#FintechSavvy – Meet PURSE STRINGS, Helping Advisors Target Female Investors

FintekNews is pleased to launch our new series – #FintechSavvy.  The series will have a two-fold purpose:  1) To feature ADVISORS who are successfully using financial technology in their practices and profiting from it, and 2) To feature FINTECHS who are helping advisors grow their practices with their unique product offerings.

This week, we’d like to introduce you to Barbara Provost, the Founder of Purse Strings, which provides financial professionals the tools to successfully grow their advisories by effectively targeting & growing their female customer base.

NAME:  Barbara Provost
Founder – Purse Strings
Purse Strings, LLC

1) What services does your Purse Strings provide to Financial Professionals? 

Purse Strings provides an expert, facilitated, online experience that teaches Financial Professionals how to reach, engage and earn the female dollar.  With this knowledge and skill Financial Professionals will be able to reap the rewards offered by a 14-trillion dollar underserved market.  By the way, 14 trillion dollars is equal to more than the AUM of the top five investment firms across the world!  Imagine what earning a small portion of that would do for your business.

2) What would motivate a financial professional to join Purse Strings?   

It will open the door to a whirlwind of new business growth.  Women view the Financial Industry as being the “least sympathetic to women;” Purse Strings helps change all that. By becoming  a Purse Strings Approved Professional we not only provide the knowledge and skill needed to earn the female dollar, but we put financial professionals in front of women who are educated and ready to buy financial products and services.

3) What type of financial professional are you looking for to join Purse Strings?

We DON’T take all comers.  We are looking for financial professionals, women or men, who are willing to look closely at their current products, processes, services and agency staff and make changes. Women are looking for sincere professionals who are able to partner and serve them for the long run.

We are looking for unique financial professionals who Purse Strings can stand behind and promote to their community of women.  We are raising the bar and selecting financial professionals who are willing to serve.

4) What’s in it for a financial professional (WIIFM)? 

Let’s face it – the days of “dialing for dollars,” buying lists and knocking on doors are over.  Not only to stay in business, but to grow and prosper, financial professionals need to look for unique and different ways of engagement.  Purse Strings provides the step-by-step activities needed to reach, engage and earn the dollars of the largest underserved market ever.

5) How would being a Purse Strings Professional provide a competitive advantage over other advisors and/or help retain clients or win new business more easily?

Women are the most powerful market; some call it a quiet revolution.  Just Google “Women and Money” and article after article will show how women are the most powerful market, yet underserved by the financial industry.   They make over 90% of the purchasing decisions in the household, most will become heads-of-households at some point in their lives, are earning more degrees than men, are starting to out-earn their husbands, are opening more businesses, and becoming a more powerful market every day.

And, women’s voices are being heard; just look at the Women’s March.  Women showed their power to communcate, gather and motivate rapidly.  They are the number one voice of referrals, recommendation or discontenment… where does your business fare?

6)  What are the other benefits of a Purse Strings Provider? 

Purse Strings will provide everything Financial Professionals need to make changes to engage and earn the female dollar.  For Financial Professionals to become a Purse Strings Approved Provider, they will need to “earn it” by implementing needed changes that show their commitment to the female market.  They will then apply for, and need to pass, a rigorous vetting process.  If passed, the Financial Provider will become a Purse Strings Approved Provider.  This means they will:

  • Have their own web-page with their picture, introduction and agency information on our Purse Strings website
  • Be promoted and featured to our Purse Strings community of women via the Purse Strings website, Facebook, Twitter and Instagram
  • One-click access from the Purse Strings community of women to your email
  • The Purse Strings Approved logo to add to the online signature
  • The Purse Strings Approved decal for use on the agency window

7)  Why would women be attracted to a professional who is Purse Strings Approved?

Trust is key.  Purse Strings provides a community of trust.  We provide women training, information and resources to make smart financial decisions for themselves and their families.  We also provide them an elite group of vetted professionals (Purse Strings Approved Professionals) who are attending to the needs of women and providing the products and services needed.  They are earning the female dollar.

8) What makes Purse Strings the expert? 

With 30+ years on the front lines of financial and insurance industry working directly with sales leaders and agents, as well as, an expert in learning, I have examined and researched the female market data and anecdotal evidence.  It all concludes that there is a massive gap between what women’s financial needs and the financial professionals who are able to provide.  Purse Strings bridges the gap.