Amid a growing awareness of the “female market” for financial advice -- some data show women now controlling 51% of America’s personal wealth -- and the aftermath of some bias lawsuits, evidently more financial advisory firms are inviting women to be advisers as well as clients.
“It’s a big deal,” said Michelle Lynch, vice president of Raymond James Financial’s (RJF) Network for Women Advisors. She added, “All the firms have some initiative now around women.”
To be sure, female advisors are still comparatively few. Although women comprise more than half the population, they account for only 31% of financial advisors and 23% of certified financial planners (CFPs), according to a 2014 CFP Board report. And experts say that many women still aren’t even aware of the profession.
Reflecting The Marketplace
But these days, programs in colleges, professional groups and company recruitment aim to boost the ranks of women advisers. Indeed, at Prudential Advisers, “our goal is to reflect the marketplace,” said Catalina Camoscio, the firm’s vice president of recruiting and development. Reflecting the marketplace would eventually mean “50% of (our) advisers” would be women.
Want to receive earlybird invitations to our global events, custom-tailored content we think you'll love, and get exclusive access to "The World Women Report"?