For one reason or another, many women have allowed others to manage their money in the past, often without providing a word of input or comment. Financial advisors looking to take on women entrepreneurs as clients are learning to focus on the issues that matter most to them and COVID-19 may be the unusual vehicle that will push those subjects forward, a recent Canada Life webinar was told. 

Some women business owners say they are too busy to manage their finances on their own, while others have been raised to believe that they are not capable of handling this area of their business, said Adri Miller-Heckman, founder of femXadvisor, in West Harbor, CT. 

Most recently, COVID-19 may have added another layer of anxiety in some women’s lives particularly if they have lost a spouse or been let go from a position, said Miller-Heckman. 

Crisis as a catalyst 

“It doesn’t matter why they’ve delegated, it doesn’t matter why they haven’t really focused on their money,” said Miller-Heckman. “What tends to be true is that the catalyst in making money a priority is always a crisis.” 

Miller-Heckman, who had been a financial advisor at Smith Barney a number of years ago, said women need to know that regardless of their knowledge of the investing industry their money is the key that will allow them to open new opportunities – what she called “defining moments.” 

“This is not new,” she said. “COVID is new. While the shift that is happening to women has been happening, [the pandemic] has just pushed it to a crisis.” 

Women entrepreneurs are now building up their businesses to the point where there is great wealth in their companies. Advisors have to think about how to help women manage this large pot of money. That includes teaching clients about issues like debt and key person insurance products. 

“You [advisors] stand at a time in the pandemic where you can help women make intelligent decisions for their families and that is something they will really value.” 

Colleen Moorehead, chief client officer at Osler Hoskin & Harcourt LLP in Toronto, spent a decade as a financial advisor at Merrill Lynch creating a program called The Judy Project, designed to support and prepare women who are rising to C-suite positions. 

Time management issues 

Moorehead told the webinar that it’s been her experience that women need help with time management, especially since many of them not only have a job, but are looking after a growing family and potentially their parents as well. 

“We need to focus on a more authentic relationship-oriented approach to doing business.” - Adri Miller-Heckman

COVID, she said, has created a catalyst for change. “I know personally I have re-allocated my will; I have re-allocated my assets. I am thinking about how I give money to my children in advance of my dying to allow them to buy homes. So I think there are many ways advisors can play a real role in helping women who have limited time work their way through making those decisions.”

Miller-Heckman said wealth management was originally developed to help male advisors attract male clients who did well with the three-point goal of prospecting, selling and closing. 

But that’s not the way it is with women, she said. 

“The woman’s way is more about building relationships, inspiring and motivating. We need to focus on a more authentic relationship-oriented approach to doing business.”

Drop the jargon 

Women want advisors to listen to them, feel safe opening up to their advisors and know that their advisor cares about who she is and what she is experiencing in life. And they want their advisors to remove financial jargon and lingo from their discussions.

“When you can identify the personality of the kind of women you want to help, that’s when you can create a compelling message that is more poignant, speaks to the heart of the woman and it attracts more men as well,” said Miller-Heckman. 

Advisors who concentrate solely on attracting male clients are doing themselves a disservice, she noted. 

Moorehead said women are also very keen on giving to charities that impact the community, but will never give money to an advisor who they don’t know, understand or trust.