Targeting Women As A Niche Investor Group May Not Be A Smart Idea

Thursday, April 19, 2012 11:49
Targeting Women As A Niche Investor Group May Not Be A Smart Idea

Tags: marketing | niches | women investors

The key to attracting women as clients is not in targeting them. It’s in treating them like any other client, only recognizing their needs are different in some areas. Rather than focus exclusively on the technical aspects of investing, women like to relate investment information to how it will help them achieve their goals.

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Many advisors are beginning to realize that women are a viable market to address. Women currently control over half of the wealth in the US. As people live longer, women continue to outlive men. And as the Boomer population ages, more women will be in control of wealth either from loss of a spouse, divorce, or from creating their own lucrative businesses.
Women want to be treated as intelligent investors. They may need guidance educating in some investment areas but they mainly want to be listened to and to have confirmation they have been heard. Women want their advisors to be respectful resources for them. For example, a widow may need help buying a car for the first time. But that help needs to be provided in a non-condescending manner.
Working with women is really not much different than working with any other client segment. Gaining a deep level of understanding regarding client needs and the way different clients communicate should be Relationship Development 101 in any case.

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