How Can Financial Advisors Be Better Prepared to Guide Their Female Clients?

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Hi, everyone. Today I want to ask you a question. What are you doing to retain your financial clients who will become widows? Because in the real estate market, it's location, location, location, but in the financial industry, it's prepare, prepare, prepare. I call it triple P.

So, here's some reality. Half of all women will outlive their husbands by 15 years. 70% of widows will leave their current financial advisor prior to the first year of their husband's death. So, what can you do now to prepare yourself so that that doesn't happen?

So, here's one thing that can be very useful for you.

Create a better client profile just for her.

If you haven't done this already, create a new one.

Where is she from? What is her career, her profession? Where did she grow up? Does she have family nearby? What are the names and ages of her children? What type of activities are they involved in?

I remember when I became a young widow, advisors and insurance agents would get this all wrong, and I would have to tell it over and over and over. And pretty soon, I'm just frustrated.

So, you want to get to know them on paper, and you want to get to know them in person mostly. How often are you meeting with them? How often are you meeting with both the husband and the wife, both partners?

It would be best if you started building a relationship and a rapport and trust, so when the time comes, and they do need you as a widow, this will not be starting from scratch.

So, it reminds me of one of my favorite quotes, and it's by John Wooden, who I think he's the best basketball coach of our time. I grew up; my dad was a basketball coach. So, John Wooden and his Woodenisms became part of our life. And this is what it says, "It's too late for preparation when opportunity strikes."

You will have the unfortunate yet pivotal opportunity to help a widow in the most challenging times of her life. And I hope you will be prepared because if you are, you will have a loyal client for life.

Have a beautiful week. Cheers.

 

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