Women are still a minority in the financial services industry, but they are using technology to build their businesses and make their presence known, according to Edward Jones.
Ongoing training and coaching are keys to women financial advisors keeping up and being competitive, according to a survey of 107 of Edward Jones’s top-earning female financial advisors.
Tammy McKennon, an Edward Jones advisor in Newport Beach, Calif., who was part of the survey, told Financial Advisor, “Continually upgrading our technology comes into play as we are trying to deeply serve our clients. It is equally important to men and women advisors, but women professionals in particular feel it is a good tool to serve clients.”
McKennon also said she uses technology to help educate her clients about finances and investment options.
“It is important to female advisors to have the benefit of mentoring and coaching for planning and for technology, which we have at Edward Jones,” she added.
Female financial advisors, who still make up only a little more than a quarter of advisors nationwide, are increasingly embracing technology to better serve clients and scale their businesses, noted Edward Jones. A majority of female advisors have embraced technology. Only one in 10 of the female advisors who participated in the survey said technology is disruptive to their businesses and that adapting to it is one of their biggest challenges.
Fifty-seven percent of those surveyed said they will offer a broader range of services to clients through enhanced technology over the next five years. Sixty percent said technology will enable them to have more data and tools available to personalize advice according to their clients' life goals.
"While new and disruptive technology has put pressure on the financial services industry, it has also enabled financial advisors to better determine appropriate solutions for clients' increasingly complex needs," said Katherine Mauzy, principal of financial advisor talent acquisition at Edward Jones. "Financial advisors are able to speed up cumbersome and tedious processes while creating a clearer path for more personalized, goals-based planning."
Female financial advisors are using a multitude of technological advances to enhance the way they interact with their clients. Sixty-six percent of the women surveyed said they now employ client relationship management (CRM) software to keep track of leads, prospects and clients. Another 60% also use web-based meeting tools to hold client meetings.
In addition, 38% of the women respondents said they are increasingly using online resources to educate clients on investment offerings and strategies, and another 28% are using social media to interact with clients, signaling their willingness to attract and retain a younger generation of investors who are increasingly more internet-savvy, Edward Jones said.