And no wonder. Almost nobody even bothers to prospect women (let alone building great client relationships with them)! According to LIMRA:
Of female producers, only 50% prospect women. Of male producers, only 20-25% do!
Some financial advisors have told me that men don’t prospect women because, “Women investors prefer women advisors.” Nope, I’m not buying it! Economist Dr. Sasha Galbraith revealed that merely 11% of women prefer a woman advisor, with 85% having no preference concerning their advisor’s gender.
Selling Financial Services to Women — What a Golden Opportunity
In a market where women will soon control 70% of private wealth and 50% of millionaires are women, I’m almost in shock that financial advisors would basically ignore this lucrative segment. Besides her affluence, women make better clients.
Three Long-Term Rewards for Prospecting Women
- Women have the money. Women will inherit 70% of the $41 trillion in inter-generational wealth transfer expected over the next 40 years.
- Once she chooses you as her advisor, she’s loyal. Advisors report women are much less likely to defect during downturns.
- Make her happy, and she’ll send you way more referrals than men do. I mean WAY more. An average woman client will refer you 26 times compared to a man referring you twice.
If you aren’t prospecting women already, what’s holding you back? Please leave a comment and let me know– I’m incredibly curious.