For Broker/Dealer Use Only. Not for Use with the Public. Women & Wealth: How to Give Financial Advice to Women

Transcription

1 Women & Wealth: How to Give Financial Advice to Women

2 Agenda 1. Your Affluent Female Client 2. Key Gender Differences 3. The 5 Essentials Skills for Advising Women 4. Connecting with Affluent Female Clients Page 2 I

3 Women are not a Niche Market 70% of the $41 trillion in intergenerational wealth transfers will be passed onto to female investors over the next 40 years 1 Women-owned businesses are growing at 1 ½ times the national average 2 Women are the sole or main breadwinners in nearly half (44%) of U.S Households 3 1 Wojnar, Kristan and Chuck Meek. Women s Views of Wealth and the Planning Process: It s Values That Matter, Not Just Value. Advisor Perspectives. March 1, American Express OPEN Study The 2013 State of Women-Owned Businesses Report. March Prudential Research Study. Financial Experience and Behaviors among Women. June Page 3 I

4 Opportunities Double inheritors Creating own wealth Sound, long-term investors Loyalty Page 4 I

5 Your Affluent Female Client Page 5 I

6 Women Clients An Opportunity for Advisors 92% of women would like to learn more about financial planning, with 83% wanting to be more involved with how their money is managed. Four out of five women (80%) have avoided discussing finances with family and friends because the topic felt too personal. 77% of women are confident discussing medical issues with a doctor on their own, but only 47% are confident discussing money and investing with a financial professional on their own. Source: Fidelity Investments. Money Fit Women Study Page 6 I

7 Agenda 1. Your Affluent Female Client 2. Key Gender Differences 3. The 5 Essentials Skills for Advising Women 4. Connecting with Affluent Female Clients Page 7 I

8 Female: Words Most Associated with Wealth U.S. Affluent Women Security Freedom Choices Source: Women & Co. at Page 8 I

9 Male: Words Most Associated with Wealth U.S. Affluent Men Power Success Status Source: GenSpring. Men and Wealth Report, Page 9 I

10 Key Gender Differences Style Male Female Advisor Be the Expert Be the Coach Brain Wired for Individualization Wired for Connection Communication Hierarchical: What makes me or you more powerful? Inclusive: What do we have in common? Interpersonal Competitive: One Up, One Down Collaborative: All for one, one for all Learning Independent: Learn by doing Groups: Learn by listening, observing, and discussing Performance Did I win or lose? Did I get the return needed to take care of the next generation? Source: Kingsbury, Kathleen Burns. How To Give Financial Advice to Women: Attracting & Retaining High-Net-Worth Female Clients. McGraw-Hill, Page 10 I

11 Agenda 1. Your Affluent Female Client 2. Key Gender Differences 3. The 5 Essentials Skills for Advising Women 4. Connecting with Affluent Female Clients Page 11 I

12 5 Essential Skills for Advising Female Clients #1 Listen Page 12 I

13 5 Essential Skills for Advising Female Clients #2: Build Trust Page 13 I

14 The Most Trusted Man in America Walter Cronkite Page 14 I

15 The Best Way to Build Trust Thoughtful Reliable Understandable Sensitive Transparent Source: Kingsbury, Kathleen Burns. How To Give Financial Advice to Women: Attracting & Retaining High-Net-Worth Female Clients. McGraw-Hill. Sept, Page 15 I

16 5 Essential Skills for Advising Female Clients #3: Balance His & Her Needs Source: Kingsbury, Kathleen Burns. How To Give Financial Advice to Women: Attracting & Retaining High-Net-Worth Female Clients. McGraw-Hill. Sept, Page 16 I

17 5 Essential Skills for Advising Female Clients #4: Foster Financial Confidence Page 17 I

18 Easy as A-B-C Analyze current financial intelligence Build up knowledge through education Coach and guide along the way Page 18 I

19 5 Essential Skills for Advising Female Clients #5: Help Her Transfer Wealth Page 19 I

20 Kingsbury, Kathleen Burns. How To Give Financial Advice to Women: Attracting & Retaining High-Net-Worth Female Clients. McGraw-Hill. Sept, Page 20 I

21 Agenda 1. Your Affluent Female Client 2. Key Gender Differences 3. The 5 Essentials Skills for Advising Women 4. Connecting with Affluent Female Clients Page 21 I

22 Connecting with Affluent Female Clients Be Inclusive Tie Performance Results to Her Life Encourage Her to Ask Questions Sit Across From Her in Meetings Listen to Her Story Page 22 I

23 Engaging & Retaining Female Clients #1 Engage in Social Media Women are the majority of users on social networking sites Helps them manage their time & relationships Highly influential when recommending people, brands or movements Example: LinkedIn, Facebook Great way to gather information about her Stay connected with her on a regular basis Enhance your presence on LinkedIn or personalized URL female-friendly articles Page 23 I

24 Engaging & Retaining Female Clients #2 Provide a Holistic Approach to Financial Planning A holistic financial plan encompasses all family affairs: Investments Retirement Children s education Elder care Strengthens advisor/female client relationship Helps clients stay focused on their goals throughout all parts of life Page 24 I

25 Engaging & Retaining Female Clients #3 Host Relationship-Building Events High-impact client events Brings accomplished women together Covers life-changing events Promotes networking & financial learning for women s common interests Types of events include: Money club Gourmet cooking classes Deck parties Educational luncheons Page 25 I

26 Summary 1. Your Affluent Female Client 2. Key Gender Differences 3. The 5 Essentials Skills for Advising Women 4. Connecting with Affluent Female Clients Page 26 I

27 About the Author Presentation developed by: Kathleen Burns Kingsbury, LMHC, CPCC President, KBK Wealth Connection Kathleen Burns Kingsbury is a wealth psychology expert, behavioral change specialist and author of several books including, How to Give Financial Advice to Couples: Essential Skills for Balancing High-Net-Worth Clients' Needs (McGraw-Hill, 2014) and How to Give Financial Advice to Women: Attracting and Retaining High-Net-Worth Female Clients (McGraw-Hill, 2013). She is the founder of KBK Wealth Connection, a company dedicated to training, coaching, and consulting with financial services professionals to improve client communication, retention and profitability. As an expert on financial psychology, Kathleen has been quoted by the Wall Street Journal, MSNBC s Today Money, Forbes s ForbesWoman, Thomson Reuters s Reuters Wealth, and Financial Planning Magazine. Her articles have been published in Advisors Perspectives, American Banker Magazine, Financial Advisor, Investment and Wealth Monitor, and REP Magazine. In addition, she is a regular contributor for Financial-Planning.com, OnWallstreet.com, and Women Advisors Forum. About KBK Wealth Connection KBK Wealth Connection is a company dedicated to training, coaching, and consulting with financial services professionals. Founded in 2006, KBK helps financial advisors use wealth psychology effectively to improve client communication, satisfaction, and retention and increase the profitability of their practice. The company publishes resources for financial advisors and their clients, including articles, books, CDs, podcasts and a blog. For more information, visit Page 27 I

28 Pioneer is not affiliated with Kathleen Burns Kingsbury or KBK Wealth Connection. Pioneer Funds Distributor, Inc., Member SIPC 60 State Street Boston, Massachusetts us.pioneerinvestments.com 2015 Pioneer Investments Page 28 I