Female clients not so different after all
Further research has emerged from the US suggesting financial planners need to be careful about how they target female clients and that, contrary to popular perceptions, gender-specific references and marketing will not necessarily work.
The research, undertaken by Invesco, asked a range of questions of qualitative focus groups in the US and Canada based on women who already used financial advisers and had at least $100,000 of investable assets.
According to the author of the research report, Invesco Van Kampen Consulting executive director Lisa Kueng, the results were surprising in finding that the female respondents did not necessarily react well to women-specific marketing and preferred their planners to focus on them as individuals rather than women.
The research also suggested that it was better to provide female clients with a financial vision than to belabour them with the disadvantages encountered by women including lower remuneration and broken periods in the workforce.
It also suggested that it was wrong to assume women were passive investors, with most wanting firm action plans.
The research made the following recommendations to planners:
* Even when you intentionally target women clients, focus your messaging on them as people, not as women.
* Instead of showcasing the challenges that women as a group face, showcase how you can help each individual with a proactive plan that's right for them.
* Highlight the financial actions that you'll take, the results that you're aiming for, and the collaborative role that your female clients will play in the process.
AUTHOR
Mike Taylor
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