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Industry Spotlight > Women in Wealth

First Allied Adds Program for Female FAs

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First Allied Securities says a pilot mentoring program for female advisors has “proven successful,” and the independent broker-dealer will roll out the broader program at its national conference in June. The first phase of the Women Advisor Mentoring Program matched several younger advisors and mentors, who guided the younger reps in building their business. The initial program grew out of First Allied’s Women’s Impact Network (WIN).

“We are extremely pleased with the first results of our women’s mentoring program,” said Marissa Fox-Foley, senior managing director of marketing for First Allied, in a statement. “We initiated a careful screening process to match mentors and mentees with compatible personalities and professional goals, and this resulted in relationships that yielded both qualitative and quantitative results.”

According to Fox-Foley, the mentees met agreed-upon goals, received actionable advice and benefited from direction that helped them increase their business and improve their performance, while the mentors found the experience gratifying and enjoyable. “We are excited about offering this program on a larger scale throughout our organization in the very near future, as well as to our Legend Group sister company,” she noted.

Out of 800 affiliated advisors, First Allied has 127 female reps, while Legend’s 400-strong advisor force (which focuses on providing financial services to nonprofit organizations) includes some 60 female advisors. First Allied Securities and Legend are in the process of being acquired by RCAP Holdings

“As a new advisor, I came to the program hoping to learn how to increase my book of business and to gain new perspectives on how to be successful in my career,” said Stacey Stanek-Byars of the Thom Group in San Luis Obispo, Calif., in a press release. “The strategies I learned directly helped me to retain several new clients. I highly recommend the program to other young advisors.”

In addition to the mentoring program, First Allied’s WIN hosts events and resources geared to furthering the successful careers of its female advisors. “As women increasingly play a greater role in our economy and in our industry, both as advisors and investors, we feel it is our responsibility to nurture our women advisors’ professional development as well as help all advisors service the distinct needs that often arise among female clients,” stressed Fox-Foley.