Working in the wirehouse channel for ten years, Deb observed how pregnant woman were treated. Because she hoped to have a family, she decided to take matters into her own hands, moving to the independent channel to start her own firm.
Her competition early in her career was "grey-haired Ivy League guys." To prevail, Deb believed she had to take her performance up a notch by studying to become a registered municipal principal, a registered options principal and a qualified pension specialist. She always felt she was more on the ball than her colleagues.
Her work paid off. Deb has been named to the Barron's list of the 100 top woman financial advisors for five years.
Erin's story. Erin Botsford, the owner of the Botsford Group, came from a family of modest means whose fortunes took a turn for the worse after an auto accident left her with enormous debts while she was still in her teens. Erin learned a powerful lesson early in life: "Money buys choices." The accident motivated her to finish college and pay off her obligations during the following decade.
Erin later entered a training program at A.G. Edwards and worked every day for seven years. Still, she was told by one supervisor, "Honey, I hate to disappoint you, but you are going to fail." That served as a motivator, leading her to work even harder, conduct seminars and grow her book of business.
Ultimately, Erin switched to the independent channel, opening her business, which now has offices in the states of Texas, Georgia and New Jersey. She believes the stereotype that women are more nurturing is correct and that it is an asset in the industry. Erin has been named to both the Barron's top 100 women financial advisors list and the top 100 independent financial advisors list in the U.S.
Deena's story. Deena Katz, a partner in Evensky & Katz Wealth Management in Coral Gables, Fla., and an associate professor of personal financial planning at Texas Tech University took a different route into the industry. After obtaining her CFP license in the early '80s, she immediately launched Women in Transition, a company that tailored services to widows, divorcees, and single women.
She remembers the days when women in the industry were rare, "There were no mentors and female advisors. Sometimes we weren't taken very seriously." Moreover, it wasn't only co-workers who harbored stereotypes; clients also held them. One day, Deena was introduced to a client by a colleague in the firm that Deena owned. The client looked at Deena and said, "Nice to meet you. Get me a cup of coffee, dear."
But Deena's name has become well-known throughout the industry. She's been named as one of the 25 most influential people in the personal financial planning industry, taken leadership roles with the FPA, and authored multiple books. In addition, she was named an outstanding teacher of the year at Texas Tech in 2009.
Alex's story. In the '60s, Alex Armstrong of Armstrong, Fleming & Moore Inc., Washington D.C., was a secretary for a regional stock exchange. She was asked to get registered and assist one of the firm's female advisors. "At that time, it took a fight to even get me registered," Alex recalls.