I was astounded by this statistic. At first I thought it was a mistake. How could female advisors earn just 61.3% of what their male counterparts earn, according to a 2013 Pershing whitepaper? I thought they were talking about salaried positions but NO they were talking about revenues generated by advisors.
The role of an advisor provides women with everything they want in a job, tremendous satisfaction, a flexible schedule and as much money as they want with no glass ceiling, that’s why the next few statistics amazed me even more.
Industry is struggling to recruit female advisors –Women comprise just 36% of the industry of advisor up just 6% since 2003 Nerd Wallet Study.
6% growth since 2003 are you kidding me?
Financial Advisors are in demand – From 2010-2020 personal financial advisory will grow by 32% Bureau of Labor Statistics compared to an average growth rate of just 14% for other companies tracked.
The industry is starting to boom, the role of a financial advisor is ideally suited to a woman, female clients are clamoring for female advisors, the demand for female advisors is greater than ever before, but very few can be found. And to top that off on average the women that are in the industry are under performing their male counterparts. Houston we have a problem!
Obviously what the industry has been doing isn’t working for women; internally or externally.
There are 3 areas that require some immediate changes if were going to attract more female advisors to the business and enhance their productivity:
1. This industry was built by men, to help male advisors attract male clients, not exactly conducive to the strengths of women. As a result to succeed female advisors have had to adapt the male oriented business model. Now don’t get me wrong, this isn’t about male bashing, not even close. It’s about recognizing that men and women bring a unique set of strengths to everything they do and if we want women to truly excel as a financial advisor and become more interested in the financial services industry we must provide them with a business model that really works for them and leverages their female strengths and talents.
2. Mentoring tends to reinforce the traditional model. Many of the women who are in senior positions and become mentors are often available simply to support the more junior female advisors as they continue to adapt to the male model. While the mentors have the best intentions many are not aware of any other way to of building a successful practice. Their words of advice may fall more in line with “You just have to get through it.”
3. Most all the training is linear, based on a more male approach, you talk and I listen. In my workshops for female financial advisors I change everything up because I want to shake it up and host an event that has little in common with the industry model. Your typical conference hosts multiple speakers, breakouts and panel discussions. Advisors leave with a few ideas that they may or may not implement. That’s NOT happening on my watch. Women need everything to work together, they are more global in the way they see and perceive situations, again not better or worse just different than men. By incorporating a more synergistic program where all the pieces fit together to create something more authentic and balanced you will begin to get better results with the female advisors.
So the Solution is clear. If we are to attract more women to the industry, which helps to attract more female clients and elevate the levels of success for every female advisor the industry must incorporate the following:
- A new business model that leverages women’s strengths
- A method of training and coaching that supports the new model
- A team of coaches and trainers well versed in women’s issues and talents
- A method to attract more women to the industry
Visit the Calendar for Adri’s upcoming events:
The Keys to the Ladies Room, you will learn how to woo the women of wealth and create more loyal raving fans, tripling your referrals and reducing future attrition.
Free Open Coaching Call for all financial professionals- Come just to listen or email your questions in advance, the agenda is wide open.