Desmond: While we don’t have a formal entry-level advisor training program at our enterprise level, we’re pleased with the work we’ve done in this area through our Lift Mentoring Program.
We’ve helped daughters who started out with limited industry experience to take over their parents’ practices. We’ve also helped female sales assistants and other support staffers to transition to an advisor role, usually as part of a team.
For more seasoned female advisors, I think our value proposition comes down to two key areas of strength. First, as one of the largest independent broker-dealer networks in the country, we have the resources to invest in the best possible platforms, tools and expertise.
Second, through the Institute, we're able to align practice management and advisor growth resources that are geared specifically to women advisors who have already reached a certain level of professional success, but remain committed to achieving further business growth.
FA: You’ve been closely involved with the Ladenburg Institute of Women & Finance since its inception five years ago. What Institute accomplishment are you most proud of and what initiatives do you want the Institute to tackle going forward?
Desmond: I’m proudest of the fact that the Institute is a product of its members, not a ‘top-down’ creation by the parent company.
The advisors drive the agenda for our Annual Symposium and educational events, and they collaborate informally by networking with each other.
The most popular suggestion at our inaugural event six years ago was to create a female advisor mentoring program. And we did it the very next year, thanks to an outpouring of enthusiasm and support from a much larger than expected wave of mentor volunteers. Now, we’re thrilled to celebrate the fifth year of the Lift Mentoring Program.
Going forward, our top priority is not to rest on our laurels. For as effective of a job as we’ve done through the Institute, we want to actively engage more of our existing female advisors, continue to recruit top female advisors to our firms and find ways to promote the entry of more females into the financial advisory profession.
When you look at how much our society has changed and will continue to change, the future opportunity set for women advisors and the firms and advisor businesses that support them is undeniable.