In its third study on Women of Wealth, the Family Wealth Advisors Council examines the unique financial planning needs of women and shares ideas on how to support the rising demographic of women breadwinner clients. Interesting findings include:
Many people are familiar with the challenges faced by working moms, but the troubles of women with aging parents are unseen and widely ignored. This Atlantic article highlights the challenges that many working women are now facing – how are you discussing this important issue with your clients?
PNC Wealth Management’s annual survey focuses on the opinions and attitudes of America’s wealthy, including wealthy couples. It is a barometer not just of how the affluent spend their money but why and how they think. Interesting findings include:
This publication by IFC, AXA, and Accenture explores the experiences and attitudes of women in ten emerging markets and provides recommendations for those hoping to engage with women as customers, as employees and as leaders in their community. By 2030 the insurance industry is expected to earn more than $1 trillion from women alone. This piece looks at what motivates women to buy more insurance. And it finds that women—unlike men—tend to buy insurance for themselves and their families. Women also tend to be more alert to risks that confront their children and parents.Download PDF
Author Atul Gawande, a practicing surgeon, talks about the realities of aging and death in a way that helps us all figure out how to better have this conversation with our loved ones. Thank you to Lynne M. for the recommendation!
If you haven’t seen Harvard professor and psychologist Amy Cuddy’s TedTalk on power poses, I highly recommend it. (It’s the second most watched TedTalk ever.) Her new book teaches us how to use simple techniques to liberate ourselves from fear in high-pressure moments, perform at our best, and connect with and empower others to do the same.
For over 25 years, Tom Huvane has been a trusted Financial Advisor providing advice that is tailored to his clients’ unique circumstances and goals. He is one of a select group of UBS financial advisors who have earned the Wealth Advisor designation and has achieved President’s Club status, which ranks him among the top advisors in the firm. Tom is also a member of All Bar None, which promotes the professional advancement of women at UBS. Outside of UBS, he is a member of the Women’s Enterprise Development Center (WEDC), the premier hub for women entrepreneurs in Westchester County.
Why did you become interested in engaging women investors?
A few years ago, our team was analyzing our client base and we discovered that the number of qualified new relationships we brought in that year was higher than average. So, we decided to dig a little deeper and find out how these new clients came to us. What we learned was that many new clients came in through personal introductions from our existing women clients – they were referred to us by female friends, colleagues and mentors. Based on this knowledge, we decided to get more involved in the women’s market and learn how to better engage our female clients.
How did you educate yourself about the women’s market?
I read books about women investors and marketing to women, and engaged with authors to discuss the research they had conducted. The data related to how much wealth women control was truly eye-popping – women make a significant amount of financial decisions and a majority of real estate decisions. I started thinking, ‘Is anyone paying attention to this?’
To truly understand how women process information and make decisions, I had to get out of my comfort zone. I started going to events that were well attended by women and became involved with the WEDC – a group for women entrepreneurs in Westchester County. I also held small roundtable events with women clients and their friends where we could talk about what women value in financial relationships and what would inspire them to join an advisory practice. I learned a lot by simply asking women investors what they wanted, listening carefully to their responses and executing on their ideas.
What did you learn about serving women clients?
One of the main things I learned is that women do not make decisions lightly. I think two key words related to serving female clients are ‘listen’ and ‘patience.’ Unfortunately, a lot of male financial advisors talk more than they listen and want decisions immediately. I learned that when women say they need to think about it, they aren’t being dismissive. They are engaging and gathering input from their trusted circle of friends, spouses and colleagues and thinking about the solutions you’ve proposed.
What is your advice to other financial advisors who want to grow their female client base?
One way to think about it is that you want to get a seat on her personal board of directors. Most women develop a group of trusted advisors throughout their lives that they consult with when making important decisions. Women brag about their trusted advisors and like to tell other women about them.
It is also critical to ask the right questions. In my initial meetings, I make it a point to use open ended questions, such as ‘What’s most important in your life right now?’ so I can learn more about what makes her who she is. Ask about their best and worst experiences with a financial advisor and what their financial situation was like growing up. Listening to her story is the first step in establishing a trusted relationship.
What is top of mind today for your female clients?
For our mature clients, the biggest concern is the increased cost of healthcare. We’re doing a lot of work to help women prepare for potential increases in healthcare costs. For baby boomer clients, retirement and making sure they have enough money to take care of themselves in the future are primary concerns. For younger women, the focus is often on educating their children. We have established relationships with younger women as a result of making their children’s college education a priority.
At the end of the day, what all three groups really want is more financial education. They don’t want or need to understand every tiny detail – but they do want to feel knowledgeable and confident about their decisions. They want to learn more about how investments fit into their lives, and I am thrilled to be able to help them do that.
For more information about the Huvane Wealth Management Group, please visit http://ubs.com/team/huvane.