Engaging both spouses equally will help stop the client, who has lost a spouse, from walking out the door into the hands of the competition.
If you don’t want to see widows (or widowers) walk out the door, engage both parties equally from the get go, suggests one Ontario advisor.
All too often, says Sean Straughan of Niagara Wealth, financial advisors work predominantly with one player in the marriage – the one who manages the finances – failing to make the necessary connection on both sides.
“It’s about equally engaging both parties purposefully,” Straughan says, adding that children should be on an advisor’s radar as well.
“Let’s have the kids come in with the parents (to meetings) too," he says.
With about 70 per cent of widows changing financial advisors within a year of their husband’s death, according to statistics released by Fidelity Investments last month – client preservation after a death is a ripe challenge for advisors, even if they’ve been handling the couple’s investments for 20-odd years.
And it’s not surprising that this is the case, if you take into consideration findings from a study by UBS Wealth Management Americas, released Tuesday.
According to the study, women may be happy dealing with broader wealth management activities such as day-to-day expenses and charitable donations, but they are still turning to men to handle such areas as investment and insurance decisions.
Even Millennial and Gen X feel this way with less than one in five women making the investment decisions, the study indicates. That is, until retirement, when they become increasingly worried about their financial situation, it says. (continued)
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“Women are outliving their spouses and because they never dealt with finances before, they’re less confident about handling them later in life. As a result, they are more concerned about the stability of their financial future and outliving their money in retirement,” said Jeff Scott, head of market research for UBS Wealth Management Americas.
“Women who choose to leave financial decision-making and the financial advisor relationship in the hands of their husbands should seize the opportunity to take a more active role,” he adds.
And, what better way to do so than with encouragement from that financial advisor.
Here are some tips from Fidelity Investments on how to further engage your clientele, particularly those female clients.
Advisor's empathy most important, say widows
Aging female clients most in jeopardy
Are you missing out on a $100B market?
How to attract more women ... clients
All too often, says Sean Straughan of Niagara Wealth, financial advisors work predominantly with one player in the marriage – the one who manages the finances – failing to make the necessary connection on both sides.
“It’s about equally engaging both parties purposefully,” Straughan says, adding that children should be on an advisor’s radar as well.
“Let’s have the kids come in with the parents (to meetings) too," he says.
With about 70 per cent of widows changing financial advisors within a year of their husband’s death, according to statistics released by Fidelity Investments last month – client preservation after a death is a ripe challenge for advisors, even if they’ve been handling the couple’s investments for 20-odd years.
And it’s not surprising that this is the case, if you take into consideration findings from a study by UBS Wealth Management Americas, released Tuesday.
According to the study, women may be happy dealing with broader wealth management activities such as day-to-day expenses and charitable donations, but they are still turning to men to handle such areas as investment and insurance decisions.
Even Millennial and Gen X feel this way with less than one in five women making the investment decisions, the study indicates. That is, until retirement, when they become increasingly worried about their financial situation, it says. (continued)
#pb#
“Women are outliving their spouses and because they never dealt with finances before, they’re less confident about handling them later in life. As a result, they are more concerned about the stability of their financial future and outliving their money in retirement,” said Jeff Scott, head of market research for UBS Wealth Management Americas.
“Women who choose to leave financial decision-making and the financial advisor relationship in the hands of their husbands should seize the opportunity to take a more active role,” he adds.
And, what better way to do so than with encouragement from that financial advisor.
Here are some tips from Fidelity Investments on how to further engage your clientele, particularly those female clients.
- Think about how men and women communicate differently – male clients are typically greater risktakers and want solutions fast, while women are typically more conservative in their approach, and appreciate an advisor who is a good listener, understands unique financial concerns, knows their stuff and uses a collaborative approach.
- Re-evaluate your approach – consider altering how you deal with female clients and how you engage them in the investment decision process. Insist both spouses are present during client meetings.
- Educate your clients – Provide opportunities to learn more about investing by offering a client reading list, leaving relevant books and periodicals in your office’s waiting area, or host money-management workshops/seminars for parents and children.
Advisor's empathy most important, say widows
Aging female clients most in jeopardy
Are you missing out on a $100B market?
How to attract more women ... clients
