Over the next few decades, the financial advice industry will face a major challenge as it strives to fill the shoes of retiring advisors. Couple that with the pressing need to recruit more women into our industry to better reflect the U.S. population of 51 percent females who are expected to control an estimated $22 trillion in wealth, and it’s clear that our industry has its work cut out when it comes to recruiting.
Many independent firms, however, have yet to explore one important potential solution that may be closer than they think: Providing mentorship and training opportunities to the daughters of successful financial advisors.
It’s well recognized that women are in many ways ideally suited to the evolving relationship-focused direction of our industry. Read any trade publication or attend any industry conference and you can’t miss the theme that women are in high demand to bring more diversity to our business. Inspiring the daughters of current advisors to follow in their parents’ footsteps could not only replenish the advisory workforce, but help us meet this demand.
Indeed, firms that recognize the opportunity to work with the daughters of advisors can pave the way toward their professional success by implementing the following:
Build On Parental Introductions
The main reason daughters of financial advisors make ideal candidates to become advisors themselves is their early exposure to hearing mom or dad talk about the joys of helping others use their money to enjoy life more fully. Advisors may start by simply talking with their daughters about how work went that day and how they helped someone fulfill their goals. Advisors can also instill in their children an understanding of finance’s central role in life and a vision for a rewarding career by sharing stories of their close involvement in clients’ lives.
In addition to being a great bonding experience, this allows daughters to envision their futures as professional women. These conversations may also prevent common misconceptions about the industry—including that it’s all about number crunching—and help daughters see firsthand that it takes both deep smarts and a big heart to excel at the noble profession of being a financial advisor.
Firms can further build on this dynamic by encouraging advisors to introduce their daughters to their advisory colleagues, whether by visiting the advisor’s office or attending family retreats centered around the firm’s conferences. If the advisor is a father, these gatherings will likely provide opportunities for daughters to meet female advisors, perhaps for the first time. If the advisor is a mom, these settings can help daughters meet even more successful female advisors—and see that there is a place for them in a community of highly talented, engaging and supportive women.
Develop A Growth Track
While in high school, daughters may enjoy working paid summer jobs at their parents’ advisory practices, taking on tasks like updating spreadsheets, answering phones and shadowing staff. Parents who want their daughters to enter the profession can always make such offers themselves.