Numerous articles are published on International Women’s Day talking about how women have been successful in every sphere of life whether it is education, sports, employment etc. However, when it comes to wealth management, women are still not completely involved in money decisions. Moreover, many women find it difficult to communicate with financial experts in order to obtain structured financial guidance. Often, women feel that they are given less spontaneous advice or their monetary goals are not understood properly.
Financial experts must understand that women prefer individuals who are willing to listen to them first instead of pushing down advice. You have to sensitise yourself to the difficulties faced by them during their journey of producing wealth. Answer all their questions patiently even if it means starting from the basics. Don’t use complex terms and explain concepts in simple language. Only when a woman is able to understand financial products and the earnings it can generate, she can go ahead and decide to invest. A mix of education and correct guidance will certainly help advisors in developing trust and building a long-term bond with female clients.
If you are speaking to a couple about their financial plans, keep in mind that a wife might have different perception than the husband. For example, if the husband wants to purchase a new home utilizing the provident fund money but the wife thinks the funds should not be used as they should be kept for their retirement. In these circumstances, the advisor has to maintain a balance and suggest the best-suited option. Always listen to both the sides instead of only paying attention to the male client.
Another useful tip for financial experts to connect with women is to hold workshops or discussions exclusively for them. These interactions provide women an opportunity to get all their questions answered without being judged. You can also hold discussions focusing on particular topics such as saving for retirement or child’s education etc.
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