Try a "circle of friends" event to build referrals

A: Women have been an overlooked market until just recently. Over time, financial and insurance professionals have focused on building relationships with the male in the partnership and not paid much attention to the female. I spoke at a large annuity meeting last January that sells through wirehouse brokers. After my speech, a senior VP at a wirehouse said he estimated that 87 percent of women widowed this year will move their portfolio to another firm they trust. This means that the relationship is usually with the husband, not the wife. Also women are more risk-averse and focused on the long term, but they do represent a significant percentage of most large-item purchases in America. Their inclination is to protect against disaster and to focus on their kids and grandkids. Most male producers will sell as if a man were on the other side of the table. Yet women buy differently, and if a producer learns that, he can successfully build a relationship that can lead to sales.