If a daughter wishes to continue with the advisory track during college and beyond, a parent may encourage her to pursue internships and full-time work elsewhere for a few years, since some advisors lack the resources to train their children effectively on the more complex aspects of the profession. This can also give the daughter greater perspective on the life of a financial advisor.
Independent firms can help by making college internship programs available at their home office, connecting students with other practices across the network, facilitating mentorships that pair young women with experienced female advisors, and inviting the children of advisors to conferences where they can meet advisors of all ages, learn about the industry and network with other like-minded students.
When ready, a daughter may work full time as a junior advisor for two or three years at a different firm than her parent (potentially within the same firm’s community of independent advisors). After learning and growing into the profession, the daughter will be ready to decide whether she wants to work full-time with her parent or forge her own path.
Position Successful Women As Informal Recruiters
Adult daughters of advisors who come to thrive in the profession on their own make especially strong ambassadors to other women who are considering this career path. Such successful women can speak to how the profession allows advisors to have careers and still be active parents, potentially addressing women’s concerns regarding work-life challenges.
Advisors who become mothers themselves can speak to other women about their firsthand experiences as active parents who also give financial guidance to clients. And they can attest to how fulfilling it is to build a business by helping others weather life’s unpredictable challenges and gain financial security and independence.
The Future Is Right In Front Of Us
As financial advisors and industry executives ask themselves who will serve as succession partners for the scores of advisors who will be retiring in the years ahead, they should recognize that the right person may just be sitting at the dinner table when they get home each night. The daughters (and sons) of current advisors are poised to help form the future of our profession, if we take the right steps to prepare and inspire them today.
Janine Wertheim is president of Securities America Advisors and chief marketing officer of Securities America, a wholly owned independent advisory and brokerage subsidiary of Ladenburg Thalmann Financial Services. She also serves on the Steering Committee of the Ladenburg Institute of Women & Finance, which recently held its Annual Symposium, as part of the Institute’s mission of increasing the number of women advisors in the independent financial advice space, while supporting their professional growth.