[Editor’s Note: This article is part one in a series.]

Marketing to women is no longer a ploy or a marketing gimmick, incorporating a more female friendly practice is becoming a way of doing business. For years the industry has placated women, even in their desire to “protect” women we have allowed them to stay in the dark, remain in the background hovering in the financial shadows. Today women are stepping into the light, even their husbands want them more engaged and are looking for advisors who respect and encourage them to become more involved.

For many years, the key to marketing to women was all about inspiration, the “You can do this!” messaging opened their eyes to what they were capable of and what could be possible. But as everything in life, what women want from their advisors has evolved. No longer content to receive a warm handshake and good eye contact, women expect you to understand their concerns, appreciate their challenges, providing a process that works for them with an investment philosophy they can relate to.

Even the general population (yes men too) are tired of the old school methods. Prospecting, selling and closing are reminders of the boiler rooms of the past and the Wolves (plural) of Wall Street. Just as the environment has changed so must the way we think about building a practice. Today’s advisors must learn to transform the concepts of prospecting to one of building relationships, of selling to inspiring clients to consider other options and from closing to motivating clients to take the next step. Just semantics? I think not. 

The moment a woman smells a sales pitch, the moment she senses the pressure to move forward you are done. Women’s instincts towards pressure sales tactics have been honed to a fine tip point, you don’t want to be on the receiving end. If you say you focus on women then advisors must put up or shut up, the adage “Fake it till you make it” can have disastrous impact on your reputation and ability to grow. While not every advisor is ready to transform their wealth management practice to one only focused on women, carving out a space that speaks, looks and connects with women is essential in order to generate the benefits of this powerful market.

The keys to the ladies room is really a portal to the future of business as a financial advisor. While the process was designed to appeal to women the real transformation simply forces light on the new standards and more authentic methods for doing business. By integrating more feminine components into your practice you will lead the industry towards a more client centric process, one that parallels the new fiduciary standards and ethical requirements.

Change is inevitable, from stockbrokers to financial advisors, stock pickers to financial planners, commissions to wrap fees the industry has proven its ability to adapt to new environments, the women’s market is simply the next big shift. Advisors today must learn how to incorporate and present a more female friendly practice one that validates women’s role in the decision-making process and appeals to the next generation of women and clients who demand transparency and fiduciary responsibilities. 

Over the months ahead, we will be providing you with the most important keys to developing a female friendly practice, providing both the theoretical concepts, business value as well as the path to integration. As you incorporate new female friendly components to your practice you will be able to make stronger connections with women, building trust faster and earning referrals more consistently. But more importantly, you will gain greater insight into the world of women, elevating the importance of gender balance and the long-term financial and business benefits as we move towards a more diverse culture. Simply put, creating a female friendly practice is a win-win for all.

Adri Miller-Heckman is president of femXadvisor.com.