I recently participated in Commonwealth’s annual Summit for Women Advisors in California, and it was incredible to spend time in the company of so many talented women financial advisors. The event took place in Santa Barbara during its historic rainfall and flooding. Still, not even the airport being closed for two days and the entire town losing electricity for a full day was enough to dampen spirits during the conference. When you bring so many wonderful women together, something magical happens.
These advisors had the chance to network with each other, solve problems, and share ideas. They learned from experienced speakers and industry experts and took efficiencies back to their practices. And while the group learned about varietals through a professional wine-tasting event, they really learned more about each other through these shared experiences.
Financial services has changed quite a bit over time for both women and men. But one of the questions that still arises is why more women don’t seek careers as financial advisors. Most women agree that it’s a fantastic profession with great upside opportunities for flexibility, advancement, ownership, and compensation.
With that type of value proposition, you’d think the number of women entering the profession would be staggering, but unfortunately, that’s not the case. According to the CFP Board, only 23 percent of certified financial planner professionals are women – and that statistic has been flat for the past decade. Women comprised only 32.6 percent of financial advisors overall, according to 2023 data from the U.S. Bureau of Labor Statistics.
So what can we do to encourage more women to pursue financial advisory careers? Let’s dive in.
With Women’s History Month on our minds, let’s take a moment to appreciate the many women in the financial services industry who support our work. They’re all around you – advisors and paraplanners, portfolio managers and traders; CEOs, CFOs, and COOs; accountants, office managers, and administrative assistants – the list is long. So remember to say thank you to an amazing woman in the financial services industry who helped you make it to where you are today!
Kristine McManus serves as chief advisor growth officer at Commonwealth Financial Network.
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