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2. “How can I engage women who aren’t interested in their finances?”

Advisors, I hear your frustration. It’s important for you to build relationships with both a husband and a wife as it betters your chances of retaining their assets should the couple divorce or the husband pass away. When a woman chooses not to be involved in her family’s finances, it can be difficult to engage her – but it is possible. An effective way is to meet with her individually, outside of your meetings with the couple.

Consider the case of Larry and Elizabeth. Their advisor, Richard, told me about his first meeting with the client couple six years ago. Larry did the talking while Elizabeth scrolled on her phone. Richard tried to engage her in the conversation, but after several attempts, he sensed she would rather not be bothered. After that, only Larry came to see Richard for client meetings.

When I suggested meeting with Elizabeth alone, Richard didn’t like the idea: “She would never agree to meeting with me. She just isn’t interested.”

But there’s more at stake than Elizabeth’s loyalty to Richard’s practice. What about her future? It’s quite possible that Elizabeth isn’t interested in talking with Richard because she doesn’t understand why it’s important for her.

Sharing real-life stories about women who suffered financial tragedies that could have been avoided can be very effective in convincing clients like Elizabeth to get involved in their finances.

Richard called Elizabeth to invite her to meet with him…

RICHARD: Elizabeth, I’d really like you to come in for a chat so I can better understand your perspective on your financial goals and discuss any concerns you might have.

ELIZABETH: Thanks, but I’m fine. Larry is handling everything and I trust him, so I really don’t have any concerns.

RICHARD: Listen, I’ve heard other women say that, and it worries me. If you don’t mind me sharing a little personal background… When I was a kid, my parents owned a business that my dad operated mostly by himself while my mother was home raising kids. My mother never wanted to get involved in the finances, so it wasn’t until my father passed away unexpectedly that she realized the business was highly leveraged and we had a lot of personal debt, too. Without my dad there to run the business, it quickly went under. Mom got a job to support the family and serve the debt, which took a long time to pay off and left her with very little retirement savings. She lives with me now and it’s not the life she wanted. Seeing her struggle is what made me want to be an advisor. I don’t want anything like that to happen to anyone else, including you, Elizabeth.

ELIZABETH: Gee, that must’ve been rough, but…. Hey, wait! Are you trying to tell me something about my situation?

RICHARD: No, but the fact that you’re asking says a lot, doesn’t it?

Richard later told me about his meeting with Elizabeth: “It went much better than I’d expected. She was an entirely different person without her husband in the room! She told me about her dreams for the future, and then she asked me questions like ‘What would happen if I got divorced? Would I be OK?’ and ‘If I outlive my husband, how long will the money last?’ She really opened up about her worries and I think she understands now that I can be valuable to her. She’s coming back next month so we can talk about her daughter’s plans for college.”

What worked for Richard can work for you, too. When you invite a woman to the table, she is likely to take the opportunity to talk about what’s on her mind. Give her your full attention – silence your phone and turn off your computer. At the end of the conversation, ask her how often she would like to meet. Keep the momentum going to deepen your relationship over time.

Periodic one-on-ones with both husbands and wives can help you earn loyalty with each of them while ensuring that the couple is truly aligned on their goals and vision for the future.

3. “If a client passes away, how should I approach his widow?”

If you’ve experienced the death of a client, you know why this is one of the most-asked questions. It’s an emotional time, and while you want to continue to serve your client’s widow, you also want to be sensitive to her loss. It will take patience, empathy and tactful judgement.

Your approach may differ depending on your relationship with the widow and the existence of any urgent financial matters that may impact her, but these actions are broadly appropriate:

• Send your condolences immediately. If you have a close relationship with the widow, go ahead and pick up the phone. If she doesn’t feel up to taking calls, leave a voicemail. Either way, the sincerity in your voice will be meaningful to her. If you don’t have a close relationship, it may be too soon to reach out by phone. Consider sending a card or email instead.
• Pay your respects in person. Refer to your client’s obituary for information about services and visitation arrangements so you can pay your respects in person. If you send flowers to her house or the funeral home, ask the florist to include a personal note (and not a business card).
• Send a gift. A couple weeks after the funeral, send a gift card she can use to have a nice meal delivered to her home. Attach a personal note letting her know you’re there to help her when she’s ready. Include your phone number for her convenience.
• Give her time. After sending the gift, wait for her to reach out on her own. If you don’t hear from her after a few weeks, call and ask her how she is doing. If she seems ready, ask her when she will be available to meet with you. If she needs more time, let her know that you will follow up again soon.

Engage women investors for the future of your practice

As women’s economic power burgeons over the coming decade, your ability to attract and retain them as clients will be critical for the future of your practice. To learn more about engaging women investors, consider participating in Willow’s training program for advisors and become a Certified Advisor for Women,^{* which can connect you with vetted women prospects. Contact your BlackRock Market Leader to learn more.}

BlackRock can help you earn trust and build relationships with women investors. Learn more about the BlackRock Business Consulting team.