If you read and listen to the latest marketing strategies, it would appear there is a significant difference between men and women shopping habits. As one of the latter, I must agree. We do care about the benefits for us AND the effects that buying decision will have on others. If it suits us, will it also benefit those we care about, like spouse, children, parents, charities, etc.?
Men and Women Shopping Habits
In the financial planning arena, women will make a decision to buy from a financial planner if she thinks the advisor really understands why she wants or needs the service and only if she can relate it to the achievement of a goal(s). So, for instance, offering a product which appears to get a return better than that which is available in the current market, for a less expensive price tag, and is the envy of all her peers, will not cause her to buy. If it is to guarantee a college education, buy that vacation home in five years, provide some peace of mind in caring for her aging parents, she will buy. On the face of it, that does not seem to be clearly divided along gender lines, but really, it is.
Men seem to be more attracted to the bragging rights of making a buying decision and the impression it gives others; women seem to be more attracted to the financial security of a buying decision and the security it provides to her and her family. That is not a foreign concept. It’s kind of the way we were hard-wired.
If you are a woman who is not feeling the love from your husband’s advisor or being regarded as a silent (or silenced) partner, it is probably because the model of the financial planning advisor has, to this point, been about how men relate to men. And you are not alone in feeling somewhat left out and marginalized.
It’s time for a new approach. One that appeals to women and their sense of what’s in it for the ones I love, rather than, what’s in it for me. It has worked for many years in this young profession, but we might as well turn the Titanic before it sinks.
If you are a woman who is feeling (very important to acknowledge the feelings) less than confident that you are being heard by your (or your partner’s) financial advisor, please speak up! You have the right and the obligation to your family to know what this is all about. Chances are you will be the survivor. That is not a good time to start to learn.
As always, if we can help you to develop your own path and start down the road of confidence about money, please contact us.