Women don't need to be advisers to succeed in advice industry

Many women are making an impact in a variety of roles, ranging from marketing to technology.
NOV 20, 2017

Emotional intelligence is a core asset for any adviser, and one where women often excel. But serving as a financial adviser is not the only role in the advice industry where women can shine. Today, women are making an impact in a variety of professional roles, ranging from marketing and recruiting to compliance and technology. Kristin Harad has forged a career helping registered investment advisers set up marketing programs. "I discuss what an adviser wants from life, how their planning career plugs into that and the kind of clients they want," she said. Much has changed over the past decade. When Ms. Harad started her own RIA in 2006, only about 25% of participants at conferences were female, she said, and conference themes were generally "old school," such as planning, sales and deals. But women's involvement has increased as more have entered the industry and started their own businesses. Angela Pecoraro, CEO of Advicent, has successfully established a role for herself in information technology, an area traditionally dominated by men. Even today, women lean toward more client-facing roles over technology. Yet the past half dozen years have ushered more women leaders into the fintech space, as colleges and universities increasingly nurture female students through technology programs. (More: Meet the 2017 Women to Watch) "When I first entered the workforce, it was the men in app development who did coding," Ms. Pecoraro said. She has witnessed a transition, though, with women embracing app development, quality assurance and project management, and contributing to a "diversity of thinking." "Being a woman works to my advantage," said recruiter Mindy Diamond, president of Diamond Consultants. Although recruiting can be very transactional, Ms. Diamon described her approach as more "relationship-driven and thoughtful." She counsels advisers to be self-aware and honest about their strengths. Ms. Diamond added that her business plays well for women with competing priorities, and that she herself has never missed her any of her two sons' tennis matches or baseball games, or worked longer than a 10-hour day. Julie Littlechild decided to sell her consulting firm the day she learned her son would be born seven years ago. Then in her 40s, she wanted more time to pursue speaking, writing and creating programs for advisers. Her current firm, Absolute Engagement, which was launched two years ago, researches successful advisers and how they follow their personal visions. (More: Firms explore ways to bolster the number of female financial advisers) "Women relate to my journey," Ms. Littlechild said. Jane Jarcho is now deputy director of the national exam program at the Securities and Exchange Commission, where she oversees 600 lawyers, accountants and examiners responsible for inspections of RIAs. During her 18 years at the SEC, where she has held many jobs, she adopted two children and confronted the complexities of juggling parenthood and a career. She switched into the exam program in search of more predictable working hours. Women from all functions emphasize the importance of collegial support. "Surround yourself with a group of similar mindsets, who won't let you fail," Ms. Littlechild said. Ms. Pecoraro advised women to seek out mentors, and opportunities to learn and take on new roles, even if those are in mostly male-dominated jobs. "Get a seat at the table and a voice in those conversations," she said. Ms. Jarcho, who has had mentors of both genders, recalled how it was helpful to watch their style and how they interacted with clients and colleagues. A mentor can act as a champion, or provide advice for dealing with assignments, office politics or recognition. Finally, jump in, she said. Women are often more risk-averse and fearful of failure than men, according to Ms. Diamond. Don't be intimidated by all-male firms, and be ready to take that leap of faith, Ms. Jarcho said. Vanessa Drucker is a freelance writer.

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