Since the publication of my book, How to Give Financial Advice to Women in 2012, I’ve coached and trained advisors on the opportunity to better serve women. Thirteen years later, this Great Wealth Transfer is happening, yet many firms are not adequately positioned to meet the needs of 51% of the population. It’s a 700 billion dollar revenue opportunity, so what is holding so many firms back? 

Here is a list of the top 3 beliefs preventing wealth management firms from investing in training and coaching for advisors so they can develop the knowledge and skills to work effectively with different segments of female clients. 

• Believing Women and Wealth is a DEI initiative. Let’s face it, people are running scared since the President declared that DEI was illegal. While I disagreed with his position on DEI being bad for business, it’s important to remember that women make up half of the population and are not a minority group. Yes, women are underserved by the financial services industry and their rights are being threatened by this current Administration, but helping people plan for a secure future and engage in meaningful wealth conversations isn’t a political act. It is a business imperative. 

• Believing female clients are satisfied with the current services. Many advisors assume women are happy customers, only to discover they are biding their time until they control the family’s assets to move them to a new firm. Eighty-percent of women fire their couples advisors within one year of the death of their spouse. Why? Because she has been overlooked, talked down to, or simply misunderstood. She may not be telling you she is unhappy, but you can bet she is talking to her girlfriends about it. And that is bad for business. 

• Believing women’s economic power isn’t here to stay. Women are inheriting 70% of the intergenerational wealth transfers, an estimated $30 trillion; they own 42% of all the businesses in the US and generate 1.9 trillion annually; and over half of U.S. households have a woman as the primary breadwinner. If you think the She-economy is a fad, think again. I have watched these numbers trend upward since 2012. Instead of ignoring the needs of this economically powerful group, it’s time to embrace them because they want advisors to educate and guide them. So why shouldn’t it be your firm? 

If you want to find out how your firm measures up when it comes to Women and Wealth, download our free assessment, “Is Your Firm Ready to Serve the New Face of Wealth”, here. Want to find out how KBK Wealth Connection works with wealth management firms to better serve women and their families? Set up a free 30-minute consultation and I would be happy to talk about your checklist results and how we might help.