As a result, she said, turnover is a reality for female clients and that has implications for advisors interested in building a practice around women.
Katz agreed. “All of us in the service business are selling the intangible,” she said. “Because of that, if it breaks down it always becomes personal, and with women more so than with men. So we need to be aware of making intangible things very tangible by saying, ‘here’s what we’re doing and here’s why we’re doing it.’”
To Katz’ thinking, financial advisors aren’t in the business of wealth management as much as they’re in the business of managing client expectations. “The sooner you realize that, the better the relationships with your women clients will be,” she said.