{"id":9319,"date":"2024-03-07T08:00:24","date_gmt":"2024-03-07T08:00:24","guid":{"rendered":"https:\/\/emoneyadvisor.com\/blog\/?post_type=thought_leadership&p=9319"},"modified":"2024-02-26T20:54:17","modified_gmt":"2024-02-26T20:54:17","slug":"ignored-to-invested-how-to-attract-and-keep-women-as-clients","status":"publish","type":"thought_leadership","link":"https:\/\/emoneyadvisor.com\/blog\/ignored-to-invested-how-to-attract-and-keep-women-as-clients\/","title":{"rendered":"Ignored to Invested: How to Attract and Keep Women as Clients"},"content":{"rendered":"

Women are the sole or primary breadwinner in 16 percent of marriages today, compared with 5 percent in 1972, and in nearly a third of marriages, both spouses earn the same amount of income.1<\/sup> In addition, by 2030, women are expected to control two-thirds of the nation\u2019s wealth.2<\/sup><\/p>\n

These female breadwinners and economically empowered women are coming up against a fundamental issue with the financial services industry: It was created by men, for men. Women have come a long way since the Equal Credit Opportunity Act of 1974, but before then a bank could deny a credit card to a woman without a male cosigner. This long-ago idea that women couldn\u2019t take responsibility for their own financial affairs is still haunting us. One survey showed that 40 percent of women say their advisors often ignore or dismiss what they have to say.3<\/sup><\/p>\n

Women Are Dealing with Financial Stress<\/strong><\/h2>\n

As one of the few female advisors, I\u2019ve made it my life\u2019s work to try and change the industry to make it more female-friendly. The problem is more urgent than ever, with women saying the No. 1 word for how they feel about finances is \u201cstress.\u201d4<\/sup> Advisors who are ready to listen and serve these women on their own terms are desperately needed.<\/p>\n

In my own practice, I\u2019ve seen some heartbreaking cases of financial abuse. The story of one client whose husband died stays with me. She had a young child, and she began dating this guy. He was financially abusive toward her and was spending all her money.<\/p>\n

She calls me crying one day and says, \u2018Can you come with me?\u2019 I said, \u2018Sure, what do you need?\u2019 She needed to get her $100,000 Mercedes out of the impound lot after her boyfriend was driving drunk in it. I helped her find a therapist after that day at the impound. I always wonder what would have happened if I hadn\u2019t been there. Women need that personal connection with their advisor.<\/p>\n

It\u2019s not just the right thing to do; there is an actual business case for tailoring financial services to women\u2019s needs and preferences. We need to get this right and not just \u201cpinkwash\u201d it. One study showed that retaining Baby Boomer women as clients could result in one-third higher revenue potential, and firms that gain and retain younger women as clients could experience nearly four times faster revenue growth.2<\/sup><\/p>\n

My Common Thread<\/strong><\/h2>\n

Women make up half the population, but we\u2019re only 23 percent of Certified Financial Planners\u2122.5<\/sup> That\u2019s why I\u2019ve spent a decade as a CFP Board ambassador, and with the CFP Board Center for Financial Planning\u2014to get more women into the profession. I\u2019m also involved in fundraising, and I’m a legacy donor for that cause. I practice what I preach.<\/p>\n

To help on the client side, I\u2019ve written a book,\u00a0The Money Queen’s Guide<\/em><\/a>, inspired by my own experiences with finances during a drawn-out divorce. I said, \u201cIf it can happen to me, it can happen to anybody,\u201d so I wrote a guide to what women should be doing decade by decade in their 20s, 30s, 40s, 50s, and 60s to be financially independent.<\/p>\n

I also serve on the foundation board for SUNY College at Cortland, where I earned my undergraduate degree. I set up a named scholarship for a woman in business there. Again, I’m putting my money where my mouth is.<\/p>\n

Last but not least, I have a group called Femme Force. It’s a female collective designed to enable mentoring for women and empower them to stay in the profession. We founded it last year.<\/p>\n

All of this is related to making the industry more female-friendly, getting more women in it, and empowering women to become financially independent. It’s all related. It’s the one thread that always runs through what I’m doing, what I’m talking about, and what I believe in.<\/p>\n

Finding the Way Forward<\/strong><\/h2>\n

That being said, I\u2019m only one person. I would love to see the leaders of wealth management enterprises make strides in changing the industry as well. Here are a few ideas:<\/p>\n