Financial Planning for Women: What Advisors Should Consider When Working with Female Clients

March is Women’s History Month! There are more women nearing retirement age now than ever before, so it’s time to ditch the boys club and learn how to increase your lead generation by targeting women. With more women than ever nearing retirement, now is the time to break away from outdated norms and adopt strategies tailored to financial planning for women.

At its foundation, financial planning for women may follow the same principles as it does for men—but the key to success lies in understanding women’s unique financial journeys and creating custom plans that support their goals.

Unfortunately, many wealth professionals don’t even bother to alter their client communication style when financial planning for women. In fact, 67% of women feel misunderstood by their advisor, and 53% don’t even have one.

Check out C2P’s latest podcast: A Woman’s Clarity! Get inspired by real stories and expert financial tips for women.

 

What Are Women Looking from a Financial Advisor?

If you’re serious about reaching this market, start by studying women and financial planning from a digital marketing lens.

1. Educate yourself on digital marketing tips you need to target, convert, and close more women.
2. Utilize proven digital marketing tips to find more female prospects.
3. Create engaging content dedicated to educating and informing women about taking control of their financial future.

Before the first meeting, brush up on your client communication skills. Make sure you actively listen to their concerns. You want to create a safe space for them to ask questions; the last thing you want is to sound condescending.

Part of financial planning for women is teaching them how to take charge of the future, empowering them to make strategic decisions they can feel good about. It all starts online.

If you don’t have any ladies in your office, now might be the right time to consider adding a new hire to your team using our new Advisor Career Path model.

Alex Hopkin started her company, Simply Paraplanner, to help military wives and stay-at-home moms have more flexibility to work remotely in the finance sector. Alex has been a guest on the Rainmaker Multiplier On-Demand Podcast twice already this year!

• Coffee Break with C2P: Celebrating International Women’s Day (March 2022)
• Advisor Career Path: The Power of Paraplanners (February 2022)

You can also partner with female attorneys or accountants for client referrals.

What Questions Should You be Asking These Prospective Clients?

Don’t be afraid to ask hard questions—having an open dialogue is crucial to effective client communications.

• What are your goals for retirement?
• Have you experienced any major life events lately?
• Do you have any expected major life events planned for the near future?
• Do you have aging or ill parents you may need to care for in the future?
• Are there any home repairs needed or other large expenditures planned?
• Are there any children in your family for whom you’d like to start a trust or college fund?
• Do you have any experience investing or saving for retirement?
• How much money do you want guaranteed in your financial plan when you retire?
• What are your top 3 greatest fears or concerns about the future of your financial situation?
• What do you hope to achieve from working with a financial advisor?

Having a deep understanding of your clients and prospects allows you to engage with your prospects, which leads to better lead generation numbers.

Best Ways to Discuss Life Insurance Strategies for Women

Unique Financial Challenges Women Face

When conducting financial planning for women, you must address their specific financial insecurities, whether they’re single aunts, divorced mothers, married sisters, or widowed grandmothers.

Wage Gap

According to the U.S. Bureau of Labor, women earn only 82.3% of what men make, and the gap increases for women of color.

Time off for parenting and caregiving often reduces long-term earnings, which is critical to address in financial planning for women.

Financial Literacy

Did you know men major in economics at twice the rate of women?

This is where you need to consider adjusting your client communications strategy. We live in a patriarchal society that often fails its women in the way of financial education.

In fact, only 20% of women claim they felt their parents sufficiently prepared them for managing their finances as an adult, according to Fidelity. A major part of your role is offering actionable financial tips for women to bridge this gap.

Family Responsibilities

Much of society functions because of women’s unpaid labor.

Women perform the majority of childcare, homeschooling, and household tasks, and often they are the ones responsible for and taking care of any aging parents as well.

Life Expectancy

Let’s say the husband handles the family finances. He will likely pass first. What happens then?

The Family Estate Organizer (FEO) is an immeasurable tool that allows a widow to seamlessly take ownership of all the necessary accounts, passwords, contacts, etc. Everything is organized into a binder and kept in a fireproof safe, ready for emergencies.

Addressing long-term care and life insurance options is very important when financial planning for women. Statistically, women live about five years longer than men, so they are often worried about the longevity of their funds. Your client doesn’t want to run out of money and burden her loved ones.

How Financial Advisors Help Women Achieve Their Short-Term and Long-Term Goals

Although studies show women control most of the family’s day-to-day spending, they are often left out of the financial decisions that impact their long-term care.

Utilize proven lead generation strategies to target more female clients and prospects. In 2015, BlackRock reported only 30% of women ages 55-64 felt well-prepared for retirement—there is ample opportunity for you to increase your lead generation numbers among women.

Help your female clients:

• Prioritize themselves over their children or grandchildren.

• Balance support for children without compromising retirement

• Use wealth intentionally—whether to travel, give, or simply enjoy life

In women and financial planning, the advisor’s job is to find a balance between the goals your client wants to achieve now, soon, and later. Some expect to have plenty left over after they’re gone.

Others want to tiptoe the line between spending it all in their last good years and not running out of funds before they die.

Empower More Women Through Personalized Financial Advice

Financial planning for women is about more than numbers. It’s about creating clarity, building confidence, and offering a roadmap that aligns with your client’s life, values, and vision.

Ready to support more women in achieving financial freedom?

Schedule a Meeting