How to Keep Female Clients After the Loss of a Spouse
October 1, 2024 by Teresa J.W. Bailey
One of the most significant and ever-present challenges facing the financial industry is the insufficiency of retaining female clients after they experience the loss of their husbands or partners. According to Thrivent, 70% of women leave their financial advisor within the year of their spouse’s death.
While we understand the need for those experiencing loss to connect with their financial advisors in a timely manner, identifying and rectifying the root cause of this drawback is even more important.
Click HERE to read the full story via Think Advisor
Wink’s Moore on the Market: Something many advisors struggle with-
“How to Keep Female Clients After the Loss of a Spouse”
Takeaways-
1. 70% of women leave their financial advisor within the year of their spouse’s death;
2. Most women older than 60 were raised in a world where they were excluded from financial matters;
3. It was legal to deny a woman a credit card on the basis of sex until the passage of the Equal Credit Opportunity Act of 1974; *wide eyes emoji here*
4. Both spouses should be brought into financial conversations early in the advisor-client relationship;
5. Showing empathy, understanding and relatability is key;
6. Avoid technical jargon- speak in laymen’s terms; and
7. An advisor should not delay in contacting the widow; critical financial decision-making happens NOW. -sjm
