How Financial Companies Can Win with Women Business Owners

Women business owners face the same challenges that all business owners face. But how they handle those challenges, how they make decisions, and what they want from their financial partners can be different from their male counterparts.

For example, a recent American College survey found that small business owners prefer to work with financial advisors of the same sex.

Sixty-one percent of women small business owners prefer to speak to female financial advisors, compared to 24 percent of men. Seventy-five percent of men prefer to speak to male financial advisors, compared to 40 percent of women.

So for those 61% of women business owners who prefer to work with a female financial advisor, what can you do for them?  Do you have women financial advisors in your company?

"The financial services industry needs to do a better job of recruiting, training and retaining women as financial advisors if it is going to successfully meet the demand of women small business owners," said Mary Quist-Newins, director of the State Farm Center for Women and Financial Services at The American College, which conducted the study.

There's a real opportunity here for financial companies to gain a competitive edge by having quality women financial advisors on their team. 

If you'd like to learn more about how to recruit and retain women, I speak and offer training on that topic.

Here's more information on what the study found about women business owners and their financial needs:

  • More women have consulted with a financial advisor about maximizing business owner benefits (44 percent women vs. 33 percent men).
  • More women have consulted with an advisor about starting a retirement plan (41 percent women vs. 29 percent men).
  • More women than men list not having enough money in retirement as one of their top three concerns.
  • Women and men state that they take an active role in understanding needs in retirement planning (75 percent women vs. 85 percent men), however:
  • Most small business owners have not consulted with an advisor about retirement planning (44 percent women vs. 33 percent men) but those who have report being satisfied with their advisor relationship (76 percent women vs. 85 percent men).
  • Many have not estimated how much capital they will need to be able to retire (34 percent women vs. 26 percent men).
  • Only a few have a formal, written financial plan for managing income and expenses in retirement (24 percent women vs. 34 percent men) or have a formal, written plan for transitioning their business at retirement (11 percent women vs. 28 percent men).

 Another reason why it's worth your time to focus on women business owners and understand their buying process is the B2B buying process of many companies is very similar to a typical woman's buying process

There's an especially big opportunity for banks who want to work with women business owners

Why not reach out to this affluent group who actively wants your advice?  

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33 Responses to How Financial Companies Can Win with Women Business Owners

  1. Mindenkinek köszönjük a csodálatos észrevételek írásomat. Milyen szép ahhoz, hogy egy kicsit magam ezeken a történeteket. Köszönjük, hogy ezt a piece.I nem kezdődhet kifejezni, hogy ez mélyen megérintett, Lia! Én csak azt mondom, hogy ez méltó egy álló ováció.

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  8. It only makes sense that women want to work with women in the field of finances and loans. After all, women have more in common with each other than with men, and vice versa. It only makes sense!

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  14. Cik veida tu esi! Šis amats ir ļoti lieliska.

  15. Women business owner are really smart and no doubt about it,it is really hard to win.In Finland country they don’t care about it,most of the financial companies only care is how they manage and develop their services and that is really great things.

  16. Very good post. Made me realize I was totally wrong about this issue. I figure that one learns something new everyday.

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  18. Virinoj negoco posedanto estas vere inteligenta kaj sendube pri tio, gxi estas vere malfacile win.In Finnlando lando ili ne zorgas pri tio, ĝi nur havas sencon, ke virinoj volas labori kun virinoj en la kampo de financoj kaj pruntoj. Post ĉiu, virinoj havas pli en komuna kun si ol kun homoj, kaj inverse. Ĝi nur havas sencon!

  19. nad ei hooli sellest, et enamik finantseerimisasutustele vaid hoolikalt, kuidas nad juhtida ja arendada oma teenuseid ja see on tõesti suur things.women on rohkem ühist omavahel kui meestega, ja vastupidi. On ainult loogiline!

  20. Randy says:

    Nice post, Ron. I’m a long-time fan of Zen Mind, Beginner’s Mind as well as an entrepreneur and csuonltant.I agree that a shift in perspective can be as simple as letting in one new thought. Then you have to choose to nurture that newness.With a little practice, I think anyone can learn to take a step away from being immersed in the problem. I find the most important factor is remembering to make that shift rather than knowing how. Often realizing it’s necessary is all that’s needed. That’s a 1% difference indeed.

  21. Shade says:

    To have a chance for true cahgne, we must take lesson from our past Our history proves we have a foundation of rebellious nature among other questionable behaviors. Let’s not argue that but accept it! Now we have a rebellious president who refuses to do things based on the same old policies, procedures and political traditions. I have read the opinions and blogs of others on various website, I see a people afraid of the unknown Without rebellious people like OBAMA true leaders do not exists! If there were not rebellious people standing up for civil rights of woman and minorities than we would still be living in a world as backwards as some third world countries. Without people who are not afraid to admit that the old policies, procedures and practices of this nation are failing the people than progress will not be made. To break free from a failing system something completely new and different must take place and many will not understand the new at first.Obama’s leadership style is democratic meaning internal drives and impulses that are centered on human relations and teamwork. He fosters communication that is open and usually two-way creates a spirit of collaboration and joint effort that result in staff satisfaction. I agree he does have some traits of permissive (laissez-faire) style, internal drives and impulses that tend to have some established policies; but abstains from complete leadership. What that tells me about President Obama is that he has enough humility and compassion for others to admit that being the President of the United States is not a ONE MAN JOB! Unless it is Jesus Christ himself than there is not a MAN capable, trustworthy or intelligent enough to handle that load! He is a leader who teaches us to work together. As humans we are all imperfect and until we all fully grasps that concept than many President Bush’s (prideful and self centered) will destroy this country. I wish people would stop judging and being so critical instead ask how they can help. We have a leader who does not mind gathering intelligent minds together so working towards the best possible solution can be achievable. Based on history the democrats do not have all the answers and nor do the Republicans, but given the opportunity to come together no one can come against us! Finally, remember another piece of American history: United we stand divided we fall. We use to be the leading nation in many aspects but now each side, each party and the American people have become so prideful and selfish that we are destroying the fabric that made us great. Yet, one day we will die but our children learning from our mistakes we continue in those mistakes only to destroy what little we have left behind. We cannot continue in the old way the new way must come even if it is uncomfortable at first.Jesus was a rebel in his day too, breaking the traditions of religious leaders and political powers of that time.

  22. Luckas says:

    If it is 48% failure, the world perwos of nations can take it that Obama stands true to his morals of charisma with which he came into Power to represent the most powerful democracy that is highly sensitively based where mind’s temporary imperfection stands to catch up with the change that was necessary for America and necessary for the world at large to reckon in human terms.One year of Obama’s role is insufficient to make an assessment because dilution of Presidential Charisma to match with public consumption is not a joke – I would therefore say 48% failure rating as projected is “transition”—and not a fact because it is related with the performance of relative time over which his (Obama’s) Charisma stands linked with the Infinite of Its unconscious state in him evolving and what is evolving as good can only indicate at present that (Obama) needs 4 years plus – to make things smooth for America and the world; reason – because he is a natural being blessed to receive inputs on his charisma to make mind’s temporary imperfections to move with his flexibility on them that are in the offing after the initial grounds appearing disturbing have been laid both for America as nation and the world tiding over the past governing history of this good earth.Well, this is a short and sweet comment on what stands reported.

  23. Mallu says:

    obama is a total failure, he has only achsepliocmd one thing in his first year andthat was having a beer summit. Don’t get me wrong, there is nothing wrong with beer.But hosting a beer summit by the president makes the US a laughing stock of the entire world.He spent the entire year trying to ram down our throats his idea of health care which the country is completely against, but would old big ears o bama listen to the people of the USA? He doesn’t and he didn’tStop the MadnessStop the MadmanImpeach o bama

  24. Sebastian says:

    I do believe that Obama is aarget president but he is got to walk the talk .leadership is from God and He has his reasons why He chose him.because when you look back in Obama`s life line you can tell exactly what God had plannned for him .(retriever)And Americans should be very proud to have aleader like him ..just imagine if Museven was the American President.iswear America would be like congo.

  25. Ayaka says:

    Why does Mr. Obama not release his long-form birth cticifrtaee? This would prove his natural born citizenship. I understand he has spent over a millon dollar to hide it from the public. It will just cost a few dollars to take a copy and show it to the press.

  26. Man jag älskar din artikel och det var så bra och jag ska spara det. En sak att säga det fördjupad analys som du har gjort är mycket remarkable.No en går att extra mil i dessa dagar? Bra gjort. Bara en antydan du canget översättare Ansökan om din globala publik.

  27. Carlie says:

    Although I am not a financial advisor, as a life coach I found the data very insightful and helpful. The same percentages are true in my profession. Women business owners much prefer a woman life coach.

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  29. Ha, investment in land is really valuable for anyone or any investor. I like it and really like it. Thanks mate.

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  31. Yuka says:

    Most of this is just sensationalism A rnecet study ? What study? By whom? When? That phrase is the most abused in media. Most of the time, there have been NO studies 1) Evolution doesn’t happen in 4 generations! It doesn’t even happen in 40 generations! Go 4000 generations into the future, and you got 1 small mutation, so microscopic, that you’d have to magnify it another 100 million times to see any tangible changes.2) More drivers are male than female. Think of all the cab drivers Obviously they have a greater chance of dying in a car accident. So there’s no point in comparing statistics to see who is more likely to die in car accidents.3) I’m not even going to start with this stereotype Guys do talk about their problem. Its just that we don’t need to crib on and on about them.4) Sure, us guys will do the nursing (which, if I may point out, has seen an increase in male workers). But can we rely on the girls to do construction and heavy industry?5) Since I’m not from the States, I am not in a position to comment. However, nowhere is it mentioned about the difficulty of course involved. Maybe the fact that most of the guys are in EE and a lot of girls are in the liberal arts plays a part in college drop out rates and graduation time.6) Eating disorders affect primarily girls. I’m sure that if I did a google search, I’d get a list of ominous statistics that reveal how perilous the girl’s health is today due to their diet fads 7) I don’t know about American men and women, but my experience has been contrary to what has been written. Girls miss more classes due to health issues than guys.9) I’ve a female boss. She’s a bitch. I know that this is just 1 sample point, but I personally don’t think that sex has anything to do with how someone manages things.10) Can’t comment on this one Have no clue about investing.The thing about women outliving men is probably true and that is due to the xx chromosomes compared to the xy chromosomes of men.Also, the 1 thing women are naturally better at than men is long distance swimming. The fat stored naturally in a woman athlete’s body helps provide energy and insulation from the cold. A male athlete tends to lose all traces of fat due to the training regimen.Personally, I don’t see a point of this man vs woman argument. But hey, if u misuse the scientific method, I’ll cut u!

  32. Nasreen says:

    Great insight, tguhoh I have to disagree about one thing: the right’ age for women. The reality is, there is no typical profile for a woman in her 40 s.Some could be parents of teenagers (like me) while others still have young children or even grandchildren. I had children by what we be considered early in some standards (I was 28 when my first child was born, 30 for #2). I started my company when I was 28 and sold when I was 38. So as I’m about ready to see one off to college and 2.5 years shy of an empty nest, I’m already transistioning into my next chapter and it has nothing to do with retirement’ (tried that already after we cashed out of our company couldn’t do it). I think we can agree that the age of consideration and review should not be one-size-fits-all, and just like the coming shift in medicine, it calls for personalization.

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