Statistics show that women, on average, live longer than men. This means that many will have to face the death of their spouse and may end up solely in charge of their financial well-being at some point later in life.
Unfortunately, it’s also true that many of these widows may feel under served by their representative following the death of a spouse, especially if the deceased spouse acted as the representative's main point of contact. One widow, Ellen Speyer, shared with The New York Times that after her husband’s death, the couple’s long-time brokerage firm did not “take [her] questions seriously.” Speyer switched to a representative at a small firm shortly after.
Failing to provide the same level of support to a female client after their spouse passes away is a mistake you certainly don’t want to make.
As a financial representative, you can stand out by developing a relationship with both of your clients from the very start. Let your clients know the three of you are a team so that the surviving spouse doesn’t feel lost during this critical time in her life.
Here are four things to consider as you strive to retain your female clients after the death of their spouse.
1. Understand the modern widow
Times have changed, and many opinions about widows are outdated. According to reporting from the United States Census Bureau, the median age for widowhood in a first marriage is 59.4 years old for a woman. As people live longer, they not only face decades of retirement, but women in particular may face decades of living without a spouse.
It’s critical to address this potential upfront. While it might not become a reality for many of your clients, it’s still essential to discuss what happens if one spouse becomes sick or passes away early. It helps engage both partners in planning for the long term right from the start.
Honesty goes a long way. If your client does become widowed, her financial situation might change moving forward. Here’s where you want to clearly lay out her options and act as a sounding board and trusted representative who can help in the years to come.
2. Avoid playing favorites now
Consider how you speak with your clients. Make sure you’re addressing both of them whenever you meet, and encourage both to vocalize their needs, fears and concerns. Act as a sounding board for their specific individual goals.
Also, try to meet with both of your clients together. While this can’t always happen, of course, whenever you can try to avoid speaking with only one person too often so it doesn’t leave the other partner feeling disconnected.
Remember, this is all about building a relationship of trust. It’s always important to communicate with both your clients so they know you’re on the same page. That way, if the unexpected does happen, the widowed spouse doesn’t feel like she has to start over or find another representative to serve her needs.
When working with married couples, the earlier you can build trust and secure a good relationship with both clients, the better.
3. Lead with empathy
It’s never easy for someone to lose a spouse. For many, it’s a stressful and chaotic period. What you can do is help provide support during the hard times.
It never hurts to go the extra mile for your clients, especially in a time of need. Something as simple as sending a handwritten note, making a house visit or calling your client at the start of the week just to check in can make all the difference.
Also, understand that your client is likely struggling with a lot of emotions, which can make decision-making more difficult. There’s no one-size-fits-all approach for working with widowed clients, so you’ll need to take a personalized approach. Assure her you have her best interests at heart and you’re with her every step of the way.
4. Stick to your plan
Rest assured, there are steps you can take right now to ensure that you’re building connections with your clients. If the unfortunate does happen, your client can feel confident she’s working with someone she trusts – both now and into the future.
Learn more about how you can help your clients plan for all phases of their retirement.
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