How to sell financial products and services to women

“Somehow, there is this feeling that women require remedial financial education, and so everything must be dumbed down. The reality is that we all need a lot more education, but guys just go ahead and invest anyway.”

-Sallie Krawcheck, CEO and Co-Founder of Ellevest 

Sallie Krawcheck, sometimes called “The Most Powerful Woman on Wall Street,” founded an investing platform just for women. She’s risen up where many have fallen short, putting principles behind promises and taking action to center women in every way possible. And she has the data to prove it. With women comprising 84% of her leadership team, an astounding 61% above the industry average, she’s created a space for women’s voices to guide women’s wealth-building. 

Krawcheck saw a need and met women where they were. She’s a trailblazer, but it’s time others followed her lead. Women’s financial realities have been taboo for far too long, and we need more voices in the mix. Hell, we need a chorus.  

Finances and privacy 

Unsurprisingly, women are not a monolith, and how they engage with finances depends on their attitudes (and corresponding segments in our recent research). Boundary Pushers are statistically more likely than Brand Approvers to purchase financial planning services, which makes sense since they’re also statistically more likely to contribute 100% of their household incomes. About one in three Female Favorers also uses financial planning services. 

Does this surprise you? 

It’s hard to gather information on women and their financial habits because the percentage of women who believe financial topics should stay private is higher than almost all other taboos (cannabis, alcohol, aging products, etc.) we explored in our research. 

Still, three in four women who do use financial planning services share that information with others. Brand Approvers are most likely to say financial matters should remain private, which tracks with their preference for keeping taboos private across product/service categories. 

Most often, women disclose this purchasing information only with people they are very close to: 

• 77% share with a spouse or partner

• 72% share with close friends

• 71% share with family members 

What we’ve found is that women may not be talking about financial planning across social media, but they’re using these services and talking about these matters behind closed doors. What you need to know to reach them is that finances are part of their world and are discussed openly, primarily in close relationships. 

Finances, in her words 

Women’s voices are far too often left out of advertising. Both in the ads and behind the scenes during creative ideation and execution. The only way to advance advertising to a more inclusive future is to center women’s voices. We can share our research insights and experience working in advertising for decades (we’re women with a vested interest), but let’s hear from our respondents, too. These are their words and their perspectives on finances. Listen up. 

“Times are changing with more women in the workforce and many more men as stay-at-home dads. We need to recognize both men and women may fill each role and not judge a woman as the lead earner or the man as the stay-at-home. Individual family choices should be accepted.” -Brand Approver 

“In my marriage, my husband once blurted out, ‘You’ll never make or have as much money as I have.’ Psychologically, it affected me. And indeed, I became less ambitious.” -Brand Approver 

“Men earn more in general, and I think it’s often assumed that they are more knowledgeable about money and maybe better qualified to manage it. That said, I know several couples in which the woman is the main breadwinner.” -Boundary Pusher 

“It is expected for men to be ‘leaders’ when it comes to finances. I feel like women are expected to need help with their finances and are often taken advantage of when independently dealing with financial matters.” -Boundary Pusher 

“I’m always left aghast when I set up a meeting with a financial advisor, and they’re surprised by my income. If I was male, I doubt there would be any surprise!” -Female Favorer

“Women who make higher incomes are stereotyped constantly, and many financial products don’t take into consideration the nuances and ways women would like to use their income to elevate or help their community.” - Female Favorer  

Our takeaway? Women’s financial lives are as complex as they are, and without advertising that reflects that, women will continue to feel left out of the conversation. The consequences? They’ll buy from competitors that do include them. 

Financial advertising for women 

Finances remain taboo for women, but they’re utilizing financial planning services and talking about finances with people they trust. Our take? These data points are evidence women’s relationship with finances is changing. 

These conversations are happening, and brands have an opportunity to start them or join them. Brands like Ellevest are leading the revolution by creating a new financial landscape made by women for women.

So here’s what you can do if you’re a financial advertiser: 

Lean into women’s involvement and expertise in their finances. Speak on her level by finding out where she is on her financial journey and meeting her there. Don’t dumb things down, but don’t overcomplicate them either. Reflect their financial success to them in your communication—many are the breadwinners. 

Instead of a one-size-fits-all approach, which seldom lands, we recommend understanding the women in your customer base.

Women have different perspectives and values, which influence how they handle their finances, regardless of age, income, marital status, or location. 

Speak more candidly with Boundary Pushers and Female Favorers as they want brands to create open dialogues around the issues that matter to them. These women are conscious of the power brands wield and statistically more likely to believe men and women are treated differently financially. Connecting with them means changing the fabric of society. How can your brand create a more equitable financial landscape through the products and services you provide? 

Use a more subtle touch with Brand Approvers, who value privacy. Since Brand Approvers are less likely to have used financial planning services than the other two segments, it pays to ask her where she’s at. Assess her familiarity with these services and financial literacy. And remember, she’s statistically more likely to view brands favorably, so there may be less of a barrier to proving you’re on her side. 

Regardless of segment, help women understand how to optimize their portfolios and achieve their desired wealth level. Understand what motivates their financial activities. One woman might be saving for an investment property, while another wants to retire at 50. Speak to them directly. Better yet, give them the floor to share their voices. 

Check out our executive summary for more information about these segments and fresh insights into their financial lives.