Authenticity and Visibility Required to Recruit Female Advisors

Firms are eager to recruit female financial advisors in an effort to create practices that reflect their growing clienteles of female investors.
“Women have decision-making power over $11.2 trillion or 39% of all investable assets in the U.S., according to Harnessing the Power of the Purse: Female Investors and Global Opportunities for Growth, a report by the Center of Talent and Innovation,” Geri Stengel wrote in Forbes.
Rita Robbins, Founder and President of Affiliated Advisors agrees.
“Women advisors connect with their clients in a unique and special way. The nurturing and supportive approach that comes naturally makes their underutilized talent in our industry a call to action for our firm,” says Robbins. “Studies show older women leave the [male] financial advisors they are with when their husbands die. In order to retain those assets and continuity of business, recruiting female advisors is paramount.”
Donna Corrigan, an independent advisor, who The Advisor Center recently helped move to Gateway Financial Partners, a branch of National Planning Corporation (NPC), prides herself on nurturing client relationships.
“My family recently spent the Fourth of July with a client and his family. Connecting to my clients on a personal level comes very naturally to me,” says Corrigan, a native of Idaho. “I believe it makes me a better advisor.”
Visibility
Unfortunately the industry is short on female advisors like Corrigan, making competition fierce for these recruits.
To stand out in the crowd, firms need to make themselves visible in the marketplace and clearly articulate and what differentiates their practice.
For Corrigan, a financial advisor with a broad background that includes 21 years of experience in the industry, support was a key factor. She was looking for support of her desire to affiliate as an independent advisor, as well as support for her clients.
“I wanted to go independent and open my own office. But in leaving the bank I was leaving a team. The thought of being completely on my own and starting from scratch was daunting,” says Corrigan. “I wanted to know I had the support to help me in the short term through my transition with computers, phones and legal advice.”
“Long term, I wanted to feel confident my clients would be supported when I go on vacation or if I get sick,” Corrigan continues. “I also have some ideas for growing my practice. Gateway Financial Partners along with NPC are willing to support those efforts as well. They really want to help me succeed.”
Authenticity
It’s important to demonstrate a commitment to adding female advisors to your firm–from sponsoring women’s conferences and facilitating networking groups to creating a culture of inclusiveness and support.
Robbins routinely speaks at Women’s Conferences to emphasize her mission to create more opportunities for female advisors.
Likewise, Gateway Financial Partners, collaborates with WIN (Women’s Independence Network). Comprised of professionals including financial advisors, attorneys, life coaches and therapists, WIN was established to provide educational workshops supporting and guiding women in transition.
Corrigan vetted and visited a number firms looking for this authenticity.
“This is my livelihood, and joining a new broker-dealer was a very personal decision,” says Corrigan. “I looked at a number of firms that initially looked good. But the home visits were revealing and sealed my decision as to the best move for me and my clients.”
Tom Daley is the founder and CEO of The Advisor Center, a strategic partner to InvestmentNews.