Without a doubt, the most frequently asked question I get is: “How do I find the right advisor for me?”. That can be tough to answer because we are all different, with varying financial needs and levels of expertise.
But here is what I know for sure: I want to work with someone who understands me emotionally and financially. I don’t want someone who just looks at the numbers and plans an agenda according to what they think I should be doing rather than what I want to do with my money. I don’t want products or services sold to me that are in the best interest of the financial representative. I like products that are in my best interest, and I want to understand how they align with my financial plan.
I have said all of this before, and yet, a recent poll conducted by HomeEquity Bank revealed Canadian women ages 55+ value professional financial advice but remain skeptical that it is readily available to them.
To be fair, the women who actively spoke to financial advisors not only achieved great financial wellness but also more significant equity with men with similar behaviours. However, I find it troubling that women (48%) are still not seeking professional advice as often as men (55%) because, in part, women feel that access to trustworthy, non-judgemental advice is still not readily available to them.
This is a missed opportunity for advisors who want to continue to build their business. Targeting a demographic that could be in control of the entire household finances at some point in their life just makes good business sense. And yet, it isn’t happening if 48% of those surveyed aren’t convinced.
As an advisor, if you don’t reach out and ask the simple question, “How can I help you?”, someone else will.
Over the years, I’ve noticed a few signals present between women and their advisors when they felt their advisor just wasn’t that into them as a client, including:
- There is a lack of proactive communication, especially during periods of market volatility
- They talk at you rather than to you
- They are focused more on their goals than your goals
- They feel you are lucky to have them as your advisor.
What do you do when you feel your relationship with your client is lacking?
1. Begin by determining exactly what it is they may be unhappy about.
- Not enough communication
- Performance lacking
- Attitude
- Investments they don’t understand
- No faith in their knowledge
- Promoting inappropriate products
2. Once you determine what isn’t working:
- Call and book an appointment to discuss the issues directly with the client or potential client
- Determine if the problems can realistically be fixed in a way that works for the client and yourself
- If resolved, stay in touch and be proactive to avoid slippage into the old problems and habits
It seems so simple, but it isn’t. Relationships are tough and often built on trust and respect.
I have always thought it was important to remember money is mobile, meaning it can move very easily from one advisor to the next. It is sensitive to the environment, especially a judgmental or indifferent one, and it is scarce; there simply isn’t a lot of it. In other words, women will move their money towards friendlier grounds if they feel it necessary.
Want to learn more about how a reverse mortgage can help your clients age in place?
Speak with a HomeEquity Bank Business Development Manager today.
-Pattie Lovett-Reid
Chief Financial Commentator
HomeEquity Bank
