Understanding the unique needs of women 55+ to help grow your business

This article was provided by HomeEquity Bank.

In the world of mortgage professionals, staying informed about the unique financial needs of diverse client groups is not only essential, but can also lead to a competitive advantage. A recent survey conducted by HomeEquity Bank has unveiled compelling insights about a specific group: women aged 55 and above. Their research, called “Women and Financial Wellbeing,” included a self-reported financial wellbeing survey and extra questions to understand how comfortable Canadian women in this age group are with discussing their finances. The findings of this research hold significant importance for mortgage brokers, providing invaluable insights into the financial concerns and preferences of Canadian women in this demographic.

Research findings

The survey revealed that women over 75 (62%) feel good about their money management, while fewer women (44%) aged 55 to 64 feel the same way.

The survey also found that older women reported a better Financial Wellness score compared to those aged 55 to 64. A key contributor to this is that women aged 65 and over tend to seek professional financial advice (50%) compared to those younger than 65 (45%).

However, nearly half of women (48%) still don’t seek professional advice as often as men (55%) because they feel it’s hard to find trustworthy and non-judgmental advice.  

Empowering brokers to help older, female clients

Mortgage brokers understand the significance of building strong relationships with their clients. It’s not just about financial transactions – it’s also about the connection that defines a successful relationship.

The survey identified effective ways for brokers to better understand the specific needs of women seeking mortgage advice. Here are four strategies that can help you provide meaningful and trustworthy advice to your female clients: 

• Proactive communication: In times of market volatility, it’s crucial to maintain open and proactive lines of communication. Clients value brokers who keep them informed and engaged.
• Two-way conversations: Brokers who engage in meaningful discussions, rather than just talking ‘at’ their clients, tend to foster better relationships. Listening and understanding are the key.
• Client-centred approach: Clients appreciate when brokers prioritize their unique goals. It’s not about the brokers’ objectives – it’s about helping clients achieve theirs.
• Client appreciation: Every client should feel valued. A sense of genuine care and respect can go a long way in building trust.

How to reach women 55+

Women aged 55+ are an often-overlooked demographic. It’s worth noting that baby boomers, born between 1946 and 1964, are now over the age of 55.

And while they are a worthwhile demographic to consider in growing your business, creating engaging content that attracts them can often be a time-consuming task, taking you away from focusing on your core business.

HomeEquity Bank’s Broker Launchpad offers a streamlined solution to this challenge by providing you with an array of pre-designed marketing materials. These resources are designed to help you maintain a prominent presence with your clients and prospects, such as the women 55+ demographic.

But what sets the Broker Launchpad apart?

HomeEquity Bank makes sure that new assets are added monthly. With just a simple copy-and-paste, you can effortlessly compile professional-looking images, compelling copy, and informative videos catered to the 55+ demographic.

For more insights on Women aged 55+ and strategies to strengthen client relationships with this demographic, watch the "Understanding the unique needs of women 55+ to help grow your business" webinar by HomeEquity Bank. It features Pattie Lovett-Reid, chief financial commentator, Vivianne Gauci, chief marketing officer of HomeEquity Bank, and Lynn Posluns from Women's Brain Health Initiative. Together, they delve into the vital link between health and financial well-being.

To learn more about how the CHIP Reverse Mortgage can help your clients, visit HomeEquity Bank online or contact a business development manager today.