Views From The Experts
Women & Wealth Management
Nicola Sutton
Director of Marketing
The Investment Center, Inc.
The number of female advisors varies depending on the source. A recent study from Cerulli Associates reported 15.7% of advisors were women, while the 2016 Bureau of Labor Statistics reports as many as 31.6% of financial advisors are female. While the true numbers may not be clear, there is little doubt that more needs to be done to help and encourage women in our industry.
There is certainly a business case to support this. The Cerulli report suggested women could be the solution to the industry’s impending succession issue. Moreover, research from State Street Global Advisors shows that 55% of women between ages 25 and 34 prefer working with female advisors; an important fact when you consider women are projected to control over half of the $22 trillion in US assets by 2020.
There are various factors responsible for the underrepresentation of women in the financial advisory profession and some depend on a women’s life stage. Recent college graduates will mention their lack of familiarity with the finance industry as the reason for not considering entering the advisory profession. Women returning from a career break are more likely to cite the lack of a support network or female role models as a barrier to entry.
The industry is starting to recognize this with various initiatives being started to support women advisors. We launched the Women Advisors Group (WAG) with the mission to foster an environment of support and success for the growing number of female advisors at The Investment Center.
The group provides networking opportunities for female advisors across the country, through its annual ‘Educate and Rejuvenate’ conference and dedicated group sessions at meetings and conferences. At every meeting, there is a sense of camaraderie, empowerment, and mentorship that is difficult to come by when you’re working on your own.
More initiatives like WAG are needed if the makeup of our industry is going to start to resemble the clients we serve.
For over 30 years The Investment Center has had one focus — the success of every advisor who partners with us. By joining The Investment Center an advisor has full access to a diverse team of highly accomplished experts in the fields of finance, marketing, technology, and practice management. Our product selection coupled with an infrastructure designed to meet an advisor’s needs in a timely manner ultimately results in an enhanced advisor-client relationship. Our practice management experts offer proven strategies in client acquisition and retention to help our advisors reach their specific goals and objectives.
For more information on The Investment Center’s Women Advisor Group, call Nicola Sutton at 888-868-4808 or visit our website www.investmentctr.com/wag.