skills: networking is everything when it comes to marketing.
Women investors are an attractive client base for financial advisers, but reaching out to those prospective clients requires a refined approach, according to a panel of advisers participating in an InvestmentNews webinar Tuesday.”
“I began focusing on women when I noticed at the start of my career that they weren't being invited to the table,” said Heather R. Ettinger, managing partner at Fairport Asset Management. To bring in more clients, Ms. Ettinger began building educational programs for women investors, including those whose lives are in transition such as widows and divorcees.
Landing a woman as a client calls for discussions about how she feels about financial matters, noted Jeff Stoffer, principal at Stoffer Wealth Advisors. He hosts a series of group meetings for women to discuss not just their financial needs and wants, but also to share emotions attached to money.
“There are financial events in their past that continue to affect how they handle money today,” Mr. Stoffer said. “You can get people to articulate their values.”
Branding also plays a big role in attracting women investors; panelists recommended getting involved with community events and hosting parties that combine networking, fun and personal finance.
The events can be tailored for certain demographics. Ms. Ettinger invites women executives to deck parties in the summer. The attendees — typically eight to 12 women and a mix of clients and prospects — respond best to invitations sent via e-mail and Evite. Meanwhile, social events for older women start out with an invitation and a follow-up phone call, said Ms. Ettinger.
Nothing is sold at these parties; they are strictly networking events.
Cathy Curtis, an adviser with Curtis Financial Planning, hosts events she calls “Food, Fun, Fashion and Finance.” The food and featured fashion designer are the fun element, but she also invites experts to discuss health care, taxes and other major financial issues these prospective clients might confront.
The follow-up is equally important to keep these women engaged. Those who were invited get newsletters from Ms. Curtis's practice, which will include a video and recap of the event.
Female clients generally don't have a particular preference for male or female advisers, and savvy male advisers could target women clients via effective marketing and education, according to Ms. Ettinger.
However, when it comes to a female client who's newly widowed, it helps to have another woman accompany the male adviser, she said. “You need another woman in that meeting — it could even be your receptionist — if the client is a woman in transition,” said Ms. Ettinger.
