Changing Behaviors To Be More Inclusive And Engaging
How can firms and advisors change behaviors to be more inclusive and engaging with women investors? The answer is more than training and communications. It is about turning a critical mirror on oneself and on embedded ways of working, bringing in external evaluators and coaches, and creating an intentional plan to change a firm’s culture.
A simple change applied by one leading firm to the first meeting/conversation with prospects had significant impact on engagement with women (and men). Instead of asking about portfolio returns and assets, the advisors began by asking individuals if they had ever worked with an advisor before, and if so, what they liked or disliked. The invitation to have a conversation immediately put people more at ease and led to a better understanding of what motivated them financially and how they defined success. Following this approach, new client conversion increased by 15%.
Attentiveness to the differences and similarities of women will lead to increased share of wallet of the estimated $30 trillion women are projected to control by 2030. Women are increasingly controlling more money and decisions about money. They desire advice and are seeking it out. Firms and advisors must recognize the need to change, do the hard work to change and continuously chip away at the biases embedded in processes and interactions. It is hard, but worthy work—and has a large, financial upside.
While uncertainties will continue into 2021 and beyond, there are clear knowns for how to grow during these times. By intentionally focusing on intergenerational wealth transfer and women investors, firms and advisors can position themselves positively, not only in terms of increased AUM and revenue, but also in personal and societal growth.
Jill Jacques is the global financial services lead at North Highland Consulting and has more than 22 years of experience in the financial services industry in both the retail and institutional lines of business. She leads a diverse group of consultants, helping retail and institutional clients creatively solve the complex problems facing the financial services industry.