A recent study by Relative Solutions LLC states “Women want more engagement, more collaboration and have a broader view of what they want from their resources than their male counterparts”. Women tend to build relationships across a table, meeting for coffee or lunch. Women are very comfortable with direct engagements, sharing the day-to-day events of their lives. Men, on the other hand, tend to build relationships around activities like golf, tennis, or having a beer and watching the game. Men build their relationships side-by-side, Women build their relationships face-to-face. For women, being with someone they trust and enjoy being around IS the event.  And, while most women wouldn’t expect this level of relationship from their advisor, they still want some of the same aspects from a person they do business with and are expected to trust deeply. Women are looking to cement the connection before the transactional aspects of the business of being an advisor takes place.

The advisory business has historically been dominated by men.  As a result, it is, on the whole, a highly masculine way of doing business that rarely leverages collaborative processes. Strong relationships are built on trust, and the trust-building aspects of any relationship takes time. Even in the traditional business world, women are used to investing the necessary time to develop trusting collaborative relationships. The nature of the advisor/client relationship is a business relationship, but for the female client, in most instances, she needs to feel that the advisor “gets me.” Women only get that kind of connection when we feel understood and the advisor becomes more human, and less of a salesperson.

Through the DyMynd dialogues and focus groups, we have found that the amount of money a woman possesses does not necessarily insulate her from the fears of one day not having any money. It is only through a collaborative relationship and true connection with an advisor that a woman can feel comfortable talking about their lack of Emotional Financial Security, a larger component of the “Bag Lady Syndrome”, and the fear that they will outlive their money. Women want to have a relationship surrounding their money where they feel that they understand the how’s and why’s of being financially secure. It is only when an advisor actually hears what their client is saying and can tie it to an experience that they both can relate to, that a genuine human connection is a made. In those rare occasions when such a connection is had, female clients report feeling that the plan they are undertaking is a “we” approach, and that she can trust that her goals and values are being understood and acted upon. Once that kind of relationship is established, women have demonstrated, time and again, that they will happily become a powerful resource for new clients and recommend their advisor to friends and others.  As a result, whatever time and effort is spent in building the relationship earlier on, often proves to be highly profitable for both the client and the advisor.