How many advisors at financial advisory firms are women? It depends on how you count, and some firms are reporting an inflated number, says Michelle Lynch, vice president of Raymond James’s Network for Women Advisors.
Lynch, who spoke last month at the network’s 22nd Annual Women’s Symposium in Orlando, said some firms say the number of women advisors at their organization is more than 20%. “But we have learned and found that some of that data is not just the advisor base. It includes sales assistants and support staff.”
About 15%—more than 950—of the advisors at Raymond James are women, she said, and that percentage is more of a true average for the industry. But Lynch isn’t satisfied with 15%.
“I would really love to get more women into the industry, but so many don’t even know that this is a viable career,” she said. “You have to get students in college, and start educating and informing them about the advisory profession.”
Lynch believes attracting more women will be an “organic, slow, grassroots effort.” She adds both men and women are needed to join the profession, especially because current advisors represent an aging demographic. “It would be great if more of them were women, and diverse.”
Raymond James has been one of the independent advisory firms leading the effort to attract women advisors. In addition to its annual high-profile women’s network conference, the firm has implemented several programs to increase its female advisor ranks, including a mentoring program and a program to attract women who are considering second careers.