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The One Thing Women Really Want

Youve read all the reasons why targeting women as clients is lucrative.? They control a lot of money, make the family financial decisions, are more loyal, and refer you more business.? You know what the potential is for your practice.

But what is the one thing that women really want from YOU, the financial advisor?

The same thing as menTRUST.? Easier said than done.

A recent MetLife study at the nonprofit Womens Institute for a Secure Retirement found that 61% of women executives (earnings of at least $75,000 annually) cite trust and respect as the most important factor in choosing and keeping a financial advisor.

As a financial advisor, you envision yourself as a relationship expert, being able to easily identify personality traits with the well-crafted questions asked in your initial consultation.? While you may be highly intuitive, you will only be guessing about your conclusions by using this random hit or miss strategy.? Research shows you only naturally connect with roughly 40% of your clients.

financial planning for women, working with clients, women in financeBuilding trust is most effortless when your communication style is matched with a similar style of a potential client. If you are the opposite style, you can still build trust but it will take a lot of modification and you will find yourself being drained by the relationship.

So how do you build trust with women? 84% of wealthy women interviewed by Schwab said that in-person meetings are key for establishing trust.? The research also adds that, women want to be understood for their unique circumstances. You cant just walk in with the same package for male clients and change the font to pink and think the women are going to be fooled.

Building trust starts with knowing YOU first. Your behavior is the foundation for you to tailor your strategies with women.? How trusting are you?? Do you need to be in control at all times?? Are you a natural listener or can you hardly wait to complete someone elses sentence?

Next, you need to understand the behavior of each individual woman. They (like men) are not all the same.? Some women will want to be in total control, get to the bottom line quickly and will want to engage in minimal personal small talk. Others will want to build a deep relationship, talk a lot, and care very little for the details of your business.

When you are equipped with behavioral information you can then create the marketing approach that best attracts the type of woman you want as a client. So take our industrys advice about marketing to women by educating, moving to a relationship based model and getting personal through stories. But be sure to create unique experiences based on who these women are.? Customization is the new normal.

Dare to go one step further to build the level of trust that will keep women as clients for life.?? Find out more on how to understand and unlock the potential of female clients at: http://www.financialdna.com

Management Principle: Words

The part of the body that creates the most distress in human relationships is the tongue. As the old saying goes, “out of the abundance of the heart, the mouth speaks.” Being careful about our own emotional state, watching our attitude, and being mindful of our own stress reactions can go a long way in improving the way we communicate with others. I hope you enjoy this week’s principle.

Words. The words we use and the way we communicate will have a direct impact on the responses we receive from others. If we seek a particular concession, we must lay the proper groundwork and use the right words to create the appropriate incentives. It’s the way humanity works best. If you want your teenage son to show more respect toward his mother, appealing to his personal likes and dislikes, helping him to feel the way he makes others feel, will likely produce a better result than humiliating him in front of his siblings. To be effective at influence, we must always maintain composure, determine the likely outcome of what we say before we say it (and, make appropriate changes ahead of time), and keep other’s best interest in mind. The truth is, our conversations will help or hurt, heal or wound, encourage or deflate depending on the words we use. There really is no such thing as idle influence when communicating with another person.

Coaching questions: How would others rate you with respect to your ability to use the right words? What are some important personal changes you could make, to secure better results from those under your care?

ead more coaching principles from Dean Harbry on the Internal Innovations website.

Whole Brain Business Plan

I recently read an article, The Success Formula, that talked about the future direction of businesses.? Heres an interesting trend: hiring people not because they fit in a box-like job description, but because they have the skills and talents that matches the companys mission and vision. What this says to me is that the how or mechanics (left brain) of business has now become a given?the starting point or the entry ticket. You are expected to have a certain amount of product knowledge and understand the ten steps to create more business. What will separate you from others and drive your performance, results, and sales is your behavior (right brain).
Great relationships, know    your client, business transformation, personal development

Lets take a look at a typical practice management formula for success (Planning the Next Step, Investment News, June 20, 2011) and see how we can turbo-charge it by adding behavior to know, engage, and grow your clients and employees.? The added benefit,

according to Gallup Research, is that over time you will see a 240% increase in profits when both employees and clients are fully engaged!

Step #1:? Update Your Business Plan
Left Brain:? Be sure to focus on the exact client you want to attract.? Include assets, career type, age, etc.

Add Right Brain: Be sure you know the inner world of the client you want to attract.

  • Are they fun, outgoing, and practical like you?? If they are, it will be much easier for you and you will be more energized throughout your day.
  • Just because they have $2 million to invest doesnt make them an A client.? Its more than just numbers.
  • If you have more than one type of client, maybe you want to limit the number of clients in each type.

Step #2:? Ask for More Referrals:? Satisfied customers and professional contacts are your best source of finding new business
Left Brain: Have a plan for encouraging referrals.? Be sure to ask for them on a consistent basis.? Establish strategic relationships.? Communicate (conference call, newsletter, webinar) on a monthly basis using a focused approach.

Add Right Brain: How you ask for a referral depends on both the type of person you are and the type of person you are asking.

  • If your client is naturally more trusting, they may automatically give you a referral with just a gentle reminder that you are adding to your client base.
  • How you ask for a referral will depend on your type of personality as well as your client.? How do you adjust your tone of voice, the words you say, etc. to the type of client?
  • Focused communication requires personalizing the experience for a client.? A newsletter with lots of market details will not be suited for every type of client.? Graphics with short bullet points would be better in many cases.DNA Business Performance, advisor business performance, know your client, predict client behavior, behavioral finance

Step #3:? Hiring the right staff is critical for success.
Left Brain:? Hire when growth is projected rather than when it occurs.? Determine how much time an advisor spends with each client to analyze your staffing needs.? It takes 18 months for an advisor to become productive.

Add Right Brain: How do you define the right staff?

  • Think about adding a type of person that is a complimentary style to your own to attract different types of clients.
  • Or, a style that can tag-team with you in client meetings.? You will each hear different things and be able to give the client a better perspective.
  • Behavior can block performance.? Hire a person with a style that fits the job and your team.

Step #4:? Make sure your technology is up to date.
Left Brain: Review your three-year technology plan for disk space, bandwidth.? Do you need a new laptop, an iPad, an iPhone? How about software needs?

Add Right Brain: Add communication styles into your CRM.

  • Every phone call, every meeting, every communication is tailored to create a unique experience for each client.
  • Engage your clients and staff in exactly the way they need to create lifetime relationships.

How do you get started with a whole brain business approach? Take two minutes and check out your communication style, click here.