Adviser's Consultant: What it takes to retain women advisers

Adviser's Consultant: What it takes to retain women advisers
Brittain Prigge of Balentine shares her firm's success in cultivating a staff in which female advisers make up the majority.
SEP 17, 2015
Brittain Prigge has helped foster a corporate culture at Balentine that encourages women at the advisory firm to “lean in,” as Facebook executive Sheryl Sandberg would say, and resolutely pursue careers along with motherhood. Making it happen and sustaining that ethos has required open-minded policies and procedures that allow for flexibility and offer support at every turn. “Women really want to feel a comfort level,” Ms. Prigge said. “They want to feel they are understood and like they have the ability to grow.” Six out of nine of the Atlanta-based firm's advisers are women — making it a real standout. Only about 23% of the nation's certified financial planner are women — a paltry proportion that's been the case for the past decade. At Balentine, it comes down to promoting a work-life balance by accommodating different situations that may come up in people's lives, she said. (More: What draws women to certain IBDs) When one woman faced circumstances that required her to move an hour away from the office, she was afforded flexibility in what time she got to work in the morning. When the job of one woman's husband moved the couple states away, Balentine crafted a remote working situation. “It's about looking for solutions that allow them to be successful,” Ms. Prigge said. For the past three years, Balentine has hosted a half-day forum for its female employees to discuss the specific challenges of being a woman at the firm. Topics have included Ms. Sandberg's book, maternity policy and career paths. The firm's women also have more informal quarterly meetings and a mentoring or “sponsorship” program where a mentor has a vested interest in promoting the employee and helping them get ahead, she said. Tip sheet: • Make sure the firm's management group and all other levels of the business include women. • Foster shared responsibility within the firm: When someone needs time off to attend to family or another personal task, others understand and chip in because they know they will be afforded reciprocal assistance. • Host formal or informal meetings to discuss what it's like to be a woman at the firm, and listen to feedback. • Offer flexibility with regard to work hours or location if possible to accommodate situational needs. • Encourage mentoring or sponsorship among women at the firm to help with career growth and informal counseling. • Embrace technologies that can allow for working remotely, such as laptops, tablets and cloud-based programs.

Latest News

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management