For Financial Advisors, Financial Planners and Insurance Professionals- Women are a Great Niche Market

Women are a Great Niche MarketWomen are a great niche market and can be more valuable clients than men and are more apt to provide referrals. Investment News reported this based on a study conducted by Delia Passi. At an Investment Management Consultants Association presentation, she made this statement, “Over a lifetime, women will make 26 referrals to their financial advisor on average, compared with 11 by the typical male client.”

Based on my experience working with numerous financial services providers, I believe this.
Here’s just one example: The owner of one of the country’s top producing wealth management firms located in Texas hired owner hired me to help improve his marketing materials, make recommendations for new and special events, and help him to create a service culture. The night before the our work was to begin, he took me to dinner and told this story: [Read more…]

How to Sell Insurance and Financial Services to Women

How to Sell to WomenSelling insurance and financial services to women requires a different approach.

In the past, many women were insulated from dealing with family finances by their spouses. After losing their spouse or becoming “suddenly single,” they found themselves with little, if any, knowledge on how to handle their investments or plan for the future.

Many a woman who had been married for 30 or 40 years, after the death of her husband, would suddenly realize that she never once balanced their checkbook. Moreover, she rarely wrote a single check or paid any of their bills. Many didn’t even know how much money they had, what accounts or financial plans were even in place.

This, like many other things in business, society, and life has changed. The number of single women has risen in the past two decades, and more women make their own decisions regarding their finances. Also, with the passage of the Affordable Care Act in March 2010, many women have begun to study and understand the options available to them for providing their families with health insurance. [Read more…]