As a journalist who writes about women’s money matters, I’m intrigued by the push that’s on in Australian financial services to attract more women to engage in financial advice.
Sure, I see the need for it from a financial literacy and wealth building perspective, but I’m skeptical about how this can be achieved in the current environment – when trust is being put to the test.
I spoke to three leading women in the world of wealth coaching and financial planning on the secret tips they use to attract and retain female clients.
I was surprised to learn that they see the need to communicate differently with women than with men, particularly when it comes to listening, sharing experiences, educating and avoiding any sense of judgment.
Here’s some of the insights they shared.
Mindful Wealth financial wellbeing coach Lea Schodel:
“I’ve always wondered why as an industry we have traditionally taken the approach of advice by reviewing a client’s situation, producing a huge and boring statement of advice that recommends they change just about everything from cash flow, savings, debt, super and insurances.
“We all know that change can be difficult to embrace, and rather than address these topics over a period of time we insist on doing it all upfront. It is one big giant leap of faith that clients take with us to change their entire financial situation to align with what we recommend, and whilst the advice may be in their best interests, it requires a lot of trust.
“I realised that if I was going to appeal or resonate and have an impact with my female clients, then I needed to change my approach from marketing, communication, support and delivery to tailor it to them.
“I have spent a lot of time getting to know what my potential female clients are interested in, as well as what inspires and motivates them.
“I also look at what they are spending their money on, where they are investing their time and energy.
“If you can truly listen to your female clients, ask questions and seek to understand their concerns, fears, blocks, goals, dreams and aspirations, then you can help to build confidence through awareness and education and support them in their ability to make sound money decisions.
Jade Financial Group managing director Dianne Charman:
“You must impart knowledge. In my experience women like to have more of an understanding without being patronised about learning about investments and super etc.
“As an adviser you have to really listen – if you’re not genuinely interested then women tend not to come back.
“This means you must also be present and avoid being distracted by other more pressing issues
“Also don’t judge a woman’s financial situation, she already knows if she’s in need of help that’s why she’s turned up.
“We aim to provide opportunities for women to come along to workshops which help build on their burgeoning knowledge.
“We also offer to speak at events which are targeted to women so they can get to know us before they make a time to come in and see us.
“Women like to get together and talk things through – that’s the key with financial advice for women. We need to facilitate these opportunities so more women feel confident in their financial wellbeing.
Wisdom of Wealth money mentor Christina Cabrera:
“From 28 years of advising experience and having personally been at the receiving end of male dominated advice, what I can say for sure is that women process information differently.
“Therefore if you understand how to speak to women in their model of the world, you will be successful.
“Women seek trust through conversation – they don’t like being talked at.
“If you like, we can say that conversations with women can be more circular, inclusive of more factors, as opposed to conversations with men that are more linear and focused on the task at hand.
“Women like a consultative approach of being included in the conversation where respect for what they have experienced in their life forms part of the basis of advice.
“Women instinctively research more than men – so if you can provide them a lot of information and understand that they need to do this search behavior, you will be more successful.
“The unspoken but still very pervasive “don’t worry your pretty little head and let me do everything for you” attitude just does not cut it anymore.
“Women also have a keen sense of what is true and what is false. Women’s intuition and radar for what is just boastful conversation for the sole purpose to impress will instantly lead them to dismiss you.
“You don’t gain trust by trying to impress, you gain trust by offering education and sharing your own genuine experiences with them.
“For me every meeting is an opportunity to educate and enlighten no matter whether the meeting leads to any further interaction or not.”
Bianca Hartge-Hazelman is the founder of the Financy Women’s Index, of which OneVue is a sponsor. Get the latest from Financy by following their Twitter channel here.
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