track b 115_burnskingsbury
TRANSCRIPT
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Essen%al Skills for Advising Female Clients
Kathleen Burns Kingsbury Wealth Psychology Expert & Author
Twitter: @kbkspeaks
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The great ques7on that has never been
answered….”what does a woman want?”
-‐ Sigmund Freud, founder of psychoanalysis
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The Economic Power of Women 70% of the $41 trillion in intergenera%onal wealth transfers will go to women 1
Female–owned business generate $3 trillion in annual economic impact 2
4 out of 10 American women are primary breadwinners for their families 3
¹ ”To the Contrary: Hot Topics: Women and Philanthropy, Sharing the Wealth”, PBS Online; ² Center for Women’s Business Research, 2009; ³ ”Women of Wealth: Why Does the Financial Services Industry S%ll Not Hear Them?, 2011.
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80% of the household buying decisions ¹
VETO Power
80-‐90% solely responsible for their finances at some point in their lives ²
Women’s Buying Power
¹ Silverstein, M. Kato, K and Tischhauser, P., Women Want More, Boston Consulting Group, 2009. ² ”Wojnar, K. and Meek, C. “Women’s View of Wealth and the Planning Process,” Advisor Perspectives, March 1, 2011.
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The Industry’s Problem
2/3 of women don’t trust financial advisors 1
Financial services rated lowest in customer service out of 34 categories 2
70% of women fire the couple’s financial advisor within one year of the death of their spouse 3
¹ State Farm Survey, 2008; ² Silverstein, M. Kato, K and Tischhauser, P., Women Want More, Boston Consul%ng Group, 2009; ³ ”Wojnar, K. and Meek, C. “Women’s View of Wealth and the Planning Process,” Advisor Perspec7ves, March 1, 2011.
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Women are NOT a Niche
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The Female Brain
• Neurological Need to Connect
• Greater verbal access to emo%ons
• Wired to see the “whole”
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The Male Brain
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Female Rules of Road
• Get personal quickly through stories
• Use feeling & collabora%ve words
• Define success as being “indispensable.”
• Nod equals listening, not agreement
• Are LOYAL!
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The Men’s Handbook
The Real Man’s Handbook
Rule #1: Never, ever share this book with women!
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Essential Skills for Advising Women
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#1: Listen!
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#2: Build Trust
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Gender and Trust
90% of married and single women don’t have a preference for the gender of their advisors*
1 in 4 divorcees and widows feel strongly about the gender of their advisors*
The majority of women look for good chemistry
Source: “Women of Wealth: Why Does The Financial Services Industry Still Not Hear Them”, Family Wealth Advisors Council, 2011.
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Building & Maintaining Trust
Thoughmulness
Reliability
Understandability
Sensi%vity
Transparency
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#3: Balancing the Triangle
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What Women Need From You
• Listen
• Invite Her To The Table
• Don’t Stereotype
• Appreciate Her Gender Lens
• Help Her Talk To Her Partner
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Thank You!
Kathleen Burns Kingsbury Founder, KBK Wealth Connec%on
Email: kbk@kbkwealthconnec%on.com Phone: 508.297.1212 Twiper: @kbkspeaks