Essen%al  Skills  for    Advising  Female  Clients  

Kathleen  Burns  Kingsbury    Wealth  Psychology  Expert  &  Author  

Twitter: @kbkspeaks

The  great  ques7on  that  has  never  been  

answered….”what  does  a  woman  want?”  

-­‐  Sigmund  Freud,  founder  of  psychoanalysis  

The  Economic  Power  of  Women  70%  of  the  $41  trillion  in  intergenera%onal  wealth  transfers  will  go  to  women  1  

Female–owned  business  generate  $3  trillion  in  annual  economic  impact  2  

4  out  of  10  American  women  are  primary  breadwinners  for  their  families  3  

¹  ”To  the  Contrary:  Hot  Topics:  Women  and  Philanthropy,  Sharing  the  Wealth”,  PBS  Online;  ²  Center  for  Women’s  Business  Research,  2009;  ³  ”Women  of  Wealth:  Why  Does  the  Financial  Services  Industry  S%ll  Not  Hear  Them?,  2011.  

80%  of  the  household  buying  decisions  ¹  

VETO  Power  

80-­‐90%  solely  responsible  for  their  finances  at  some  point  in  their  lives  ²  

Women’s  Buying  Power    

¹ Silverstein, M. Kato, K and Tischhauser, P., Women Want More, Boston Consulting Group, 2009. ² ”Wojnar, K. and Meek, C. “Women’s View of Wealth and the Planning Process,” Advisor Perspectives, March 1, 2011.

The  Industry’s  Problem    

2/3  of  women  don’t  trust  financial  advisors  1              

Financial  services  rated  lowest  in  customer  service  out  of  34  categories  2                                                        

70%  of  women  fire  the  couple’s  financial  advisor  within  one  year  of  the  death  of  their  spouse  3  

¹  State  Farm  Survey,  2008;  ²  Silverstein,  M.  Kato,  K  and  Tischhauser,  P.,  Women  Want  More,  Boston  Consul%ng  Group,  2009;    ³  ”Wojnar,  K.  and  Meek,  C.  “Women’s  View  of  Wealth  and  the  Planning  Process,”  Advisor  Perspec7ves,  March  1,  2011.  

Women  are  NOT  a  Niche  

The  Female  Brain  

• Neurological  Need  to  Connect  

• Greater  verbal  access  to  emo%ons  

• Wired  to  see  the  “whole”    

The  Male  Brain  

Female  Rules  of  Road  

• Get  personal  quickly  through  stories  

• Use  feeling  &  collabora%ve  words  

• Define  success  as  being  “indispensable.”  

• Nod  equals  listening,  not  agreement  

• Are  LOYAL!  

The  Men’s  Handbook  

The Real Man’s Handbook

Rule #1: Never, ever share this book with women!

Essential  Skills  for  Advising  Women  

#1:    Listen!  

#2:  Build  Trust  

Gender  and  Trust  

90%  of  married  and  single  women  don’t  have  a  preference  for  the  gender  of  their  advisors*  

1  in  4  divorcees  and  widows  feel  strongly  about  the  gender  of  their  advisors*    

The  majority  of  women  look  for  good  chemistry  

Source: “Women of Wealth: Why Does The Financial Services Industry Still Not Hear Them”, Family Wealth Advisors Council, 2011.

Building  &  Maintaining  Trust  

 Thoughmulness  

 Reliability  

 Understandability  

 Sensi%vity  

 Transparency  

#3:  Balancing  the  Triangle  

What  Women  Need  From  You  

•  Listen  

•  Invite  Her  To  The  Table  

•  Don’t  Stereotype    

•  Appreciate  Her  Gender  Lens  

•  Help  Her  Talk  To  Her  Partner  

Thank  You!  

     

Kathleen  Burns  Kingsbury  Founder,  KBK  Wealth  Connec%on    

Email:  kbk@kbkwealthconnec%on.com  Phone:  508.297.1212  Twiper:  @kbkspeaks