Careers in the financial advising field are expected to grow at twice the rate for all jobs between now and 2020—but where are the women?
The Insured Retirement Institute (IRI) on Monday released new research findings that identify strategies to recruit more women to the financial advising field because of what amounts to a desperate shortage of them. Although financial advising as a career is projected to grow 32% from 2010 to 2020, according to the Bureau of Labor Statistics, a large part of that that growth needs to come from women, says Cathy Weatherford, IRI President and CEO.
Only three in 10 advisors are now women, yet 70% of women would prefer to work with a female advisor, the IRI study finds.
“What we have is a women’s market that is flourishing,” Weatherford said in a statement. “By and large, women consumers would prefer to work with women advisors. The financial advising field is already experiencing considerable growth, but given the emergence of the women’s market, the opportunities for women advisors are more than substantial. As such, firms’ ability to recruit and retain women advisors is only going to grow in importance.”
Weatherford announced the study’s findings at Advisor Group’s seventh annual Women’s Conference in Chicago, a day after Advisor Group announced its own Generation I initiative to recruit more women to the firm. Advisor Group President and Chief Executive Larry Roth is the chairman of IRI’s board of directors.