Are female advisers taking the reign?
Research indicates that, in many households, women do the budgeting. If we take this one step further, it might be a relevant to ask if retirement planning will not be the perfect place to increase the female financial adviser force in your practice? Here are good reasons why this may be so.
Retirement is undoubtedly one of the most difficult transitions in life. The question remains, what does a female financial adviser naturally bring to the relationship with her retiring clients that serve them so well?
Emerging as pace setters
According to Amanda Smith, Senior Vice President at National Financial, recent research demonstrates that female advisers are running alongside their male counterparts in many ways.
“Female advisers are emerging as pace setters in their use of technology, they are more likely to run paperless practices, they are more likely to provide online services like video conferencing for collaboration and e-signatures for efficiency in order to attract next generation investors,” says Smith.
This is positioning them as leaders when it comes to engaging with the next generation of clients, says Smith. “Female advisers are more likely to be adopting their practices to a more collaborative style that younger investors prefer. They are targeting and going after novice investors and offering a broader range of services that are appealing to younger investors with things like tax planning and preparation or tuition planning,” continues Smith.
Important differentiator
The most important differentiator between male and female adviser practices, according to Smith, is that female advisers are going after female clients in a dramatic way. “About a third of female advisers say they are targeting female clients and only about 7% of male advisers say the same thing,” she says.
“Female advisers are very forward thinking when it comes to going after female clients because they see the opportunity there, given women’s financial power these days. They are winning the business and they are demonstrating that they can solve issues in a solid and meaningful way,” says Smith.
Smith believes between male and female advisers the playing field is level for both of them. “Female clients don’t express a gender preference when it comes to the selection of an adviser. They are just looking for someone they can connect with, who can work with them on a goals based financial plan. Gender doesn’t really matter; it’s the adviser’s ability to connect with the client that does matter,” concludes Smith.
Bringing a feminine dimension
As a CERTIFIED FINANCIAL PLANNER® professional who specialises in the retirement market, I believe that female financial planners add an additional essential dimension to meetings with clients who are facing retirement, undergoing the retirement transition, or who are already retired and facing all the changes that this shift has brought.
When a client is facing a challenging transition such as retirement, often accompanied by feelings of vulnerability and uncertainty, a more sensitive adviser can create a safe environment for expressing those responses. A less threatening mood allows for a more creative exploration of options available to the client; a relaxed atmosphere allows for easier conversations.
The retirement transition is greatly enhanced when the client finds an adviser willing to be in a supportive role – skilled to empower clients to make decisions that are not easy, all while ensuring that their retirement savings do not run out.
Encouraging more women to join the financial planning industry is vital. Making space for women to bring their femininity compliments the offering for the clients.
In concluding, the ideal view in my opinion is that men and women work in teams. For this to happen we need to attract more women to this wonderful profession - it is such an essential offering to clients seeking a fulfilling retirement.
