As a financial advisor, understanding your clients’ perspectives is crucial. This is especially true for women, who often see things differently than men. In this lesson, a female financial advisor discusses her experience crafting a seminar with three other female financial advisors and David Bach, a financial guru who has written 14 national bestselling books. The seminar focused on four questions that women have: 1) Where will my income come from? 2) Where is all the money? 3) Will I be okay? 4) Who will help me do this? However, the next morning, David revealed a new concept that was different from what the women had discussed. He had created a pathway that focused on three baskets: retirement, security, and dreams. This experience taught the female advisor a valuable lesson about how women see things differently.
The four questions that women have are critical to understanding what speaks to the majority of their hearts. These questions revolve around a big overarching question: will I be okay? The female advisor stresses the importance of answering this question in a way that resonates with women. Many women believe investing is not for them, so it is important to first inspire them and give them the belief that they can understand financial planning. Advisors must speak to the heart of what matters to women and show them how their work will keep them safe, secure, and provide them with freedom and choices. This approach builds trust, which is essential for success.
It is important to note that not every woman falls into this category. Some women have a handle on their finances and do not need this approach. However, the female advisor stresses that the majority of women do need to have financial concepts explained to them in a way that resonates with their perspectives. Utilizing the same tools and methods but changing the approach can make a significant difference in building relationships with female clients.