Within the last few months, I've heard dozens of stories about male financial advisors losing commissions, sales and business from affluent female clients–some that were in the seven figures. Add to this the financial brokerage firms that are losing up to 98 percent of their business when the first spouse dies–a retention ratio of only 2 percent.
Why is this happening? I believe it's because most male financial advisors and consultants don't understand the single secret to working effectively with affluent women–relationship marketing.
A recent Newsweek article says it all in their title: "Working Women Are Poised to Become the Biggest Economic Engine The World Has Ever Known."
"The vast majority of new income growth will go to women," claims the article, "due to a narrowing wage gap an rising female employment." It goes on to share a fact many of us already know: Women control $12 trillion–or 65.4 percent–of annual spending in the U.S.
Echoing these findings is a recent study by Boston Consulting Group, which explains "female economic growth represents the biggest emerging market in the history of the planet–more than twice the size of the two hottest developing markets, India and China, combined."
What's a guy to do?
An immediate marketing strategy is to include affluent women on your board of directors or in key roles. If you are a sole practitioner and don't have a board, create one and include affluent women. The ratio should be indicative of the number of affluent female clients you want. If you want 80 percent of your practice to be comprised of wealthy women, for example, then at least 50 percent to 80 percent of your board should be female.
