The distaff difference…
September 20, 2011I attended the annual meeting of the National Association of Insurance and Financial Advisors (NAIFA) last week in D.C. and sat in on an educational session on selling financial services to women. The speaker reeled off a number of staggering statistics, two of which caught my attention:
- More than 90% of widows switch financial advisors within a year of their husbands' deaths. Why? Because the advisor did not take the time to build a relationship with the woman and include her in the decision-making process.
- 80% of the financial services purchasing decisions – including life insurance – are made by women. When that was tossed out there, a male financial advisor in the back of the room yelled out: “And the 20% of people who said otherwise are lying!”