Thursday, November 01, 2012
Never before have the candidates vied for the women's vote like in this current election. What women want relative to earnings, reproductive rights and economics is front and center at this election. This proves that women are an economic force with real political and financial power.
In Kathleen Burns Kingsbury's latest book, How to Give Financial Advice to Women: Attracting and Retaining High-Net-Worth Female Clients
(McGraw-Hill, 2012), she talks about how women are becoming more and more powerful economically and how those in financial services and other professions need to stand up and listen to this demographic. For instance,
- Women control the majority of personal wealth in the United States
- Women make over 80% of household buying decisions, including those related to banking and financial services
- The economic impact from women-owned business is $2.8 trillion annually
- Women are loyal customers who refer twice as much as their male counterparts when they are satisfied with a product or service.
Today's politicians would be wise to take a few notes from Kingsbury's book. While it is written for the financial services professional, the tenets of building trust and fostering a good working relationship are the same. "If I could sit down and talk to candidates on both sides of the aisle, I would tell them to listen more and talk less as this is how women build trust – by telling their story," states Kingsbury. Here is an acronym that Kingsbury shares that helps anyone build trust with women:
About Kathleen Burns Kingsbury
- Thoughtful: Thoughtfulness can be shown in a variety of ways, including asking curious questions, showing empathy, remembering small details, celebrating accomplishments and offering sympathy when life gets challenging
- Reliable: The easiest way to demonstrate your reliability to a female client is to be consistent
- Understandable: Speak to your client in plain English without using acronyms or jargon
- Sensitive: Be in-tune to your client's needs, thoughts and feelings as a way for her to feel understood, appreciated and cared for
- Transparent: Explain to your client in clear and understandable language how your office works and what you can and cannot do for her.
Kathleen Burns Kingsbury is a wealth psychology expert and behavioral change specialist. She is a faculty member of the Certified Private Wealth Advisor (CPWA) program with Investment Management Consultants Association (IMCA) and an adjunct lecturer at the McCallum Graduate School of Business at Bentley University, where she teaches "Psychology in Financial Planning." For more information, visit www.kbkwealthconnection.com