Seeing participants in the program develop incredibly close personal and professional bonds that have lasted for years has been one of the most rewarding aspects of the work we do through the Institute.
FA: How have male financial advisors reacted to these initiatives?
Desmond: Many of the most enthusiastic supporters of the Institute and the work we do are our male advisors.
For example, male advisors frequently ask to participate in our Annual Symposium. A large percentage of their clients are female, and male advisors view education sessions at the Symposium as having great professional value. While we don’t invite male advisors to attend the Symposium, we do make the Institute’s learning resources available to all advisors across our enterprise, and this includes material that we develop and initially share at the Symposium.
Successful advisors, male or female, recognize that the future of this industry will be defined by financial planning-based client relationships. While this shift takes place, women will continue to enter the workforce in greater numbers and gather a larger percentage of the nation’s wealth each year. This means women advisors are uniquely positioned to connect and build relationships with the clients of the future.
At the same time, while our male advisors know you don’t have to be a woman to capture growing opportunities to serve female clients, having smart, motivated women on your team is increasingly a necessity.
FA: Why do you think it’s been hard for the industry as a whole to increase the percentage of female advisors?
Desmond: One factor could be that women in previous generations have typically not been financial decision-makers in households and businesses. So financial advisor demographics are playing catch-up with respect to the changed demographics of our broader society.
Another factor could be that in the past, the financial advisor role was seen as a sales-driven position. And unfortunately, there’s always been a misperception that women aren’t as capable as men in those roles.
But today’s post-DOL environment prioritizes client relationships must be built on comprehensive financial planning. This could encourage the industry to work harder to add women advisors, since women generally tend to build deeper, longer-term relationships with the people they work with, and typically take a more consultative approach.