Learning about your women clients’ attitude toward money is crucial to helping them achieve their goals. What do they want their money to do? What is there level of financial responsibility?
Even the most successful women can have the “bag lady” syndrome, says Amy D’Aprix, consultant and life transition expert with BMO Financial Group in Toronto — meaning they worry about their financial security.
Talking to women clients about their attitude toward money, says D’Aprix, who spoke at the BMO Women and Money seminar in Toronto last week, can lead to more engagement in their financial lives.
Follow these tips to get your women clients to clarify their relationships with money:
> Look for connections
Women in particular like to see how money is tied to the events and people in their lives, D’Aprix says. So, it’s important to find out what your clients care about.
For example, a client might regard money as a means to take grandchildren on a memorable vacation every few years.
Also, asking your clients how they want to be remembered can help connect their personal goals with their finances, she says.
By demonstrating how all goals have financial implications, D’Aprix says, you can help your women clients realize the importance of planning and taking charge of their financial lives.
> Consider the past
Get clients thinking about how they view money now, and how they have regarded it in the past.
Have your female clients ask themselves: How did my parents handle money? What kind of messages did I get about money? Was I empowered about my finances or was I told not to worry?
Getting clients to think about these ideas can help them to understand why they view finances the way they do, D’Aprix says. That can help them to move toward their financial goals.
> Don’t try be a therapist
Be careful not to overstep your bounds as an advisor, D’Aprix says. Avoid going too deep into family issues.
You should not play the role of therapist for your clients, she says. And your clients don’t want you to be their therapist, either.
Just try to get your clients thinking about what money means to them on a personal level.
IE