The Keys to the Ladies' Room

Introducing a new paradigm The growing presence of women in the financial arena, both as advisors and clients, is forcing a shift in the culture of the industry. It had to happen. Our industry was created by men, in service to men, with masculine protocols that feel downright foreign to most women. Yet women are a rapidly growing demographic in the financial services industry. There have never been more female advisors or female clients than there are today. Statistics show that women are living longer, earning and inheriting sizeable sums, and becoming more engaged in the process of managing their wealth. And it has become crystal clear that women are NOT happy with the status quo in our industry. The old-school approach often undermines and underestimates the intelligence and interest of the female client. Women are craving – no, demanding – a more balanced, holistic approach to finance. This isn’t about man vs. woman; it’s about yin and yang, like the balance you find in a great marriage where the man and woman recognize, respect and flow with the strengths of the other gender. When women combine their innate gifts with the wisdom of their male counterparts, and integrate their unique strengths as women in the process of money management, the world of finance takes on a very different feel. Because women tend to be relationship driven, they are more inclined to invest in long-term relationships. Nurturers by nature, they think of their money differently than the numbers-oriented men. And perhaps most importantly, women are usually motivated by a purpose that runs deeper than a paycheck. When we acknowledge, support and leverage these qualities, the financial-planning process softens and grows more personal. What’s more, it gets easier on everyone involved – more profitable, more inspired, and much more attractive. It’s important to note that this gender-balanced way of doing business positions you as the advisor of choice for both men and women. It encourages trust, communicates a sense of ethics, and forms an environment where all of your clients feel well taken care of. The new paradigm also serves the advisor well, regardless of gender. You will no longer have to “defend” your role as a financial advisor; on the contrary, you will inspire greater confidence by saying less and doing more with a service model that is more personal yet less time intensive. Your relationships with clients will grow stronger, maybe even bordering on friendship, and instead of “prospecting,” you will be out engaging in activities with people of similar interests. Your business growth will be fueled by referrals and new introductions, with a stronger foundation of client loyalty that generates more and more raving fans. In the Keys to the Ladies Room you will begin to understand the influence women will have on your business and future success. By acknowledging women’s strengths you will immediately begin to create a more female friendly practice. By implementing a more purpose driven business model you will create an environment that builds new relationships faster, inspires greater loyalty from existing clients, attracts more women, generates more referrals and motivates you for years to come. The Keys to the Ladies Room is about creating a more Purpose Driven Practice that appeals to all genders. This is the new paradigm, and if you invest in the process I present in the following pages, it will transform your reality. SECTION I: Yin and Yang If you are still reading, clearly you are searching for something more, something different. Maybe you sense something is missing. I applaud your willingness to explore new ideas and embrace change! In our industry, so steeped in tradition, these are not common qualities. Let’s face the facts: our business was built by men, for men. Every aspect of this business was designed around the strengths of men. Protocol is based on what works for the male advisor and what attracts the male client. From the way we engage clients to the way we advise them, there is a strongly masculine feel pervading the industry. We first experienced this masculine influence in the training programs, where advisors are taught a linear approach to building a business: prospecting, selling and closing. Historically, most prospecting was done by phone; 80-90 percent of your time was spent smiling and dialing. Detailed phone reports made it easy for managers to monitor activities. When women entered the sales force, their networking skills (a natural strength) and preference for face-to-face interactions proved difficult to monitor. Managers couldn’t measure how much effort or impact was generated each day; there was no report showing how many people these advisors were meeting with. So their efforts were often disparaged. They must be “out getting their nails done,” right? Women were strongly encouraged (and that’s putting it lightly) to adhere to the 250-dials-a-day policy, even when their networking was creating better results. How else could they be managed and kept on track? The industry wanted hard numbers! While achieving financial success is important to all financial advisors, this goal resonates more strongly with men. For many it’s their primary motivator, with competition a close second. To leverage these factors, industry managers often post production lists in a central area, complete with quotas, goals, rankings and rewards. Women don’t relate to this culture the same way men do. They respond to the human element – most notably, the desire to nurture and care for others. It’s their softer nature, and historically, this set them up for a culture clash with the industry. Its focus on numbers has systematically undermined their sense of purpose, which is so essential to their process and progress.