Advisors Still Missing Mark when Aiming at Women?

[Brian Anderson]

There was a presentation on marketing to women I read about earlier this week at the IMCA 2015 New York Consultants Conference that got me to thinking about why advisors still seem to be so male client-centric, while women continue to be underserved by the insurance and financial services industry.

Just posted a blog about it (link below), and hoping to get some feedback on if this perception is indeed reality, and what can be done to better meet the needs of women in this market. Or some insight from agents who have it figured out.

If 70% of women really do switch advisors within a year of the death of their spouse, it surprises me that more of an effort isn’t being made to build the client relationship with the wife as well as the husband to minimize the chances you’ll lose a client not long after the husband’s death. And are advisors in general really so tone-deaf to the planning needs and preferences of women?

Insurance Forums | Advisors still missing mark when aiming at women

 

[LGilmore]

And are advisors in general really so tone-deaf to the planning needs and preferences of women?


Just a quick thing to point out. How do women vote or who do they vote for? How do many insurance agents feel about who women vote for?

This isn't hard to figure out in most cases.

I don't wish to go much further but basically if you have deep seeded contempt for a gender, it comes out through the wash. You may not keep the spouse after a death because you've done nothing along the way to treat the spouse as an equal in the process. May not even know you're doing it, but they do.

 

[Cash]

And are advisors in general really so tone-deaf to the planning needs and preferences of women?


Just a quick thing to point out. How do women vote or who do they vote for? How do many insurance agents feel about who women vote for?

This isn't hard to figure out in most cases.

I don't wish to go much further but basically if you have deep seeded contempt for a gender, it comes out through the wash. You may not keep the spouse after a death because you've done nothing along the way to treat the spouse as an equal in the process. May not even know you're doing it, but they do.

Way to stereotype all women.

 

[kgmom219]

Way to stereotype all women.

Gilmore is right. I see it everyday.

I sit in financial planning meetings A LOT. Its usually directed to the bread winner. If its a SAHM, even if they have been in every meeting, I guarantee that she was pretty much ignored during the process. So why would she stay with an FP that has ignored her the last 30 years?

Having said that, this is a difficult thing to do. You can say all you want about marriage being 50-50, but usually one person does the finances. And makes more money, etc. Does the FP make sure every phone call/email/meeting include both people? Probably not.

 

[DHK]

The smart planner would be most concerned that the SAHM (or as I would prefer to call her the "Executive Household Manager") is well taken care of. That's a conversation that has to involve the spouse so that the spouse can feel comfortable with the result of the plan - especially if that plan involves life insurance and retirement.

In addition, if both spouses aren't complete involved in the process... you can end up going through the whole thing and wait until the end when he turns to his wife and asks "What do you think dear?" and hear the crickets chirping.

A true financial plan helps alleviate worry, risks, and anxieties about the future. But you can't have that if one spouse doesn't understand or sees how what has been planned will benefit that spouse.

 

[LGilmore]

Way to stereotype all women.



sure I stereotype all women as people who think for themselves, have their OWN opinion and their own motivations. Are you sure you read my comments?

Cause I think how you meant that statement is contrary to what I wrote.

 

[Cash]

Way to stereotype all women.



sure I stereotype all women as people who think for themselves, have their OWN opinion and their own motivations. Are you sure you read my comments?

Cause I think how you meant that statement is contrary to what I wrote.

No. I think you are a dope who was looking at this through the eyes of politics and trying to score one for your team. You tried to make it about politics and "who women vote for." Women vote for different people and different parties. financial advisors vote for different people and different parties.

In no way did you stereotype woman as being "people who think for themselves, have their OWN opinion and their own motivations." No, you implied that all women vote for democrats which is not even close to being the truth and has no baring on the topic at hand.

I have come to the conclusion that there are conservative people, liberal people, communist people, libertarian people, etc, and then there are people who argue politics people. The latter don't care about the truth or what is best they just care about scoring one for their team.

 

[somarco]

Politics aside, there is a gender difference in the way men vs women approach problem solving.

As a general rule, women are more emotionally driven in their decision making process and they lean more towards security. They are usually not risk takers and very concerned about family.

Whether couples or families, the woman is often the CFO and runs most of the day to day financial decision making.

Men are more like Joe Friday. Just the facts. Hit the high points, make a decision, move on.

Since I left the corporate world and moved into personal production probably 80% of my clients are women. The numbers shifted more toward female policy holders since moving into the Medicare market.

It is definitely a different process. Most women take their time and won't be rushed. Men take their time too but it is more driven by procrastination vs ruminating over which way to go.

Years ago I met a female life insurance agent that today would be termed a "libber". When I met her for the first time in the agency she sought me out, introduced herself and made sure I didn't presume she was just one of the secretaries. She had an attitude and would push men aside to get what she wanted. She aggressively pursued the "female" market because it was under-served.

That was 1977 and things haven't changed much since.

We have a couple of women in Atlanta that have built very successful all female benefits agencies. They are competing in a "man's world" and doing quite well thank you.

My impression is, women sales people are generally fearless and more driven than men.

But that is another debate ........

----------

Politics aside, there is a gender difference in the way men vs women approach problem solving.

As a general rule, women are more emotionally driven in their decision making process and they lean more towards security. They are usually not risk takers and very concerned about family.

Whether couples or families, the woman is often the CFO and runs most of the day to day financial decision making.

Men are more like Joe Friday. Just the facts. Hit the high points, make a decision, move on.

Since I left the corporate world and moved into personal production probably 80% of my clients are women. The numbers shifted more toward female policy holders since moving into the Medicare market.

It is definitely a different process. Most women take their time and won't be rushed. Men take their time too but it is more driven by procrastination vs ruminating over which way to go.

Years ago I met a female life insurance agent that today would be termed a "libber". When I met her for the first time in the agency she sought me out, introduced herself and made sure I didn't presume she was just one of the secretaries. She had an attitude and would push men aside to get what she wanted. She aggressively pursued the "female" market because it was under-served.

That was 1977 and things haven't changed much since.

We have a couple of women in Atlanta that have built very successful all female benefits agencies. They are competing in a "man's world" and doing quite well thank you.

My impression is, women sales people are generally fearless and more driven than men.

But that is another debate ........

 

[goillini52]

Politics aside, there is a gender difference in the way men vs women approach problem solving.

As a general rule, women are more emotionally driven in their decision making process and they lean more towards security. They are usually not risk takers and very concerned about family.

Whether couples or families, the woman is often the CFO and runs most of the day to day financial decision making.

Men are more like Joe Friday. Just the facts. Hit the high points, make a decision, move on.

Since I left the corporate world and moved into personal production probably 80% of my clients are women. The numbers shifted more toward female policy holders since moving into the Medicare market.

It is definitely a different process. Most women take their time and won't be rushed. Men take their time too but it is more driven by procrastination vs ruminating over which way to go.

Years ago I met a female life insurance agent that today would be termed a "libber". When I met her for the first time in the agency she sought me out, introduced herself and made sure I didn't presume she was just one of the secretaries. She had an attitude and would push men aside to get what she wanted. She aggressively pursued the "female" market because it was under-served.

That was 1977 and things haven't changed much since.

We have a couple of women in Atlanta that have built very successful all female benefits agencies. They are competing in a "man's world" and doing quite well thank you.

My impression is, women sales people are generally fearless and more driven than men.

But that is another debate ........

----------

Politics aside, there is a gender difference in the way men vs women approach problem solving.

As a general rule, women are more emotionally driven in their decision making process and they lean more towards security. They are usually not risk takers and very concerned about family.

Whether couples or families, the woman is often the CFO and runs most of the day to day financial decision making.

Men are more like Joe Friday. Just the facts. Hit the high points, make a decision, move on.

Since I left the corporate world and moved into personal production probably 80% of my clients are women. The numbers shifted more toward female policy holders since moving into the Medicare market.

It is definitely a different process. Most women take their time and won't be rushed. Men take their time too but it is more driven by procrastination vs ruminating over which way to go.

Years ago I met a female life insurance agent that today would be termed a "libber". When I met her for the first time in the agency she sought me out, introduced herself and made sure I didn't presume she was just one of the secretaries. She had an attitude and would push men aside to get what she wanted. She aggressively pursued the "female" market because it was under-served.

That was 1977 and things haven't changed much since.

We have a couple of women in Atlanta that have built very successful all female benefits agencies. They are competing in a "man's world" and doing quite well thank you.

My impression is, women sales people are generally fearless and more driven than men.

But that is another debate ........

You can say that again.

 

[Justin Bilyj]

I have noticed a ton of material coming from the insurance companies geared towards women, I have even seen an uptick in the number of seminars for women specifically.
Mass even put a big section together for them...