The panel shared advice on female clients at different life stages and how to work with them:
Widows: Define a client experience that is unique to the widow. Advisors have to have good listening skills and take the time to get the needed information. "If you don't have a lot of patience, widows are not your market," said Ettinger. They might not have the best memory after just losing their significant other.
She starts with a conversation in the widow's living room and brings a male member of her team. She finds a 4-to-1 ratio of widows wanting to work with a women, but by having a male in the room, a widow's body language can share who she might prefer to work with more.
Often widows are worried they will be bag ladies. They also have everyone telling them what they need to do at this time in their lives. Ettinger stated, "We get letters of authorization. Coordinate all the other advisors. Try to take care of it for her. If you depend on her to do it, she can't." Sometimes offering to help them go through the mail, after a husband dies, can help the widow and in some cases discover unknown assets that exist that the husband might not have even known about.
She advised the attendees to not talk down to or lecture widows. Instead, use stories and anecdotes. Even consider financial literacy meetings.
One audience member suggested sending flowers on the anniversary of the husband's death and being available for them when needed. He gave an example of getting a call on the weekend to help one of his clients figure out which refrigerator to buy because she did not have someone else to help her figure it out.
When it comes to widows, they like to be invited to dinner. "Women love to invite a friend. Always say she can bring a friend. Women travel in packs," said Ettinger.
The mature executive: These women usually never have enough time. Be clever about time savings ideas. For example, if a tax return is sent to her, back in the data. "It is a much more effective way to get the process going," said Ettinger.
Also consider recommending executive coaches, babysitters, doctors and others who the woman might not have time to track down herself.
The panel discussed the concept of deck parties attended by all executive women. Ettinger joked, "It is not just about drinking wine. We target about 12 women. Half prospects and half clients. We keep it simple and have a caterer. Women all want to bring something, so we tell them to bring a bottle of wine. We spend $350 on these and typically land one $10,000 revenue client."
If you are interested in this segment, be visible in the community and consider helping charities.
NextGen women: The younger up and comers are the next level of leadership. They are quicker and more tech savvy, Dzanis said, so to work with them an advisor needs to demonstrate the ability to use social media and other technologies. "Be brief, be bright, be gone," she said.
To find them, Dzanis suggested targeting firms with established female leaders.
Sandwich generation: These women are taking care of both their parents and children. Dzanis shared that often there are unplanned expenses with this segment, they can be highly emotional, and without guidance they might not make the best decisions.
Divorced women: For this group it makes sense for an advisor to have the Certified Divorce Financial Analyst (CDFA) designation. Ettinger also uses a mixed-sex team since some women want to work with a man. This group loves to be educated and has fee structure sensitivity. Referrals can come from business valuation experts, family counselors, divorce attorneys and more.
Retirees: Three to five elderly women face retirement without a husband. They appreciate handwritten notes. Being an advocate of elderly women can carry a lot of weight and build credibility when working with them.