Female FAs tired of playing musical chairs

There are questions she needs to ask the firm: What is your minimum? Am I allowed to work with a diverse set of clients regardless of their asset level? How much training will you provide me with to get my licensees and understand the industry? How long do I have to do that? Will you allow me flexibility in my work hours? What are the expectations of the assets I’m going to be bringing in? She needs to know upfront how long she has before the firm says, “Okay, you haven’t raised enough assets. You need to move on.”

That’s a critical issue to clarify — for both firm and advisor.

Women need to have the right culture-fit with a firm. They have a tendency to be helpers and nurturers and want to help the person who may have only, say, $5,000 to invest. Most firms’ business models don’t allow for that. So, many women advisors get frustrated because they can’t help the type of clients they may want work with.

Do firms ever make concessions about asset levels or minimums?

Often a lot of these issues are negotiable. For instance, a woman could say, “I’m going to have a large client base — can I get where you want me to go on volume versus individual account size?” Often the smaller firms – independents, smaller banks – have more flexibility. These are important questions to ask particularly for women who have had another career and want to help [former colleagues], such as teachers, who may not have high asset levels to meet the firm’s minimum.

Sometimes women can be their own worst enemies and sabotage their careers. Do you see this with female advisors?

Yes, as is the case with male advisors. At times, women don’t put themselves out there. They need to develop confidence so they don’t miss opportunities to grow in their careers. Many don’t allow themselves to take that leap and ask for business. They hesitate because they don’t want to tout their successes or be seen as bragging or too assertive. These are things that most often their male counterparts don’t get caught up in.

That goes back to the time-worn issue: If a woman is assertive or aggressive, she’s often perceived as a bitch. But if a man is assertive and aggressive, he’s seen as being strong. What’s a female FA to do?

Gloria Steinem recently noted on TV that for the last 45 years, women are still battling the stigma that being assertive [is] being bitchy. You have to do what you’re good at; and you’ve got to put yourself out there. Women are so well qualified for the job of financial advisor. They understand the client-advisor relationship. They’re so much more in the business of life as opposed to the business of an individual transaction.

What’s a good strategy to ask for a promotion?

A Hewlett-Packard study shows that men put their name in for a promotion when they feel they meet 60 percent of the criteria but that women won’t put their name in until they feel they meet 100 percent of the qualifications. Women advisors need to remember that if they wait to [feel] 100 percent qualified, they’re missing opportunities – and hurting their clients because female clients need help and often want to work with a female advisor.

Firms are doing lots of talking about the need for women advisors, but what are they doing to help female FAs get ahead?

We’re starting to see that effort now from firms like Voya Financial, Raymond James and Securities America. They’re outpacing the industry average by, for example, hosting separate [national] meetings for their female advisors. Raymond James and the Ladenburg Thalmann Financial Services firms, among others, have female advisor networks to talk about the unique challenges that women face in this industry. These [companies] are trying to concentrate on giving their female advisor population tools and training to help them grow.

That’s something positive.

Yes, it’s wonderful for women already in advisor roles. Now it’s about: How can we start to bring women into these jobs?

Once they enter the industry, where can women turn for support in this male-dominated world?

They need to find resources within their firms that allow them to develop relationships with the limited number of females in the industry. Accountability partnering has benefited women significantly. That’s partnering with other female advisors who are at the same stage of their practice to share ideas and hold themselves accountable. For instance, an advisor might say that she intends to have a client seminar and prospect for five new clients this month. At the end of the month, her accountability partner will ask, “How did you do [in meeting your goal]?”

What about mentoring relationships?

Some firms have them, though they’re still not utilized as much as they could be. Often mentors are other females, but that’s limiting. An understanding male advisor can be a great mentor to a female, too.

Do you think one reason that women aren’t rushing to become advisors is because of the harsh macho culture in some brokerage offices, and the sex discrimination and sexual harassment suits that have made news? 

I do not. That’s not among the things I hear as a hesitation. There will always be individuals that aren’t on their best behavior regardless of the industry. I’ve worked in this one for 15 years, and I’ve seen that to be the exception rather than the rule. And when more and more women come into any industry, things like that happen less and less.

To what do you attribute your own success in financial services?

As the only female national sales manager of a large annuity company, I was very much on an island. But I worked very hard, knew the subject matter as best as I possibly could, and always made sure that my abilities and skills spoke for themselves. That I got to the top for any other reason was just noise.