Multiple aspects of financial advice for today and tomorrow demand emotional sensitivity—such as healthcare and disability needs, eldercare and assistance with final wishes, including estate and trust planning, or even charitable giving. That's why deeper relationship-building traits will be rewarded more than ever.
FA: Why do you think it’s important to attract more women to the financial advisory profession? Is there a lot of competition among independent BDs to attract women advisors, and if so, how does that play out?
Desmond: First, women make up more of the workforce than ever before, and control most of the nation’s personal wealth.
Second, these ongoing trends are about to coincide with an enormous wealth transfer. Part of this will be from the baby boomer generation to the Gen X and millennial generations, while the other part will be within baby boomer marriages, with one member of the couple outliving the other. A large portion of these assets will transition to women, possibly in disproportionate numbers since women tend to outlive men.
And, third, women advisors are best positioned to capture women client relationships. This is especially the case now that financial advice must emphasize financial planning that has its roots in long-term relationships and a consultative approach.
FA: What number or percentage of female advisors are you aiming to be affiliated or working with Ladenburg Thalmann in five years?
Desmond: We haven’t formally set a goal as an organization, although my personal view is that the percentage of women advisors across the industry should mirror the percentage of women in the total population. This would mean a 50/50 ratio.
Our industry obviously has a long way to go before we reach those kinds of numbers.
In the meantime, I’m grateful to be working with an industry leader that has been consistently ahead of the curve on this issue and prioritizes not only increased representation of women advisors but increased business growth and success for them as well.
FA: Do you help your affiliates find entry-level female advisors, and if so, how? Do you work with any colleges or universities in particular to help recruit new advisors to the profession, and if so, which ones? What do you offer more seasoned female advisors that would make them want to join Ladenburg Thalmann’s broker-dealers?