Women mentors can lead the way to increasing the number of female financial advisors, according to Ladenburg Thalmann Financial Services.
Financial industry statistics for the number of women advisors have not changed much over the years, hovering around 20 percent to 23 percent, depending on who is gathering the numbers.
Ladenburg Thalmann, a publicly-traded financial services firm based in Miami, is pushing for more women to join the field, especially in light of the fact that women control 51 percent of the wealth in the United States, or $14 trillion.
The firm has about 4,000 advisors, and 22 percent--or 880--are women. However, three of Ladenburg Thalman’s broker-dealers have exceeded that number: Triad Advisors with 30.5 percent; Securities America with 29.4 percent and KMS Financial Services with 27.7 percent.
The Ladenburg Thalmann Institute for Women and Finance is leading the way for the firm to increase those numbers, Ladenburg Thalman says. The goal of the institute is to help the firm’s women advisors network with each other and act as mentors for other women in various career stages through a program known as Lift. The institute recently hosted its annual symposium in Salt Lake City.
“Women came together at the symposium to share ideas on how to attract more women to the profession,” says Jaime Desmond, chief operating officer for Ladenburg Thalmann and head of the women’s institute. “They suggested firms hire interns who are in college or in the early stages of their careers. They can also provide positions for women who want to work part time, sponsor women in getting their licenses and CFP designation, and provide training for women advisors.”