In a male-dominated industry, the financial services sector is changing its stripes. More than ever, consumers are choosing to work with female advisors over their male counterparts for a handful of decisively beneficial reasons.
Fellow female financial advisors, take notice and capitalize on these exclusively female attributions to gain a competitive advantage in one of the most competitive industries.
By nature, women take care of others. They bring amazing listening skills to any relationship and are thus better equipped to identify their client’s needs quickly.
Women are “wired” differently from men. Brain scans indicate a woman’s brain processes information in a crisscross pattern, thus relying on the analytical and intuition.
Women also score higher on memory, facial recognition and social cognition, indicating their rapt attention for others.
Women fulfill their duties differently than men. Where men are more focused on the asset they are providing, women are concerned with imparting their values on clients.
As financial planners, women often value stability and security, more than their male counterparts. As a result, they’re more willing to give up a flashy name in their portfolio or chase after big returns, for the sake of their client’s security.
In general, women typically conduct business more ethically than men.
Women understand, to gain the trust of their clients, they must be relatable; the client must feel they are on the same page.
One way to accomplish this is by ditching the technical lingo and using everyday language clients can understand. This strategy proves very useful to female advisors, as it puts clients at ease and instills greater trust.
Female advisors understand to be successful, they need to cross the hurdle beyond a strictly professional relationship with their clients.
This requires digging deep to understand their client’s why. Ultimately, this requires a more therapeutic approach, and willingness to listen and absorb even highly personal information.
In general, women are more empathetic and receptive to the desire to alleviate someone’s needs out of a purely altruistic motive.
Women include their clients in the financial planning process. They encourage mutual accountability for decision-making and usually make decisions in tandem.
Female advisors endeavor to provide their clients with information and education about their decisions, rather than just saying, “Here’s the best option and you should do it because I say so.”
At the same time, women are more receptive to feedback and thus able to improve their services and relationships to clients, by always being open to improvement.
Regardless if the client is male or female, they’re likely to want an advisor who:
In the end, that person is likely to wind up being a woman.
You can learn more about leadership and teamwork in my book, “Seven Figure Firm: How to Build a Financial Services Business that Grows Itself.”
You can even download a FREE chapter. I recommend “Building a Team: Learn the tips and tools she uses in hiring the right staff to create leverage in your practice” to learn more about my experience in leadership.