[March/2023 | Sales] Selling Financial Services to Women

  • 此书不错，有点干货
  • Chap 1 Why focus on women
    • Women not only earning more now, but also controlling more bank accounts
    • Women has longer life expectancy
    • Women are referral machines
  • Chap 2 What women want
    • Not be stereotyped (as soccer-mom / 家庭主妇)
    • be included (cannot only address the husband
    • be educated & confident
    • Communicate for long-term relationship (with the financial advisor)
  • Chap 3 Brain diff between man & women
    • Decision making – men quick, women complete (holistic)
      • Women take everything personal & emotionally process all options
    • Men take action, women think thru
      • Men flight or fight
      • Women tend & befriend
    • Men focused / Compartmentalized, women holistic
    • Women values long-term benefit more
    • Women want to know how to get there, more importantly, what can go wrong along the way
      • “What ifs”
  • Chap 4 Communication Style diff
    • Women are indirect
    • Women on cooperation vs. Men on competition
      • Women ~ similarity, Men ~ difference / edge
    • Women relationship, men numbers
    • Women want detailed/rich stories, men want facts
    • Women look for value, men look for credentials (of the financial advisor)
    • Women share problems, men solve problems
  • Chap 5 Diff view of money
    • Men views money as river, that will grow; Women view money as a lake that will deplete
    • Men take pride in provider status
    • Women, age < 50 – reduce debt, age > 50 – outlive their money
  • Chap 6 How to sell to women
    • Be the trusted advisor to offer her suggestion
    • Power of listening
      • Build trust by listening
      • Know what custom really needs by listening
      • 1. Pause – don’t jump in esp the other are apprently thinking
      • 2.  “why am I talking”
      • 3. Give less advice, ask better Qs
      • One way women reduce stress is talking about problem, build bond by listening/letting them get it out
        • 让客户完全吐槽完/抒发完再开始解决问题
    • Relational vs. Transactional view on sales
      • Women wants long-term relationship (trusted advisor)
    • Communicate more often with women
    • Share info about yourself
      • Cautious about sharing trips that can appear lavish
      • Good example might be adopting rescue dog
        • Or ugliest tie christmas gift content from grandchildren
      • Office arrangement – family photo etc.
      • Website bio – what others would never have guessed about you
    • Educate her – less jargon more confidence
  • Chap 7 Sell to couples
    • Couple not on same page financially (knowledge)
    • Tip-1: 确保双方均参加会议
    • Tip-2: get couple on the same page, open-ended Qs, like therapy session
    • Tip-3: Respect diff decision making styles
      • Don’t make wife feel rushed / don’t make husband feel you’re off track.
      • 对男方: have agenda / roadmap
      • 对女方: share detailed info beforehand
        • 让女方事先准备准备
    • Tip-4: investment timeline
      • 男方更注重短期收益，女方长期收益/let it ride
      • 男方 – “protect gain” instead of “protect against downturn”
        • 短期收益的话强调
      • 女方 – more likely emotionally attached to investment
        • need to tell “you can always buy it back”
    • Tip-5: 风险认知
      • 男方 – that won’t happen to me
      • 女方 – what if it happens?
      • 卖给男方long-term care保险的劝说
    • Tip-6: body language
      • 女顾客点头不一定表示同意，可能只是跟随说话
      • 但女顾客从点头到不点头，问题可能出现
  • Chap 8 Sell insurance to women
    • Insurance more address women’s “consequence center”, not men’s “reward center”
    • Life insurance的卖点
      • Inheritance vehicle
      • 在卖给男方寿险的时候include the wife, can do upsale (from 0.75M to 2M because wife wants protection)
    • Annuity
      • Address the fear of outliving her money
    • Long-term care insurance
      • Women more likely to be long-term carer
      • Long term care insurance
        • 例证: 选大个子男&小个子女观众假装夫妻，男方瘫痪想上厕所，女的扛不动，反之男的扛得动. – 所以女方需要long-term care insurance (妙手).
      • Two call close
      • Smart business decision – leverage OPM
      • When selling to men, men don’t like vulnerable state, so use the “protector button”
        • When he don’t buy insurance & spend a lot of money for disease, he leave less money for his wife
      • Focus on immediate gain – 年轻健康时买保险价格低
      • For men: 如果自费不保险, ask him which asset he would sell first – make it real!
      • For men: 卖给他家里老人的保险， ask what if – 一个老人live with them, affect relationship with wife
      • For women: long-term care 保险give her control of where & how care is delivered
        • How is important – 若敬老院很远则离老朋友们很远，感觉孤独
        • 例子: 女人为了照顾母亲花费两年时间，结果遗嘱兄妹平分财产，兄妹反目告上法庭
  • Chap 9 Referrals
    • 男人问专家，女人问朋友推荐
    • 男人传播系数2.6 , 女人是21
    • 女人如果满意的话是更忠诚的顾客 – 男人平均financial advisor 3 年, 女人10年+
    • Ask referral 技巧
      • 不能刚close deal & get check 就急着要referral
        • 客人刚给钱，再要referral 让客人感觉不公平
        • Standard over when writing name – 有压迫/胁迫感
      • When 正确
        • Lunch & learn – 带朋友来
      • How 正确
        • Q1问如何改进合作& Q2客户最喜欢合作的哪一点
        • Q1 – some women’s ppl pleaser – 不说负面的话所以第一个问题可以引出她们内心真实想法
        • Example: “I really enjoy working with clients like you, that’s why I’ve built my business on referrals, my best client comes from existing clients, if you know someone like you who’s looking for ___, let me know!”
      • 在自我介绍新客户时，夸夸老客户最好的点
        • 新客户告诉老客户，strengthen existing relationship
      • Gen referral – 亮点 – above & beyond
        • financial advisor 帮找stamp appraiser
        • email gen referral
          • “If you know someone who isn’t getting personal attention from their FA, pass along my name” (加深好的印象&生成referral)
    • Ideal client – 细分市场
    • Seminars & Client Appreciation Events
  • Chap 10 四类女顾客
    • Type-1 传统女性
      • Least knowledgeable
      • 怕问问题
      • “Make decisions for me” (but explain why)
      • 低风险承受能力
      • 丈夫做planning
      • focused to not make mistake
      • Meet her at her house (make her feel more comfortable)
    • Type-2 Power broker
      • Type-A personality
      • Knowledgeable, will check FA credential
      • “I make my own decisions” (but don’t have time to stay on top of everything)
      • 高风险承受能力
      • Wants to feel smart
      • Can be short-term focused
      • Discuss goals/opportunities
      • Share EDU resources
    • Type-3 关系导向
      • Neutral risk tol. 
      • All about her extended family
      • She’s the caregiver
      • Gather opinions of others but rely on own guidance system
      • Focused on doing the right thing
      • Slow to make action & Slow to trust recommendations
      • Shares stories & might get off track
      • Apologize & Sensitive
      • Won’t tell you when something’s wrong will just leave\
      • Share pic of your family
      • Ask her – her family & pets
      • Smile
      • Ask her passions & causes
    • Type-4 Deliberate (谨小慎微)
      • Extremely risk aware, detail oriented
      • Looking for guarantees
      • Make decisions based on what worked in the past
      • Slow to action
      • Worry about every change in the market
  • Chap 11 Marketing Financial Service to Women
    • Being able to vs. Not having to
      • Being able to – goal achievement
      • Not having to – consequence avoidance
    • Channels
  • Chap 12 Women Financial Survey
    • How did you find your FA – 50%+ from friends/family
    • Why choose FA – personal connection is important factor.

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