Are you a financial professional looking to grow your business? Here’s an opportunity for you to learn more about your female clients; see how they differ and examine ways you can be more successful engaging them as your customer.
Unfortunate as it is, a new wage gap report from the Georgetown Center on Education and the Workforce, finds that at EVERY education level women have to earn one additional degree in order reach average salaries in line with men’s. Learn more in this article.
Women with an associate’s degree, earns an average salary of $43,000—close to (though still lower than) the $47,000 earned by men with just a high school diploma.
Women with a bachelor’s degree earn $61,000 on average, just slightly above the $59,000 for men with associate’s degrees.
And finally, women with a master’s degree or higher bring in an average $83,000 a year—while men need only a bachelor’s degree to report average earnings of $87,000.
This article reminded me of when, after earning my doctorate, my (male) boss told me not to put the designation on my business card. “Why?” I asked. He said, “Because people don’t want to see that.”
It’s evident that women have to work harder to keep up, be respected, and get paid for what they deserve; yet we are still not on par. Working with your female client, it’s important to be aware of these inequities and to ensure your actions are sensitive to her situation.
These unfair pay discrepancies and disrespectful comments are woven into women’s every day experiences. In our Purse Strings education for Financial Professionals, we first address the need to become conscious of what women experience in their world and to be sensitive to their real life experiences.
Safety. In a recent Purse Strings training event, a female realtor stated that the first thing she does when an unfamiliar male client wants to meet her at a location is Google that person. She wants to know as much as possible about the person. She wants to know she will be safe going to this meeting. And yet, a young man who sold Life Insurance stated he never considers the idea of safety when he goes on appointments.
There are other examples… Many women don’t want to purchase a car by themselves, as experience has taught them they won’t be treated respectfully. Many women dial-up their awareness meter when going to a mall after hours, as mall parking lots can be dangerous. And most women have a ‘game-face’ they use if they are in a place where they don’t feel it is safe to engage others. Another way of trying to create a safe barrier.
Safety is one of the most important factors, we, women must consider. It comes in different forms: physical, trustful, respectful, and, of course, investments. What are you doing to ensure safety for your clients?
Learn how to be more aware and more conscious of your female client. Learn what women want from their insurance and financial professional. Register for Purse Strings today.