- When their spouses die, experts estimate that 70% of women change their insurance or financial professionals within a year of being widowed²
- Women control 70% of household purchases³
- The majority (60%) of women are the primary household breadwinner⁴
- 29% of women earn more than their husbands⁵
So what do women want from their retirement or financial professional? Keeping the following information in mind when prospecting for or working with women clients.
- Always grant women the same courtesies and respect you extend male clients. Look women in the eye and never talk down to them.
- Listen, and listen well. Women want to know they’ve been heard, so be sure your responses acknowledge the concerns they’ve voiced. Try saying things like, “So base on what I’m hearing, your biggest concern is…” or, “It sounds like you’re describing a fear that you’ll [outlive your money, become widowed, etc.]; is that correct?”
- Many women need to trust you before they’ll do business with you, so nurturing relationships with female prospects may take longer. Your performance history and credentials might not be enough to seal the deal, so focus on earning trust instead of self-promotion.
- Women often do their research before making any big-ticket decisions. You might help by providing accurate and detailed information on the insurance products under consideration. In short, the more knowledge the buyer, man or woman, the more confident they may be in buying.
- Women have a greater life expectancy than men,⁶ so they may tend to be interested in products designed to address longevity, like annuities or long-term care insurance. Therefore, it can be important for you to talk to women about maintaining their lifestyle in retirement — especially given their current situation (whatever that may be), and offer solutions designed to help them reach their individual financial goals.
¹ United States Census Bureau: http://quickfacts.census.gov/qfd/states/00000.html
² Kristan Wojnar and Chuck Meek, "Women's Views of Wealth and the Planning Process: It's Their Values That Matter, Not Just Their Value," Advisor Perspectives, March 2011, as reported in “Fidelity® Provides Information and Tools that Help Advisors Design Action Plans to Deepen Relationships with Female Clients,” Fidelity: http://www.fidelity.com/inside-fidelity/using-an-advisor/fidelity-provides-information-and-tools-that-help-advisors-engage-female-clients
³ “Women in the Labor Force: A Data Book, February 2013,” U.S. Bureau of Labor Statistics: http://www.bls.gov/cps/wlf-databook-2012.pdf
⁴ “The 2013 Allianz Women, Money and Power Study”: https://www.allianzlife.com/retirement/retirement-insights/women-money-and-power?legacy=/retirement/retirement_insights/women_money_power.aspx
⁵ “Labor Force Statistics from the Current Population Survey,” U.S. Bureau of Labor Statistics. Last modified 24 March 2014: http://www.bls.gov/cps/wives_earn_more.htm
⁶ “U.S Life Expectancy Map: The Gender Gap,” National Geographic: http://news.nationalgeographic.com/news/2013/04/life-expectancy-map/
For financial professional use only. Not for use with the public.