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August 04, 2023 at 04:08 PM
What You Need to Know
- Some women might hesitate to enter the wealth management field because of a negative perception of the industry.
- Wealth management careers can offer women stable, rewarding environments in which they can grow.
- Seeking out mentors and being upfront and honest with colleagues and spouses can help women create and walk an intentional career path.
Last year, women comprised less than a quarter — 23.6% — of all certified financial planners. The 23% figure has been a ceiling for years, even as the overall number of women within the profession rose in 2022.
What is keeping more women from entering the profession? Beyond lack of representation, we know that long-held stereotypes like the “Wolf of Wall Street” trope are still a major problem, leading many women to paint the entire industry with a broad brush.
This is unfortunate. Unlike the clubby, hard-driving world of investment banking, we all know that the wealth management industry is about cultivating stable, long-term relationships and helping people. Financial advisors must master softer skills such as effective communication, critical thinking, problem-solving and empathy — traits often associated with women.
What’s more, since the pandemic, banking and finance have been far more likely to prioritize flexible work environments. Throughout my career, I’ve been fortunate to work at a firm that has allowed me to carve out my own path, one that didn’t force me to make the impossible choice between work and family. And this is increasingly becoming the norm within our industry.
Are you are looking to find and draw women to your registered investment advisor firm? Or are you reentering the workforce or considering changing careers? I’ve found that wealth management offers women a stable, rewarding environment in which they can grow, both personally and professionally. Here are some tips to help female advisors navigate their career journey:
1. Find a Strong Mentor
Whether you work in finance, medicine or any other profession, having a mentor to guide you can make a huge difference in the long arc of your career — and it’s also good for the mentor. One study found that 87% of mentors and mentees feel empowered by the relationship, reporting greater confidence and career satisfaction.
Additionally, both mentees and mentors were promoted more than their counterparts without mentors. When interviewing for roles, consider whether your prospective manager is willing to support you in your work and family life. If not, it might not be the right environment for you.
Early in my career, I told my boss that though I was single and not even dating, I wanted to eventually get married and start a family and needed to make sure my career would be able to fit with my life goals. Not only was he fully supportive; he encouraged me to create a plan that would allow me to achieve that flexibility.
Years later, after my oldest son was born, I was the first person at the firm to work remotely. I reduced my book of business by giving half my clients to a younger advisor and temporarily stepped away from new business development. But seven years later, when my youngest started kindergarten, I was able to gradually increase my responsibilities.
