In the first part, we discussed ways to reach out to women prospects. This article will help you understand how to convert a woman prospect into client.
Here are some steps which advisers can follow to grow their women clientele.
Family dynamics: Advisers must do their homework properly before meeting a woman client. They should know the family details of the prospect such as her own background, number of children, spouse’s background, siblings and parents and so on.
Yogita Dand of ASKy Financial Services believes that basic family details of a woman prospect will help advisers better understand their psyche.
Surrounding environment: Women usually have an eye for detail and get impressed with well-designed office interiors. Jigisha Shah, an Ahmedabad-based IFA suggests that green plants, flower pots etc. in office make a pleasant environment for women prospects.
IFAs can decorate their office with paintings, antiques etc. to make it aesthetically better. In addition, advisers can keep women oriented magazines and books at their office to make woman prospect comfortable. Shefali Satsangee of Funds Vedaa makes her women prospects comfortable through paintings, women oriented magazines and so on. She says, “Not only do these items create a comfortable yet professional feeling, they allow the prospect to find ways to start a conversation that establishes similarities or common interests.”
Break the ice: Ideally, a meeting should begin with an informal talk, followed by the business conversation. Refrain from pitching your services at the start of the meeting.
Satsangee suggests that advisers can start the meeting with women prospects by enquiring about the well-being of family members. This would help in striking the right chord with the prospect.
The next thing you should do is to make your woman prospect comfortable through friendly conversation like exploring about their areas of interests, hobbies and so on. Nisreen Mamaji of Moneyworks Financial Advisers, who serves over 40 women clients as on August 2013, stresses on the need to create a comfortable environment for women prospects through informal conversations. “Shooting questions from the word go may restrict them to open up with the adviser,” says Mamaji.
Follow up this by asking questions related to the prospect’s lifestyle, goals, challenges and priorities.
Start from the basics: Women tend to have less financial knowledge as compared to men and hence, advisers would do well by explaining them the basic investment concepts.
To start with, you can explain basic concept of investments like inflation and its effects on investments, importance of asset allocation and diversification and equity funds as a long term investment product.
Deepali Sen of Srujan Financial Advisers informs that explaining fundamental concepts, in the first meeting itself, has worked out well for her. She says, “A lot of women feel that their quant skills are limited. Therefore, advisers need to boost their confidence by educating them on basic financial ideas.”
Put real life examples so that woman prospect can easily connect with it. Shah avoids jargon while interacting with women prospects. She also suggests that advisers should give examples from day to day events such as linking prices of vegetable to inflation etc.
Explain your working approach before entering into any professional relationship: IFAs should explain their working approach before entering into any business relationship with women clients. Dand states that IFAs must share their working approach and philosophy with the prospects in order to make them comfortable. “Advisers should explain to the prospect their approach towards preparing a financial plan. This will help IFAs gain the prospect’s confidence in the first meeting itself,” says Dand.
If possible, meet them separately: It is important to have the undivided attention of the woman prospect and give them an opportunity to do an independent evaluation of your competence.
Gandhi states, “Meeting with the prospect alone gives an opportunity to better represent your skills and knowledge without any interruption.”
Follow up: Ideally, follow ups should be done through emails and phone calls. Gandhi says, “During the meeting with women prospects, I usually ask for a meeting. If they give me a specific date and time then I know the prospect has a high probability of converting into a client.”
Key takeaways:
- Do homework about your woman prospect before meeting
- Try to make your office aesthetically appealing by keeping stuff like paintings, antiques and plants
- Interaction should begin with an informal talk
- Explain basic concepts of investments like inflation, asset allocation, diversification etc.
- Explain your working approach and style before entering into any professional relationship
- Meet them separately so that they can evaluate you personally
