Deena Katz accepted the Alexandra Armstrong Award for Lifetime Achievement from InvestmentNews on Wednesday, asking financial advisers to encourage more women to choose a career in planning.
The co-chair of advisory firm Evensky & Katz/Foldes Financial was recognized for her work creating a model financial planning program at Texas Tech University and for educating hundreds of the industry's young professionals.
Twenty other female financial advisers and leaders of the industry were recognized as Women to Watch at the New York luncheon, aimed at highlighting women who have elevated the advice profession.
"Become a mentor so that the next generation can learn from your triumphs, your mistakes and your courage," Ms. Katz said in accepting the award. "Provide opportunities, jobs, internships, promotions, so that other women can gain from your prospective, your wisdom and your knowledge to influence other people's lives."
(More: Women to Watch 2016: Deena Katz)
Earlier in the day, many of the women recognized joined other female industry professionals to discuss ways to create a culture of inclusion, and to identify obstacles that prevent women from joining the business and from advancing to more senior positions.
Highlights from the Women to Watch awards luncheon
The number of female financial advisers overall is slowly rising in the U.S. Today about 15.7% of advisers are women, according to a Cerulli Associates report released last month. That's up from 11.5% in 2014 and 7.9% in 2012.
Karen DeRose, president and managing partner of DeRose Financial Planning Group, said Wednesday that women need more support from both men and women in the industry to help them thrive in the financial advice business.
"There have not been the apprenticeships or training programs for women," she said. "They need mentors to inspire them."
As part of the lifetime achievement award, InvestmentNews is donating $5,000 to Savvy Ladies, a nonprofit organization that provides free financial advice to women and was founded by adviser Stacy Francis, one of the luncheon honorees.
Alexandra Armstrong, founder of Armstrong Fleming & Moore, presented the award to Ms. Katz, highlighting her tenacity for attracting corporate support for the Texas Tech program and her dedication to the next generation.
"Her greatest contribution is the impact she's had on her students," Ms. Armstrong said.