How to Better Retain Female Clients and Grow Your Business (EncorEstate Plans) скачать в хорошем качестве

How to Better Retain Female Clients and Grow Your Business (EncorEstate Plans)

How to Better Retain Female Clients and Grow Your Advisory Business Financial advisors often overlook one of the most significant opportunities in wealth management: effectively retaining female clients. Women are poised to control two-thirds of U.S. household assets—approximately \$30 trillion—by 2030. Despite this staggering opportunity, financial advisors continue to face challenges connecting meaningfully with female clients, particularly when it comes to estate planning. During a recent conversation, industry experts Linda Sherman of Financially Empowered and Michele Holmes + Robin Darden of EncorEstate Plans provided key insights into overcoming these challenges and improving advisor-client relationships through thoughtful estate planning conversations. Key Takeaways and Insights 1. Estate Planning as a Differentiator While 93% of clients expect their financial advisor to discuss estate planning, shockingly, 9 out of 10 advisors do not integrate these discussions consistently into their practice. Estate planning can be a powerful differentiator for advisors, allowing them to offer deeper value and retain clients effectively. Michele Holmes emphasizes, "Estate planning is personal and that's an easy open to really build a connection with your women clients." 2. The Importance of Connection and Peace of Mind Research consistently reveals that female clients prioritize connection and peace of mind far above investment performance and fees. Sherman highlights how impactful estate planning conversations can alleviate common anxieties: "I have growing anxiety and wake up at night because I don't know anything about our estate plan or what will happen to me and my family," a client shared, underscoring the emotional stakes involved. By proactively engaging female clients in estate planning, advisors not only strengthen trust but also secure client relationships through life's pivotal moments. 3. Why Advisors Lose Female Clients A startling statistic persists: 70% of women who become divorced or widowed change advisors within a year. This loss primarily results from advisors neglecting to include women meaningfully in financial conversations. Linda Sherman stresses, "Do not confuse attendance with connection." Advisors must actively engage women beyond merely having them present during meetings. 4. Engage Her Network and the Next Generation As Sherman advises, estate planning discussions are excellent opportunities to "Meet her people." Advisors should not hesitate to request introductions to executors, trustees, and beneficiaries, creating multi-generational client retention. One advisor Sherman interviewed reinforced this approach: "I asked prospects, 'What has your current advisor done for you regarding estate planning?' Usually, the answer is 'Not much,' and that's where we win." 5. Turn Service Interactions into Relationship Builders Robin Darden highlights how everyday interactions can deepen relationships. Simple acts, such as checking if clients' beneficiary designations are up-to-date or if they have healthcare directives, significantly boost advisor value. Holmes adds, "Your estate plan is set in sand, not stone. You can change it anytime." This mindset empowers clients to take action rather than procrastinate. Actionable Next Steps for Financial Advisors To immediately strengthen connections with female clients: Initiate Estate Planning Conversations: Use the six-step estate planning guide from Financially Empowered as your discussion framework. Identify Opportunities: Review your book for women who lack current estate plans or have experienced recent life changes. Host Educational Events: Organize sessions specifically tailored to women, addressing estate planning essentials and providing peace of mind. Engage Their Families: Offer family meetings to ensure comprehensive estate planning, positioning yourself as the go-to expert across generations. Leverage Your Support Team:** Train your client support team to recognize relationship-building opportunities in everyday interactions. The Opportunity Ahead Successfully addressing the needs and priorities of female clients through estate planning conversations is not just good practice; it's essential for growth and retention. As Sherman succinctly puts it, "Women talk to each other and trust each other. Your satisfied female clients can be your growth engine." Partner with EncorEstate Plans Advisors can streamline estate planning conversations by partnering with EncorEstate Plans, a solution uniquely designed for advisor-led estate planning. With professional, human-reviewed documents and efficient service, advisors can confidently facilitate estate planning discussions, significantly enhancing client relationships and retention. Learn more about EncorEstate Plans today: https://www.encorestateplans.com/