Communicating with women clients in estate planning

Women in the United States today control 75 percent of the total personal wealth, fill more than half the jobs and for the first time in history, account for nearly half of all substantial investors — those with more than $100,000 of investable assets. Yet, women are less likely than men to protect their assets with estate planning.

Tapping into the growing market of women requires a different approach than when working with men. The ABA Section of Real Property, Trust and Estate Law and the ABA Center for Continuing Legal Education examined the distinctions during the teleconference and webcast, “Working with Women Clients in Estate Planning: The Difference is More Than Just Changing Pronouns.”

Generally men tend to make assured decisions quickly, whereas women tend to want to get to know their advisor as a person before making choices. Building rapport with women clients involves good listening skills. Women want to work with someone who respects their thought processes and who does not rush to an immediate solution.

Many women clients want to understand a proposed investment strategy. The time spent explaining investment approaches to women pays off as women give twice the number of referrals as men, said panelists.

Even when couples come in for a consultation, the panelists reminded the audience to be particularly mindful of women. Lawyers have generally been guilty of focusing their attention on men. This approach often is a mistake. Women need to participate jointly in the creation of a family plan that ensures there will be enough to live on in the event of the death of a spouse. They must also be comfortable with the advisors placed in charge of the plan.

Panelists for “Working with Women Clients in Estate Planning: The Difference is More Than Just Changing Pronouns” were Patricia M. Annino of Prince Lobel Glovsky and Tye, Boston; Susan W. Sweetser of MassMutual Financial Group, Springfield, Mass.; and moderator Bruce Tannahill of Western Reserve Life Assurance Co. of Ohio, St. Petersburg, Fla.

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