In an industry that continues to be dominated by men, it’s sometimes difficult for women to make their mark. But as more and more women enter the financial advisory field and rise up the ranks, clients and colleagues alike—both male and female—are starting to the see the benefits of having a woman on the team.
The financial industry has long been known as a “boy’s club” with little room for emotion. While many male advisors are highly skilled at recognizing and responding to their clients’ feelings, women have been shown to have a higher emotional intelligence (EQ). People with a higher EQ generally show a sharper ability to develop mature emotional skills across five categories: self-awareness, self-regulation, motivation, empathy and social skills.
All Advisors Are Caregivers
Studies have shown that a higher EQ is becoming increasingly demanded in the workplace. In our industry, the combination of these skills enables many women to forge deeper, more meaningful relationships with clients. Building on the strength of those relationships, women are often able to get clients to open up about their true needs and desires when it comes to their financial lives. Understanding those needs at a deep level enables the whole team to provide better service for that client.
While it might seem old-fashioned, we continue to see more women than men as the primary caregiver in their families. For many, this role extends to their professional life and for women in financial advisory, it can prove to be an important asset.
Planning for your financial future can be a stressful for many clients. Making plans for your family or a career you’ve worked hard to achieve can be an emotional experience. Clients are looking for someone to care for them and guide them through the process.
It’s important for all members of the financial advisory team to consider themselves caregivers, guiding clients through the tough decisions with sensitivity to each client’s individual needs and concern about the outcome of any decision for the client and the implications it could have outside of profit or loss.