Women represent 31% of US financial advisors at last check, according to the Bureau of Labor Statistics (BLS). That means they have a lot of room for growth in the wealth management industry, especially for young female advisors getting started.
But wait! There's more good news for up-and-coming women advisors!
The next generation of female advisors will also have a huge advantage when accumulating assets in the coming years. Studies show women will inherit the majority of the $124 trillion in Baby Boomer and Gen X wealth set to be transferred over the course of the next two decades, and many of those wealth inheritors will be solely seeking to connect with female advisors who better understand their financial and career circumstances.
So what are veteran female advisors telling the new generation of women wealth managers to prepare them for this brave new world?
Lauren Britt, wealth advisor at Quotient Wealth Partners, for one, encourages new entrants to “keep every door open and explore every facet of the field” at the start of their careers. Britt also advises them to track their contributions and progress along the way. In her view, women too often take on "important but invisible work" behind the scenes that may go unnoticed, even though it’s critical to a firm’s success.
“While this is likely a good practice for any individual, it can be especially important for a young woman entering a fast-paced industry such as this. Document your wins - big and small - so that your value is recognized,” Britt said.
Elsewhere, Helen Andreoli, managing partner at Great Diamond, is telling young female advisors that they have a great opportunity to succeed as the demographics of the wealth management industry change. In her opinion, women advisors understand how to communicate and engage in a very different way that is often appreciated by both male and female clients alike.
“The advice is – don’t try to ‘fit in’ and be like your male counterparts. Use the gifts you have naturally to build relationships – it will help make you even more successful,” Andreoli said.
Amy Drinkard, partner and client advisor at Steadmont Advisors, said her advice to younger female advisors is to “stay curious” and not to feel like they need to have all the answers right away. In her view, people make connections with advisors because of their empathy and how you make them feel, not because they know every technical detail.
"I have found women bring a whole new skill set to the financial industry by putting listening at the forefront of the relationships," Drinkard said.
She also recommends that rookie financial advisors find mentors.
"Surround yourself with women who have been there and don’t be afraid to reach out. We’re all stronger when we share the journey," Drinkard said.
Finally, Caroline Wetzel, financial advisor at Procyon, called the wealth management a “fulfilling and demanding profession” where women can positively influence people’s lives while continuously learning every day.
“If you crave a purpose-filled career that is relevant, dynamic, and filled with opportunity, the fiduciary financial advisor track could be a great fit for you!” Wetzel said.
InvestmentNews traveled to Boston, Massachusetts, to cover Schwab's annual conference. All coverage can be found here.
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