While female executives continue their struggle to climb the corporate ladder, female financial advisors have free rein with unlimited upside earning potential and a flexible schedule.
So, why do female advisors continue to lag behind their male counterparts in terms of production? While there are many factors assumed to contribute to this disparity, after coaching thousands of advisors I see only one thing standing in the way for female financial advisors, themselves.
According to the 2011 Catalyst Census “Of Executive Officers and Top Earners women account for just 18.4 % of executive officers in the financial and insurance industries.” Yet, according to the Bureau of Labor Statistics in 2011; “Women made up 31.2% in the role of Personal Financial Advisors and this number is growing.”
While firms are actively trying to recruit women into the role as a financial advisor women’s performance numbers still lag behind. The American College Benchmark Producer Research 2009,” discovered that while earnings increase among financial advisors of both genders throughout their careers, they do so to a lesser degree for women. The cause for this gender disparity is still unclear it is assumed to be related to the fact that most women are balancing work and families reducing the number of hours in the work place.”
Well I beg to differ.
Granted building a successful financial practice and balancing the demands of a family is no easy feat (trust me I did it), especially when you are constantly trying to conform to the more male oriented methods of building a business (their biggest mistake). Let’s face it women have squeezed their feminine nature into the framework of industry protocol – processes that were designed by men, for men, to attract men. While these methods can be effective (especially for men), they fail to capitalize on the natural strengths that WOMEN bring to the business. And then we wonder why they are not producing more?
Women have innate qualities that lend themselves to the new paradigm in financial services. They are relationship oriented, great communicators, natural nurtures, multi-tasker and are typically driven by a purpose that goes beyond the paycheck. When women are able to build upon these unique strengths to build their business the results can be nothing short of phenomenal. The challenge is there is no model for them to follow, until now.
In “Keys to the Ladies Room; A new business model for financial advisors” Women will find a new approach to building a business, more conducive to their unique strengths.
- Prospecting is replaced with relationship building,
- selling is out and inspiring is in, and
- closing a highly distasteful term is eliminated and motivating becomes the primary tool to gaining a commitment.
Within this framework referrals become the primary source of all new business.
Female Advisors truly have the world by the tail. They are in a career where they can control their own schedules and build their business around their life. By uncovering their purpose they will become more passionate about their work, which results in greater efficiency and results. Success as a financial advisor is not about putting in more hours or making more calls its about knowing who you are, your true value to your clients and what it is you want to accomplish in this world. Female advisors can have it all they just have to have the courage to make it happen.