Identify women investors to diversify your book

Prospecting to women may be one of the best opportunities today for expanding your business. Increasingly, women are becoming the financial decision makers for many households, and studies project they will be poised to lead in controlling assets within the next decade.

    • Women now control 51% of personal wealth in the United States, and by 2030 will control two thirds
    • 95% of families will have a woman as the primary financial decision maker at some point
    • Women are majority owners of 11.6 million businesses, generating $1.7 trillion in revenue

Women control the majority of personal wealth in the U.S., and the percentage is growing. Today: 51%. 2030: 66%

More than 50% of women do not have a financial advisor. By strategically focusing on women investors — and growing and demonstrating your value to them — you can develop a diverse, productive book of business. And by using social media, particularly LinkedIn, you can effectively identify and engage with women who are looking for financial advice. Here’s how:

Ensure your online brand articulates a clear value proposition to women prospects and clients

Your LinkedIn, Facebook, and Twitter profiles, as well as your website, should provide a summary of the unique value you add. Google and other search engines place a particularly high value on your LinkedIn Summary. Try incorporating specific keywords and phrases such as:

  • I specialize in the unique planning considerations of women
  • I work with newly divorced women to help them achieve financial independence
  • I help single women working in STEM professions plan for their financial future

Build a high-quality network for prospecting

Using LinkedIn, connect with five women who are centers of influence in your community, five of your top women clients, and five who are heirs of your current clients.

Actively search LinkedIn for opportunities

Using the Boolean search function in LinkedIn, find potential women clients who match specific professional qualifications.

Try this formula to create a list of women business owners:

    • In the search bar, enter Women OR Woman OR “Women-Owned”
    • Select “All Filters”
    • Select 2nd level connections
    • Add or select your geographic region
    • In the “Title” field, try a Boolean string like Owner OR Entrepreneur OR Founder
    • You can further refine this list to build your prospecting network.

LinkedIn search screen

Resources from Putnam

Presentation coverWe have developed a robust practice-management program for financial advisors looking to reach and support this fast-growing segment. Explore our website for resources and presentations to help you speak to your women clients and prospects about their unique challenges and opportunities.

Sources:
BMO Wealth Institute, “Financial Concerns of Women,” 2015.
Family Wealth Advisors Council, “Women of Wealth,” 2015.
Andrea Turner Moffitt, “Harnessing the Power of the Purse,” 2014, based on a global survey of women with a personal income of at least $100K or investible assets of at least $500K.

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