"Here’s to strong women. May we know them, may we be them, may we raise them."
This popular quotation, famously repeated by former First Lady Michelle Obama in a letter to actress Lily Collins, applies to every everyday life, and should not be just dusted off on International Women’s Day.
All women are strong, in any number of ways, and, by understanding what’s important to them, financial advisers and the protection indusry will be able to learn new routes to reach them and break down the barriers they face when protecting themselves, their income and their families.
“May we know them…”
Family members, friends, colleagues, and acquaintances. No two women are the same, and each comes with their own set of needs, wants and desires, so blanket financial advice is not going to work.
Traditionally, women have not taken measures to seek out financial advice. This could be because they do not see the need for it but also because they cannot relate to what they see as a typical financial adviser.
A woman in her early 20s, just starting on a career path, might not think to see a financial adviser - a woman of the same age starting a family probably would not either, but these two major life events need to be protected and, if they are not coming to us, then we need to go to them.
Talking to my friends, it is apparent that they have never been approached by anyone in our industry, and only went in search of an adviser when they were buying houses or having children. Among them are accountants, police officers and self-employed business owners, and most of them said they would not know why they would need an adviser, or where to look for one.
Women are more likely to listen to a recommendation from a friend or family member that has taken out a mortgage or successfully use a protection policy, so we need to keep pushing the good news stories to make sure it reaches all women, and not just those in financial advice, as organic referrals are the best way to grow your business too.
First-time advice usually coincides with a mortgage in your mid 20s or later, and that highlights that we are missing a massive opportunity with those under that age.
It is especially true for women as buying house and having children are now more likely to happen in their 30s but, with more women climbing the career ladder or becoming self-employed, they will need protection more than ever.
It is getting better, and industry research has shown that more women are starting to seek out and research protection, especially younger women, and especially post pandemic.
