Uncertainty about regulations scares women financial advisors more than the incursion of robo-advisors or the upheaval in politics, says a new Edward Jones survey of women advisors.
Forty-two percent of the 100 female advisors in the Edward Jones research say their top concern is the current regulatory uncertainty, with the worry level being highest among older advisors.
Only 11 percent of female advisors say political uncertainty will impact their business in the next year and a mere 3 percent worry about robo-advisors.
The survey also asked the female advisors how they could retain more women clients when the male spouse leaves the picture. Sixty-four percent say the most important strategy is to have both spouses in meetings from the beginning.
Other top strategies used to retain female clients include leveraging existing client relationships (29 percent), creating women's networks (4 percent) and using advertising and social media (3 percent), the survey says. Everyone one of the female advisors in the 45- to 63-year-old age range says women's networks are the most impactful strategy in retaining women clients.
A majority of respondents agree that perseverance (39 percent) and confidence (38 percent) are crucial to success as a financial advisor. These results mimic those of an earlier Edward Jones survey of female financial advisors in which 80 percent noted confidence as a primary factor impacting leadership, success and career fulfillment.