Thursday, May 30, 2019

Women and Investing - Tisa Forrest, Johns Hopkins University, Impact Investing Intern


Review of New York Life Investments Webinar: Women & Investing. Lessons for Success: Strengthening Relationships & Transforming Your Business

Introduction
  • Forbes estimates women control $14 trillion in assets and that this number is increasing. They control 70-80% of the purchasing decisions, have longer life expectancies, but hold a disproportionate percent of life savings in cash.  
  • Women aren’t all the same, but many feel advisors paint them with the same brush. 
  • Women represent a compelling opportunity by increasing their involvement in the financial planning process, helping improve financial literacy, gaining greater financial independence.
Main Takeaways from the NY Life Survey on Women and Investing

1. 62% of woman believe their investment needs are truly unique and feel as though they’re treated differently when working with financial advisors
2. 67% leave their financial advisor for something other than financial reasons: mainly a lack of personal connection and poor service.
3. Investment & financial planning knowledge are just as important and the perceived level of treatment.
4. The problem isn’t solved by being a woman or having women on staff. There are a significant number of women investors who have little preference concerning the sex of their advisor. They opt for a combination of trust, investing knowledge and understanding needs.

Note: Over a lifetime women make 26 financial advisor referrals compared to 11 by male clients. Research also shows that women are moving backwards in terms of financial literacy.

Six Key Learnings

IMPROVING RETENTION
Lesson 1: Breaking Unconscious Exclusion
Four key life stages of your female clients.
1. Suddenly single – A need to feel a sense of immediate security as the shift in their lives have brought sudden chaos.
Be empathetic, follow her lead
Ask how she feels in her new situation. Allow her to talk of personal life before financial
2. Married breadwinner - 42% feel patronized by their Financial Advisor. Most are likely to leave advisors for reasons other than financial.
Check to see if her name is first on the account
Communicate with her
Make space in meetings to ask her questions and address any concerns.
3. married contributor- Can feel like advisors treat her like a supporting roll. Often busy and at risk of checking out of financial relationship.
Ask for her preferred method of communication
Ask how you can include her more
Ask if there are ideas she’d like to share
4. single breadwinner - Most pleased with advisors but require more of a coach and a mentor.
Provide education to her and family
Ask if she wants you to send her relevant articles
Ask if she wants educational resources for her kids

Lesson 2: Rethinking Roles
Premeeting
Include both spouses on an invite
Never schedule a meeting until both parties can attend
Make a strategic plan that highlights times you’ll switch focus between spouses
During
Acknowledge her when she’s in the meeting
Address both spouses in the meeting
Clarify how she’d like to be included in the conversation
Post meeting
Communicate to all parties
Create a follow up plan
Can you share materials to help educate

Lesson 3: Rescuing Relationships
Do you have women clients whom you haven’t spoken with in the past year? Do some regularly blow off meetings or calls? Do you have women clients who haven’t introduced their kids to you? Do you have women clients who used to refer friends and family to you but no longer do?
Questions you can ask to diagnose your relationships
1. When it comes to your personal finances what’s the main emotion that comes to mind?
2. How can I help improve the way we work?
3. Would you recommend me to your friends or colleagues?

INCREASING CLIENT ACQUISITION
Lesson 4: Education is a Passport
Training the next generation - Encourage female clients to bring kids, close friends, or disinterested spouse.
Building networks – Host and convene women through training or social functions to build sense of community.
Crowdsourcing topics - Host AMAs (Ask Me Anything) sessions where you can answer these questions. Financial Advisor Empowerment - Encourage younger advisors in your practice to brainstorm and lead female-investor initiatives

Lesson 5 : Operating on her terms
Ideas to operate on her terms
Align her needs with your business
Make small tweaks to how you operation
Does she was to jump int discussing facts or would she prefer to discuss life before financial goals and financial standing
Does she prefer to ask questions now or take info and come back with follow ups later
1. What can you do if you know she’s busy with work, hobbies and family obligations?
Follow her communication preference: Calls, in-person, online. Weekends or evenings if she works full-time.
2. How can you respond if she’s a visual learner?
Use worksheets, checklists, highlighters
3. How can you use technology to better engage?
Connect on social media depending on her level of comfort

Lesson 6: Results with Relationships
Delivery
  • Are there ways your firm can make reports more visual? 
  • Could you craft the numbers into a story for her? 
  • Do you show the connection between the reports and her goals?
  • Celebration
  • Do you track goals for her? 
  • Do you congratulate her when she reaches goals? 
  • Are there ways you can better celebrate results with her to show your partnership? 

Friday, May 3, 2019


Impact Investing Forum North- Crowne Plaza Times Square Manhattan, New York, NY- September 23-24, 2019.
 www.opalgroup.net/trk/iifnb1908.html

15% discount code: CIRIIFN2019

The Impact Investing Forum will look at many of the asset classes that encompass this space. We invite you to join us and meet top influencers, experienced investors both public and private, money managers, and service providers that are leading the charge in this ever growing space. Themes of defining impact investing, portfolio construction, asset class opportunities, and the role of the investor are just a few of the stimulating topics to be covered at this event.

Opportunity Zones Forum - June 3, 2019


OZ ForumOpportunity Zones Forum
Crowne Plaza Times Square Manhattan, New York City
June 3, 2019

15% discount code: CIROZF2019

The program will discuss how this program is encouraging long-term private sector investments in low-income urban and rural communities nationwide. Not only will this event explore the OZ investment process and regulations, but the forum will also explore current opportunities of the program and future potential implications of investing through Qualified Opportunity Zones.