A shift in the financial market is taking place, and it seemsmany advisors are choosing to ignore it, despite the unfavorableaffects it may have on their business.

Not only do most today's women control their own finances,they're also the primary consumer and positively or negativelyinfluence 85 percent of all purchases.

So, if you think it's unlikely that you will need to worry aboutappealing to women as a financial advisor, you're very wrong.

Related: 3 ways insurers can better market towomen

The “classic” selling techniques are handicapping the success offinancial advisors. Historically, the financial services industryhas been trained by men to primarily advise other men. Advisorshave likely been trained to understand a man's logic, a man's needsand a man's concerns. The big issue is that women are mostdefinitely not like men.

The worst industry serving women

New statistics suggest the financial services industry needs achange and advisors may struggle with it, especially if they'recomfortable with the status quo. The Harvard Business Reviewrecently revealed that the financial services industry has beenrated the worst industry in serving women.

More than 90 percent of women report an overwhelming unhappinesswith the financial services they're receiving, stating that theiradvisor is unsympathetic and detached when it comes tounderstanding their needs. The lack in desire to change is a majorcontributor as to why the industry is falling short in customer satisfaction.

When working with women, advisors should:

• Clear their schedule in order to give the client 100percent attention with absolutely no interruptions. Womenwant to feel engagement, a minor distraction may leave womenfeeling slighted.
• Keep eye contact and listen while the client isspeaking. Women want to know that their advisor is presentand interested in hearing their expectations and concerns.
• Save financial advice until addressing their wants,needs and fears. Let everything the client said reallysink-in before providing financial suggestions.

Advisors should slowly implement these practices to helpincrease positive customer satisfaction within the financialservices industry. It's especially important that women clients aresatisfied because women will be in control of a large portion ofthe country's financial assets in just a few short years.

Historically, the financial services industry hasbeen trained by men to primarily advise other men. But that salesmodel is no longer well-suited to today's clients and prospects.(Photo: iStock)

Women with wealth are adding up

Women worldwide control $14 trillion in personal wealth and areexpected to control more than 60 percent of the United States'wealth by 2030. Last year alone, six out of 10 bachelor's degreeswere earned by women and GoGirl Financerecently reported that by 2028, the average American woman isexpected to out-earn the average American man. These arehard-hitting statistics that the financial services industry can'tafford to ignore any longer.

Related: How many American wives earn more than theirhusbands?

Agents will continue to see a rise in female prospects everyyear. In the next ten years, baby boomer women are expected toreceive a huge windfall of assets from their parents and/orspouses. Women, due to superior longevity, will more than likelyoutlive their husbands.

In fact, nine in 10 women, at some point in their life will bethe sole financial decision maker for their household, which isconcerning given that seven out of 10 women leave their currentfinancial advisor for a new one when they become widowed or getdivorced. To ensure women clients don't walk away, advisorsshould:

• Include them in the decision making process.Women want to know why they're doing something, not justwhat they're doing.
• Provide them with education. When women areleft in the dark, they'll run.
• Speak from personal experience. This willallow them to feel comfortable with decisions you're guiding themtowards.

While you may be thinking that your clientscould never leave you, it's importantthat you make the changes to ensure theywould never leave you. Remember, aclient satisfied with services will shout it from the rooftops.

Referrals rise with women clients

Women clients are a substantial gain to an agent's practice.While many agents report that appointments with women seem to takelonger than average, it's important to make time. It may bebeneficial to allot an additional 20 minutes when meeting withwomen over men. The more an agent listens and positively helps awoman, the more likely she is to refer the agent to her familyand/or friends. In fact, women refer good services to their lovedones nearly 3 to 1 over men. Agents will see an increase inreferrals from women if they:

• Stay in touch. Women love to know what ishappening and why it's happening. You can never over communicatewith women.
• Follow through on promises. Even followingthrough on a little promise can go a long way.
• Closely monitoring the account. If women trulyfeel like they're the only client of the agent, happiness willensue.

Statistics on women and money are readily available andfinancial advisors should be unburying their heads from the sand totake a good look at their business practices. In manycircumstances, it will take just a few adjustments to your salesapproach, marketing, dialogue and content.

Related: Women's market represents trillion-dollaropportunity

Like most things in an already growing business, making hugeadjustments all at once is not the answer. Tackle things one at atime and you'll watch your business grow year-after-year.

Gina McKague is president of McKague Financial in Livonia, Michigan. Contacther at [email protected].