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The Future is Now: How to Recruit Female Advisors and Increase Success Rates

 

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.

The industry is struggling to recruit female advisors –Women comprise just 36% of the industry of advisors, up just 6% since the 2003 Nerd Wallet Study.

6% growth since 2003. Are you kidding me?

The role of a financial advisor is ideally suited to women! Female clients are clamoring for women advisors, and the demand is greater than ever before, but prospects can find very few women advisors. And to top that off, women in the industry are underperforming their male counterparts.  Houston, we have a problem!

What the industry is doing isn’t working for women, internally or externally.

Three areas require an immediate change to attract more female advisors to the business and enhance their productivity:

  1. Men built this industry to help male advisors attract male clients, which is not conducive to women’s strengths.  As a result, female advisors have had to adapt the male-oriented business model to succeed.  Now don’t get me wrong, this isn’t about male-bashing, not even close. It’s about recognizing that men and women bring unique strengths to everything they do. I want women to authentically excel as financial advisors and become more interested in the financial services industry, so we must provide women with a business model that works for them and leverages their female strengths and talents.

  2. Mentoring tends to reinforce the traditional model. Many women in senior positions become mentors and are often available 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 of building a successful practice. Their words of advice may fall more in line with, “You just have to get through it.”
  3. The training is linear, based on a more male approach, you talk, and I listen. I change everything up in my workshops for female financial advisors because I to 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 seeing and perceiving situations, again not better or worse, just different from men. By incorporating a more synergistic program where all the pieces fit together to create something more authentic and balanced, you will get better results with the female advisors.

So the solution is clear to attract more women, the financial industry must incorporate the following:

  1. A new business model that leverages women’s strengths
  2. A method of training and coaching that supports the new model
  3. A team of coaches and trainers well versed in women’s issues and talents
  4. A model to attract more women to the industry

Learn what firms, leaders, advisors, and support staff must do to significantly impact the women’s market in this episode of the femXadvisor Podcast Hear Her Roar: Time To Stop Wallowing And Start Doing. In this episode, Adri talks with Sheryl Hickerson-Brown, Founder and Chief Engagement Officer for Females and Finance, and Matt Halloran, Podcasting Expert and Co-Founder of ProudMouth, to make a personal commitment destined to change the industry. 

Ready to reignite business growth & create an extraordinary life, your way?

Are you doing enough to keep your female clients happy? Lets find out.

After completing this 10-question survey, we will review your answers and provide you with recommended tools and strategies to meet your needs.

Do you have a story that tells women why you care about them?

Does your message about what you do appeal to women?

Is your message compelling enough to inspire further interest from both genders?

Have you carved out a place for women on your website?

Do you send regular emails that are of interest to women?

Do you post women friendly content on social media?

Do you host events and seminars for women only?

Is your office decorated in a way that women love?

Do you communicate in a way that women understand?

Are you getting enough referrals from women in your database?

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Tell us a little about your business, and we’ll let you know what strategies will best help your business grow.

I want to strengthen my relationship with my female clients in order to prevent future attrition.

I want to actively attract more women in a way that inspires more referrals to my practice.

I currently focus on women and want a source of ideas, strategies and a supportive network to enhance my efforts.

I want a seminar process that both engages women more effectively and helps brand me in my community as the advisor that cares about women.

I want to make women a primary focus to my future marketing, but want a proven plan and process that is easy and effective.

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Are you Male or Female?

Would you like to join Adri’s email database: Including marketing advice from Adri, updates on her latest coaching programs and direct access to her blog?

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