Female advisors who interupted their careers to care for children or aging parents should value the skills they gained at home when they return to the workforce, said two women’s advocates.
“Women frequently lose a lot of time from working while they are taking care of children or aging parents,” said Amy S. D’Aprix, a consultant with BMO Wealth Management, author of “From Surviving to Thriving: Transforming Your Caregiving Journey,” and a certified professional consultant on aging.
The skills women learn while raising children can make them better financial advisors and professionals in general, added Deborah Korompilas, national head of client experience at BMO Wealth Management.
“I do a lot of work as a hiring manager for women who have veered off the career path and are re-entering the workforce at various points in their lives,” Korompilas said. “These women’s skills line up with skills needed as financial and business professionals.”
They should use the skills they have developed as selling points, not apologize for having been absent from the workforce, both women said. Advisors who want to help clients who are in this position can do so by helping them renew their confidence in their abilities, they said.
“Women who have been raising children and managing a household develop organizational skills, the ability to multitask and become experts at negotiating,” Korompilas said. Financial advisors can help them exploit these skills when looking for a job in the financial sector or elsewhere. “They can rise above office politics and pick up the changes that have taken place in the business world quicker than younger employees.”
D’Aprix added, “They also are experts at conflict resolution, coaching and mentoring. They work well with others and manage projects better because of their maturity,”
Financial advisors who have clients returning to the workforce can help them use the skills they have gained by showing them how to explain to potential employers what they bring to the table and thereby help build their confidence, they said.
To be able to help women, advisors need to be aware of the transitions women go through and help them evaluate their motivations for returning to the workforce, they said. The reasons for returning to work could be to contribute more to their Social Security, build a portfolio or for personal satisfaction.
“Advisors need to be able to respond to nonfinancial needs and then shift to the financial,” D’Aprix said. “Women re-entering the workforce should surround themselves with advisors and other people who support them and help build their confidence.”