Perception vs. reality
When working with a financial professional, what factors might women be more focused on than men?
Trust
Understanding a client’s goals and financial plans
Strong listening skills and eye contact
Strategic vision
Trust matters most
Our findings show that the women and financial professionals we surveyed were in agreement that trust was the No. 1 factor in a strong professional relationship between them. That’s the same for men.
The Empowered survey suggests, when interacting with women, some agents might be
overemphasizing relational factors like:
-
Personal chemistry
-
Strong listening skills
-
Eye contact
…over capabilities women valued more like:
-
Your strategic vision
-
Approach to financial planning
-
And your ability to help them achieve strong investment performance
On average, how often do you communicate with clients in your current book of business?
Weekly
Monthly
Quarterly
Annually
Don't be a stranger
While an even split of financial professionals prefer annual and quarterly check-ins (30 percent each), a strong majority of the women we surveyed (57 percent) preferred quarterly updates. Only 50 percent of women reported actually receiving quarterly communication.
While a less dramatic result, men also appeared to be interested in more frequent updates.
How do you primarily keep in touch with clients?
Phone
In-person
Call, meet, email...in that order
This is an area that clearly affirms agents know their clients well. Both the financial professional results and the women we surveyed said they preferred communication by phone, in person, and then email, in that order.
When you reconnect with clients, what do you talk about most, and what types of information do you share?
Standard touch base – building personal relationship
Updates or news on their financial plan
Information on new items relevant to them
Information on the performance of their products
Information on market trends
Style over substance?
It turns out that while a friendly personal relationship matters, what women most want to know about is how their plan is coming along. The top topics they wanted to cover, in rank order, were:
1
Updates or news on their financial plan
2
Information on new items relevant to them
3
Standard touch base – building personal relationship
FOR FINANCIAL PROFESSIONAL USE ONLY. NOT TO BE USED FOR CONSUMER SOLICITATION PURPOSES.
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©2018 North American Company for Life and Health Insurance®
4350 Westown Parkway West Des Moines, IA 50266
Methodology
The general consumer study was conducted Nov. 6-19, 2017, and included 400 females and 200 males, age 40 and above. The agent study was conducted Nov. 17 to Dec. 12, 2017, and included 257 contracted agents including both men and women.
Analysis is for educational purposes only. The experience of the participants of the 2017 Study may not be representative of the experience of all. Neither the company, nor any agents acting on its behalf, should be viewed as providing legal, tax or investment advice.
The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.
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