The evidence is in and it’s compelling.
- Narrowing a target market to focus on financial planning for women has proven to be a successful move for many advisors.
- (Most) Women approach financial planning differently than men.
“Just the facts mam.”
- Women currently control one-third of total U.S. household financial assets – representing more than 10 trillion dollars.
- By 2030, women in the U.S. are projected to control much of the $30 trillion in financial assets that baby boomers will possess.
- Since women are living an average of five years longer than men, 90% of all women will be managing their own finances during the final years of their life.
Both female and male advisors are thriving by attracting and serving primarily women.
In this episode of Top Advisor Podcast, Bill Cates interviews Craig Richman (founder of Richman Capital Management), about motivation to become an advisor who focuses on financial planning for women, and why he’s chosen to build a “lifestyle” practice.
Bill and Craig discuss:
- Craig’s highly unique journey from professional dancer to financial advisor.
- When Craig realized that serving female clients and focusing on financial planning for women was the right path for him.
- Craig’s perspective on what he calls, Intentional Wealth that is much more than managing assets and risk.
- How his targeting a specific market has benefited both himself AND his clients.
- Craig’s efforts in building a lifestyle business where he is able to enjoy a successful business that doesn’t come at the expense of truly enjoying life.
- …And more!
Resources:
- RapidFire Referrals
- Ep. #36 – Attracting Affluent Women – Great Niche Markets for Financial Advisors with Russ Thornton
- Ep. #37 – Strategies for Attracting Affluent Women Clients with Adri Miller-Heckmann
- “The Keys to the Ladies’ Room” by Adri Miller-Heckmann
Connect With Bill Cates:
- BillCates@referralcoach.com
- Referral Coach Homepage
- Hire Bill for Coaching
- Enroll in The Cates Academy™
Connect With Craig Richman:
About Craig Richman:
Craig Richman is the founder and private money manager at Richman Capital Management. Craig earned his undergraduate degree from Florida Atlantic University in Boca Raton. He holds the Chartered Life Underwriter® (CLU®) and Chartered Financial Consultant® (ChFC®) certifications from The American College in Bryn Mawr, Pennsylvania that address insurance, tax, estate, and financial planning.
In addition, Craig has received the Accredited Investment Fiduciary Analyst® (AIFA®) designation from the Center for Fiduciary Studies and the University of Pittsburgh’s Joseph M. Katz Graduate School of Business which address best practices for fiduciary guidance.
Craig also has completed the dividend analyst course from Morningstar, Inc., which addresses key education in dividend-paying stocks.
He has completed a mentorship for trading with the Senior Managing Director of Equities from Simpler Trading.
Craig is also a Certified Divorce Financial Analyst® (CDFA®) from The Institute for Divorce Financial Analysts to educate and guide clients to navigate divorce as their advocate.
Craig affiliated with and became a Registered Representative and Investment Adviser Representative of Commonwealth Financial Network®, an independent, privately held broker/dealer that has no proprietary products and an open architecture for advisors to build their businesses. Richman Capital Management is now celebrating its 25th year of working with Commonwealth.
Craig served the community as a board member and past chairman of the Florida Atlantic University’s (FAU) National Alumni Association. He also served as past president of the Rotary Club of Boca Raton and trustee member of the Greater Boca Raton Chamber of Commerce.
Craig is a Registered Yoga Teacher (RYT*200) through Yoga Alliance and has continued advanced studies in vinyasa yoga. He is also certified to teach yoga to veterans through the Connected Warriors not-for-profit organization. He also enjoys golf, walking, fine dining, and single-malt scotch.
Podcast: Play in new window | Download | Embed