Women may be in the minority in the financial profession, but they have "superpowers" to achieve success, according to Erin Botsford, a financial trainer, coach and author.
Never chase a client and close every prospect during the first meeting are two rules of engagement for successful female advisors, Botsford said during a keynote presentation at the Invest In Women Conference put on by Financial Advisor magazine last week in Atlanta. She said her goal is to teach other women to use their "superpowers" to achieve success.
Botsford, the founder to The Advisor Authority, a coaching program for advisors, and author of “The Seven Figure Firm,’ said she had little money and few prospects when she was at a local Rotary Club meeting and a woman glided into the room dressed in red, drawing every eye to her. Botsford said that incident inspired her to emulate the woman’s style.
“She gave me a superpower—to envision myself” as I wanted to be, Botsford said. And that eventually led to the development of Botsford’s training sessions for women financial advisors.
“Superpower number one is the power of modeling,” she said. “Find someone to model” and follow their techniques to success.
Women also possess a keen ability to relate to others. “There are three ways someone wants to relate to you,” and part of the successful use of this power is to determine how to use it: one-on-one, from a distance by telecommunications or through a referral.
Superpower number three is using women’s intuition to know when you have engaged a prospect, she said.
The technique to engaging a prospect is to compliment the person and ask questions. This also works on reporters who you want to write a story about you, she said.
“Give them the gift of talking about themselves” and they will think you are fascinating, she said. Botsford said she engaged a famous Dallas Cowboys football player in exactly this way. He and his family are now her wealthy clients.
Botsford also told the women advisors to always engage in discussion with both members of a couple and remember that the women “has absolute veto power” over any future engagement with the advisor. If you do not win over the woman, you will lose the account, she said. Therefore, seat her in a position of power and talk to her.
In addressing a couple, know that women in general have more of a fear of loss while men are looking for an opportunity for gain, she said.
To be more memorable to the couple, “disturb them about three or four things that do not have to do directly with finances,” Botsford said. For instance, ask them how they are going to divide assets between children and others. Give them something to think about, she advised.
When you do get around to sharing your life experiences with the prospect, keep in mind that stories of overcoming adversity are always appreciated and applauded, she said.