As a financial advisor, it’s crucial to understand the market you’re serving and how to effectively reach and serve them. In this lesson, we learn about the transition from marketing to everyone, to marketing to women. The speaker shares her experience of not knowing about the women’s market prior to 2017 and how it wasn’t until she began to study and understand the magnitude of the market that everything changed.
The speaker quickly realized that women are the largest segment of the US population, holding more wealth than men. The statistic that 80% of men die married and 80% of women die single was an eye-opener for the speaker, as it meant that at some point, 80% of women will be in full control of the assets of the household, and will need skills to manage it.
The speaker encourages financial advisors to dive in and understand the women’s market, not as a niche, but as a huge opportunity to serve and tap into. Women refer three times more than men do, and 73% of widowed women leave their financial advisor in the first year due to lack of communication.
By recognizing the value of the women’s market and serving them in a unique way that resonates with them, financial advisors have the opportunity to tap into a massive market that’s awaiting them. It’s time to stop thinking about women as a niche and see them as the main players in the game of money.