Half of women financial advisors tied to Edward Jones feel barriers to their success in the industry are decreasing, according to a survey.
A survey of 204 top-earning women advisors affiliated with Edward Jones found that 52% of respondents think they have an equal opportunity to succeed in the field as men and also feel any barriers to hiring and promotions that they encountered in the past are decreasing.
At the same time, 46% said having more women visible in top executive positions would help female advisors who are moving up the ranks and would have a noticeable impact on firms’ policies.
Twenty-seven percent said having more access to financial classes for high school and college students could help lead young women into financial advisor careers, which would have a beneficial impact on society. Finding a mentor to guide them along their career paths would also help, according to 30% of the respondents.
“While the numbers show that female financial advisors feel there are increasingly more opportunities for women in financial services, it’s imperative to note the role women leaders, who are helping to mentor the next generation of female advisors,” Patty Carter, principal of Branch Team Talent Acquisition at Edward Jones, said in a statement.
Other factors affecting women’s careers are the same as those impacting men’s careers, according to the survey. Thirty-one percent said new regulations pose a threat, 23% are concerned about fee compression and 17% said geopolitical repercussions in the markets are a worry.
More than half said continuing education is crucial to a successful career.
“Ongoing training and development are critical to staying ahead of the evolving regulations and macro-economic factors impacting our industry,” Carter said.
The female respondents said they will rely on the human element of the financial industry to attract and retain clients. Eight-five percent said they plan to leverage existing client relationships to grow their business and generate word-of-mouth referrals.
“While leveraging existing relationships still remains a viable strategy for female advisors to attract new clients, with fee compression, financial advisors will need an innovative approach to reaching prospective clients,” Carter said