The InvestmentNews/IPA Women's Forum
Erica McGinnis wants more women advisers
Jul 31, 2013 @ 12:00 am
Erica McGinnis, senior vice president and chief compliance officer of Advisor Group, explains why her firm is seeking more women advisers -- and why other broker-dealers should be doing so as well.
An exclusive event focused on mentoring and advancing women's issues in the financial services industry.
First and foremost, I think that we need to be cognizant of our client demographic. Our client demographic is changing. It's shifting toward more women controlling wealth and we know that some women like to work with other women, so when we look at ourselves internally in the financial services industry, I think we should be cognizant of the fact that a small percentage of our financial adviser force is female. So, we have an effort to bring more women into business, but also to take care of the women who are here today and make sure that they have certain advantages, make sure that they have the education that they need so that they can grow and succeed. Adviser group really wants to take care of its own. We wanna take care of the 15 percent female adviser force that we have today. We also wanna see that grow and we have other initiatives that are aimed at doing that. But in terms of taking care of our own female financial advisers, mentorship is a place for us to start. We, in terms of what we wanna get out of it, that's really up to the individual financial adviser who wants to be mentored. We are very careful to not look at this as strictly growth in GDC. There are lots of things that women want that need help with that need education around. So our mentorship program is really driven by the person being mentored and it could range from I want to build a more efficient practice, I want to hire somebody to help me run my business so that I can spend more time at home and or could be just about straight GDC growth. I want help acquiring new clients, things like that. So it's very broad. The ITA's investment in women's forum and women's issues is so critical because we have a small number of female financial advisers. Forums like this bring people together, educate people, and keep people engaged and hopefully will show other women perhaps second career individuals. So this is a great place to be. It's a great place to thrive.