Archive for March, 2011

On the plane headed to Tampa to present my new workshop “The Key’s to the Ladies Room”  I sat between two Doctors.  While I was reviewing my presentation on power point they couldn’t help but comment.  I explained “The Keys to the Ladies Room” is to help advisors learn how to better connect with the affluent female client. Well boy did this open a can of worms.

The Dr. on my right , an Oncologist proceeded to tell me that even he loses female clients to other female Dr.s. I shared some of the key points of the presentation hoping that they would grasp the importance of approaching women differently; unfortunately all they did was talk. After 20 minutes I finally shut my laptop as I knew I wouldn’t have a chance to review further. 

While the Dr. s said they had a good rapport with women and understood what women need they spent very little time listening or even asking me questions to learn more, it ended up being all about them.  I’m not going to say this is a purely male trait, I’m sure there is some Physician egotism involved but their lack of real interest validated that they would continue to experience further attrition as more female Dr’s enter their world.

Whether you are a male or female advisor, if you want to head off inevitable attrition you must begin to address the needs and want’s of the female clients TODAY.

Last week I presented “The Keys to the Ladies Room” to a group of both male and female financial advisors.  The purpose of the presentation was to help all the advisors become more effective at connecting with the affluent female market.  What they learned was so simple yet so amazing. While they came looking for tools and resources they got something totally different.

While all my presentations are designed so that you leave with something done and ready to implement, this presentation I knew had to be all that and MORE.  I had to create an environment that was different.  So instead of the standard set up we had white table cloths with pink tulips in glass vases on each table. There was a bouquet of flowers on the podium and pink napkins at the banquet table, my famous “pink” journals provided to all the participants took it to another level.  Our efforts to change the environment had more of an impact then even I imagined.

When women walked in the room she smiled expressing pleasure at such a nice setting, when the men entered you saw the hesitation and you knew they were wondering“What have I gotten myself into?”. We had changed the rules. Instead of the typical environment developed by men for the male client we created an environment by women for the female client.  This was probably one of the most compelling points of the presentation. Even the female advisors had lost sight of what makes women feel more comfortable.  We have gotten so lost in the business world developed around men we have just conformed.

If you plan to work and want to develop great relationships with your female clients then maybe it’s time to start thinking PINK.

Yesterday I had the opportunity to catch up with a friend, a top female executive in the financial services industry. Our conversation caused me to feel both elated and sad; elated because this bright, intelligent woman finally left the corporate world to create her own business. She now works from home and while she has a fabulous husband who has managed the family she now will be able to enjoy her family more. So why did I feel sad? My friend is a woman who came from the executive ranks of the financial services industry, now that she doesn’t have to drink the cool aide she confirmed that the challenges continue for women in the industry.

What is it about our industry, the “Good Old Boy Network” that is so resistant to incorporating the women’s strengths? Companies all over the world are recognizing that it’s not just about adding women to fill the quota that makes a difference.  When companies begin to add and incorporate more of the women’s philosophy and approach to business their revenues grow tremendously. And it’s not about doing things the “Women’s” way, it’s about the blending of both the male and female approach to business, clients, life. God made men and women different for a purpose, neither better nor worse than the other, just different. Why are we so slow to recognize that it is the blending of these two styles that creates such positive change?

For women in the corporate side of the industry, change is difficult and will continue to be. I commend them for their strength, their desire to pave the way, their determination to forge ahead in hopes of improving the opportunities for women to follow, they are the true pioneers. But women who are building a financial advisory practice YOU have the opportunity to incorporate more of your strengths now with really little resistance. All you have to do is make the numbers.

As a female financial advisor you have been weaned and trained to do things the man’s way as this is what has worked for the majority of the industry (as most are men). If you truly want to succeed, if you truly want to make a difference, if you really want to make your numbers you will take from the industry what works for you and incorporate more of you into your business.

Don’t lose who you are as a woman, don’t hide what makes you strong, what makes you effective. You know when a process or business decision doesn’t feel right for you. Go with your instincts. Your instincts are a way for your heart to speak to you, LISTEN.  Stop following the industry and start listening to your heart, the more women succeed the stronger voice we have. The stronger your voice the more you can support those women in management who are trying to make a difference and change this industry for the better.

This evening I spent 2 hours in the yard shoveling snow with my husband. Yes, we have a service to remove the snow but there was an area we were concerned about and decided we just had to get it done. How can working so hard feel so good? It’s like going back to your roots, reminding yourself where you came from and how far you have actually come. It just felt GOOD.

As a financial advisor there are times when you need to jump in and get your hands dirty as well. Granted I am a firm believer in delegation but every once in a while it can’t hurt to get in involved with a big project, perhaps helping with a big mailer, making a few “cold calls”? These are all tasks that at this stage of your business you should be delegating to an assistant.

How often do we hear about a president, CEO or business owner that has lost touch with their constituents or their employees? Their lofty positions cause them to lose focus as well as respect from those they serve. Taking the time to re-experience some of the basic mundane or routine activities that makes your business work not only gives you a fresh perspective of where you started but you gain greater appreciation and respect from your employees.

The challenge for some is, while it can feel good getting your hands dirty again be careful that you don’t make it a habit.

As a female Financial Advisor and working Mom you may feel as if you are sometimes handicapped when building a business but actually the contrary is true.  By being a working Mom you have a priority system that can’t be replicated artificially.  Working Mom’s tend to work smarter, more efficiently, are more discerning as to who they will work with and are motivated by something more powerful than a pay check.   

As a working Mom myself my life today is so much different than it was when I was building my financial practice.  With three young kids at home that needed me I automatically limited my time in the office.  I set clear boundaries as to what I would and would not do as I was balancing more than just one priority.  While I knew my clients needed me my kids needed me more.  I truly believe this was one of the biggest factors in allowing me to succeed when many others could not.

Today, it’s different; our kids are young adults, 4 out of six finishing up college. While they still pop in for a home cooked meal or to escape from life’s challenges I no longer experience the day to day pressures and demands that young kids create. 

As a working Mom, instead of viewing the constant demands on your life as a negative or detriment to your business recognize that it is an incredible time in your life that can’t be duplicated.  There will be a time when you won’t have those constant pressures,  a time when all your hard work results in independent responsible kids who can succeed on their own.  There will come a time when all your time and energy can be focused on growing your business and providing value to your clients.  While you will enjoy the freedom to focus you will sometimes miss that exhilaration that comes from being needed by so many. 

When you fall into bed at night, thoroughly spent mentally, emotionally and physically relish in the fact that every day you are experiencing all that life has to offer in its fullest form. That each day you are challenged to tap into all of the gifts that God gave you to raise wonderful children, provide valuable advice to clients and to feel totally fulfilled and satiated at the end of every day.

Embrace it, it won’t last forever…..