You should be talking to women business owners. Why? According to the American Express “The State of Women-Owned Business 2014” report, there are nearly 9.1 million women-owned enterprises, employing nearly 7.9 million workers. These businesses generate over $10.4 trillion in revenues. Texas is among the states with the fastest growing women owned businesses by number and revenue according to the same study.
These women need your help for the planning of their futures and the futures of their loved ones. Among their worries are:
- Their children’s college educations
- The continuation of their business
- The effect of the loss of their income on their family
- Will they have enough for retirement
- Health care costs
Texas is among the fastest growing women owned business by number and revenue according to the same study.
Why should you work this market and what do women want? Although they feel confident in running a business they don’t feel as confident in making financial decisions when it comes to risk management and retirement. That’s where you come in. Women want a trusted advisor to help them with this planning.
A big part of that is their business continuation planning and having life insurance in place to fund it. Key person insurance, a funded buy sell agreement and employer sponsored retirement plan would start them in the right direction. Most of this planning can be relatively easy to set up and funded with term life insurance making it affordable as well.
When approaching women clients it can be a good idea to use case studies of other clients you have worked with in the past, showing how you were able to help these clients. Simple courtesy and showing your appreciation can set you apart from other advisors. Tips for cultivating relationships with women business owners might include:
- Hand written notes
- Cards acknowledging life events
- Emailing blog post with a “thought of you” note
- Knowing their children’s names and asking about them can also go a long way in building relationships
- Doing a review of their financial situation regularly
Where do you find these prospects? Create opportunities for women to get together for social and business networking.
- Charitable events
- Lunch and learns about financial events
- Cocktail parties
Women do care deeply about leaving a financial legacy to their loved ones yet few have taken action. Working with women clients can be a great help to them and to you. Learn more and gather some tools on Key Person insurance by clicking here. It’s easier than you think.