Doylestown, Pa.
1. Universities, corporations, and practitioners should promote financial planning as a career, not a book of business. If the focus is purely on proving oneself monetarily, there’s less opportunity to learn and grow. For most women, collaboration and teamwork is more appealing than head-to-head competition.
2. Level the playing field. The more transparent the compensation structure, the less concern there will be surrounding possible gender-based pay disparity.
3. Women need to view themselves as leaders, rather than silent accommodators. Given the opportunity to participate in women’s leadership and networking groups and seminars, new and seasoned advisors alike will develop confidence in their own abilities. These initiatives could attract more women to our profession and lead to more fulfilling careers.
Marlo Stil
Managing partner, The Wealth Consulting Group
Rancho Mirage, Calif.
1. Creating a culture of diversity and inclusion is key. It starts from the top down with a basic respect of, and appreciation for, the unique skills women bring to the table in this industry and the belief that we can be very successful. (All of our top producer awards last year went to women advisors.)
2. Success attracts success. Firms that have successful female advisors and women in leadership positions naturally attract other successful women wanting to collaborate with their peers, share best practices and mentorship. “We need to see it to be it.” (Fifty percent of our 2017 top producers were women.)
3. Strategic firm-wide initiatives are critical. With the majority of the wealth transitioning to women, today’s firms must provide their women advisors branding, marketing and training programs designed to capture that wealth. A key element is the availability of high-quality ESG/SRI investment support, as research shows female clients and advisors prefer a values-based investment approach.