Are you prepared to help answer it? When it comes to our investments, the question my wife asks is simple. “What does it mean?”
That’s quite different from guys. Men tend to make investing competitive. It becomes a game. Guys ask questions like, “How did I do?” and “How much can I earn?” Heck, we even refer to it as ‘portfolio performance’.
The women have it right. They get to the heart of the reasons we started investing in the first place. Whether it’s, “Does it mean we can replace those windows?” or simply, “Does it mean we’re doing okay?”
The trouble is, men make up the vast majority of the advisor universe. And men tend to talk to both men and women in male terms. So you hear a lot about goals, returns, and of course, performance.
So as a financial services marketer, what does it mean? Well, it means we may be missing the boat if our messaging only addresses the men. Consider these stats presented at the Women Advisors Forum:
- Women possess at least half of all private wealth in the country
- Women control 80% of all household purchases
- In the U.S., women comprise just 31% of the financial advisor force
- Only 20% of women investors have a financial advisor
- 70% of women would like to work with a female planner
Study after study show that women tend to outlive men as well. This points to a huge need to communicate with women in a way that resonates with them. Yet the marketing in our industry still talks as if it’s a man’s world.
Where do we start? As a first step, let’s stop making online videos of middle age men in suits talking about risk-adjusted return. Then, let’s start talking to our highest potential prospects. And let’s tell these women how we’re going to help answer the most important question they have.