In 2010, Deborah Doyle McWhinney, who was then serving as president of Citi Personal Banking and Wealth Management, made a joke while delivering her keynote speech during a seminar. She said that if only it were the Lehman Sisters and not the Lehman Brothers, America would have been spared from the financial crisis that debilitated the nation in 2008.
Nevertheless, the financial services industry is still male dominated. Data from the Bureau of Labor Statistics revealed that merely 31% of the total financial consultants in the US are female. Meanwhile, recent findings from a study performed by BNY Mellon-owned financial consultancy group Pershings revealed that the demand for female financial consultants will grow tremendously in the upcoming years.
Ask any financial advisor recruiter and this is a simple case of supply and demand low supply, high demand, equals endless opportunities. This is the perfect time for female financial consultants to make a career move either in pursuit of a different role, a new firm or higher salary. During your job hunting, it pays to know the things that set women apart in the industry in order to properly pitch yourself and your competencies to employers.
Female Clients Prefer Female Advisors
According to the Harvard Business Review, women entrepreneurship is one of the largest growing economic sector, not just in the US, but in the entire world. They represent millions of dollars in business activities per year. According to the same Pershings report mentioned above, female investors are more likely to hire a financial consultant compared to male investors 46% compared to only 36%. Additionally, businesswomen prefer to employ female advisors. Why? Statistics will show that female clients demand more time and a higher level of commitment from their consultants and women advisors are known to be more patient than their male counterparts.
Likewise, a new breed of wealthy women are emerging and they are not your traditional investors. For example, there are those who just got their inheritance or those who just cashed in on their divorce settlements. They have the money, but they are not financially savvy. When servicing this segment, its unavoidable to hear personal stories and male advisors can be a bit iffy with this. On the other hand, female consultants are more open-minded and empathetic.
Women Value Networking More than Men
Based on the recent Fidelity Broker and Advisor Sentiment survey, 7 out of 10 female financial advisors actively participate in industry events such as forums and seminars compared to only 36% of male advisors. While the report offers no conclusion based on these numbers, its easy to deduce that women put more premium on networking than men. A wider network may be associated with better client acquisition through referral and word of mouth.
Women are More Adept in Marketing than Men
Another strong suite that you can leverage on is the fact that female financial counselors are better in marketing. Take the example of Carol Pepper, the owner of an investment firm based in New York who went out of her way and published a book to solidify her companys position as an industry leader.
Given all these, it really wouldnt be surprising if in the near future, the number of female financial consultants will be equal to that of their male counterparts.
Nevertheless, the financial services industry is still male dominated. Data from the Bureau of Labor Statistics revealed that merely 31% of the total financial consultants in the US are female. Meanwhile, recent findings from a study performed by BNY Mellon-owned financial consultancy group Pershings revealed that the demand for female financial consultants will grow tremendously in the upcoming years.
Ask any financial advisor recruiter and this is a simple case of supply and demand low supply, high demand, equals endless opportunities. This is the perfect time for female financial consultants to make a career move either in pursuit of a different role, a new firm or higher salary. During your job hunting, it pays to know the things that set women apart in the industry in order to properly pitch yourself and your competencies to employers.
Female Clients Prefer Female Advisors
According to the Harvard Business Review, women entrepreneurship is one of the largest growing economic sector, not just in the US, but in the entire world. They represent millions of dollars in business activities per year. According to the same Pershings report mentioned above, female investors are more likely to hire a financial consultant compared to male investors 46% compared to only 36%. Additionally, businesswomen prefer to employ female advisors. Why? Statistics will show that female clients demand more time and a higher level of commitment from their consultants and women advisors are known to be more patient than their male counterparts.
Likewise, a new breed of wealthy women are emerging and they are not your traditional investors. For example, there are those who just got their inheritance or those who just cashed in on their divorce settlements. They have the money, but they are not financially savvy. When servicing this segment, its unavoidable to hear personal stories and male advisors can be a bit iffy with this. On the other hand, female consultants are more open-minded and empathetic.
Women Value Networking More than Men
Based on the recent Fidelity Broker and Advisor Sentiment survey, 7 out of 10 female financial advisors actively participate in industry events such as forums and seminars compared to only 36% of male advisors. While the report offers no conclusion based on these numbers, its easy to deduce that women put more premium on networking than men. A wider network may be associated with better client acquisition through referral and word of mouth.
Women are More Adept in Marketing than Men
Another strong suite that you can leverage on is the fact that female financial counselors are better in marketing. Take the example of Carol Pepper, the owner of an investment firm based in New York who went out of her way and published a book to solidify her companys position as an industry leader.
Given all these, it really wouldnt be surprising if in the near future, the number of female financial consultants will be equal to that of their male counterparts.
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