The Main Advantages of Women Financial Advisors
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Transcript of The Main Advantages of Women Financial Advisors
During a forum back in 2010, then president of Citi
Personal Banking and Wealth Management said that
America would never have experienced the 2008
financial crisis if it was the Lehman Sisters and not the
Lehman Brothers.
That being said, the financial services industry is still
u dou tedly a a ’s orld.
Based on a report by the Bureau of Labor Statistics,
only 31% of financial advisors in the US are women,
which means almost 8 out of 10 financial brokers and
consultants are men.
This is contraindicative to the recent findings of a
research done by Pershing, a financial consultancy firm
under the BNY Mellon group, which revealed a
projected rise in demand for women financial advisors.
From the standpoint of financial advisor recruiters,
this is a simple economic situation – high demand and
low supply equals a lot of opportunities.
If you’re a o a i the fi a ial i dustry, this is a great time to look for better jobs and greener
pastures.
In doing so, it pays to know what your main advantages
are over your male counterparts.
This will allow you to strongly position yourself during
job interviews.
Women-owned businesses account for trillions of
dollars per year.
According to the same report from Pershings, female
investors are more likely to hire financial consultants
than their male counterparts – 46% versus 36%.
The study also shows that female
clients are more likely to develop a
long-term and loyal relationship
with a consulting firm.
Not coincidentally, most of these
women entrepreneurs prefer to
hire female advisors.
Why do you think that is?
For one, it is a consensus in the industry that women
clients require more intensive consulting and they
take more time than female clients.
This is because female investors are more
detail-oriented.
Also, the number of wealthy women who are not
necessarily investors or entrepreneurs is rising.
These are those who just got divorced, was recently
widowed, etc.
They have real money and they need help in
managing their finances.
According to financial services recruiters, this new
breed of rich women are more comfortable working
with female consultants because they are more
patie t, are typi ally good liste ers a d ould ’t mind hearing about the personal stories of their
clients.
According to the 2012 Fidelity Broker and Advisor
Sentiment survey, 71% of female wealth managers
attend industry gatherings and in-person seminars.
This is significantly higher compared to the 36% of men
who attend such networking events.
The report says nothing conclusive about this
i for atio ut it’s easy to dra a edu ated hypothesis – women develop more connections and
therefore, more opportunities to acquire new clients.
Also, women are more open to clients who are looking
beyond the traditional investment platforms.
Experts also observe that female
financial advisors are craftier in
promoting their expertise.
Carol Pepper, the woman behind the
New York-based investment firm
Pepper International wrote a book to
promote her services.
Chapin Hill Advisors president Kathy
Boyle often gives speeches to create
thought leadership for the firm.
She also use blogging as a tool to
reach potential clients.
Women have made and are continuously making their
mark in the financial services arena and though they
are still out u ered, it ould ’t e surprisi g if they equal or surpass the number of financial advisors in
the future.
If you’re a o a fi a ial ad isor a d you a t to take advantage of the current high demand for
female consultants, a financial services recruiting
firm can give you access to the best opportunities
available.
The team of financial service recruiters at Willis
Consulting, Inc. can help you on your next career
move. Visit www.willis-consulting.com for more
information.