When Emerson wrote: “Adopt the pace of nature: her secret is patience “, he could hardly have foreseen how true those words would ring with respect to women being recognized by Wall Street as the most powerful economic demographic to be reckoned with.
Thirty years ago when I first started practicing as a new financial advisor at one of the most venerable firms on “The Street", I remember my astonishment that women were barely recognized as decision-makers in their marginal role as "the wife of the client". I immediately set about changing that by creating and presenting financial education seminars exclusively for women. Management thought I was crazy when I suggested that we should initiate a women-centric financial education program. Needless to say, I continued on my own to reach out to female audiences as a band of one.
“And the Spring comes slowly up this way. “ Samuel Taylor Coleridge
Last week a major milestone for women was reached as a substantial presence in financial services (a subsidiary of BNY Mellon Bank) published a report calling out the import of women as the most significant consumer entity ... and one not to be ignored: “Women Are Not a Niche Market; They Are a Significant Business Opportunity “. Acknowledging women’s vast economic power, the real watershed achievement reflected in the report was the first-ever recognition by the "The Street" that there are significant differences in working with women clients, which financial advisers will need to fully understand in order to meet - and exceed - women’s unique needs and expectations. No longer is it something that is said with a slight smirk and a sly wink. No less, a leading financial institution calling out to its peers that: 1) this is a real phenomenon and 2) that it's time to look at seriously changing sales and marketing strategies, if they expect to maintain and grow their presence with this newly identified buyer.
This is indeed momentous for it legitimizes in the most credible way what has been bubbling for a long time beneath the surface. It radically changes the conversation. Those firms I work with who have been early adopters are well on their way to a paradigm shift that isn't all that hard to deploy, but they recognize that there is more to it than just talking more with women clients and making sure to ask how the kids are doing at school.
There are many layers to the behaviors, attitudes, and roles that comprise the unique differences of women as investors. It goes deeper than the Men Are from Mars and Women Are from Venus rubric. Antiquated presentation methods aren't effective and the selling style that has always worked with men is a turn-off for women. Women may have a long way to catch up, but different doesn't mean dumb. Understanding the Why and the How of approaching them differently is crucial.
Finally the gap that has divided women and the financial world for so long closes markedly. And I say: It’s about time you two should meet.


