High-flying businesswomen present a huge enterprise-building opportunity for financial advisers, according to a marketing expert.
Females age 25 to 40 is the fastest growing Australian wealth demographic, planners were told at the MLC Risk Retreat 2008, in Coolum, Queensland.
Women control 80 per cent of household spending and are five to 10 times more likely to refer their adviser, making them valuable financial planning clients.
There has been a 50 per cent increase in single female homeowners in the last decade.
"Women present more value to your business. When you think about it they're actually three consumers in one," Splash Consulting managing director Amanda Stevens said.
"She buys not only for herself, but for her family, and in more and more cases, she's buying on behalf of her business."
By understanding the psychology of selling to women financial advisers can optimise the dollar value female clients have in their business, Stevens said.
To build rapport and establish a level of trust with a female client, it is important to establish commonality, she said.
Planners should offer female clients tailored solutions and relate a product's benefits to her needs and motivations.
"When presenting a statement of advice don't give a standard product presentation. Instead, focus on how the features benefit the client's particular needs," Stevens said.
"Make service override your product."
Bragging about success is one of the biggest mistakes financial advisers can make, as women find it a complete turn off, Stevens added.
