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The distaff difference…

I 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!”

Does your society have a strategy for reaching this critically important market? You can get a head start on this by attending the workshop on Selling Financial Services to Women featuring Holly Buchanan at the Alliance’s Annual Meeting. Holly’s workshop is scheduled for 3:30 p.m. on Friday. You won’t want to miss it…

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