If you think your book is at risk because of robo advisors or millennials – think again. The greatest risk to your practice comes from losing the widows and divorcees of your existing couples clients.
The facts are unavoidable – male boomers are starting to die and their widows will outlive their spouses by an average of 16 years, according to research commissioned by TD Bank. In addition, women initiate 2/3 of all divorces and 40% of all marriages end in divorce.
This means many of the women who are part of a couple you have as a client are likely to become single in the not too distant future and if you don’t have a really good relationship with her, there is a very good chance that you will lose her. The reality is that 8 out of 10 widows and divorcees leave their family financial advisor. Why? Because the women say they never had a relationship with him anyway. This is what they are saying… “He always dealt with my husband, he never asked my opinion about anything and even if I was in the room, he rarely even looked at me.”
Does this sound familiar? Have you done a reality check recently? How many of your clients are couples? How strong are your relationships with the female partner of your couples clients? Before you spend too much time worrying about millennials – look to women already in your book for your future security.