Firms must look for female advisers in unusual occupations

Firms that want to recruit female financial advisers have to cast a wide net and look for prospects in occupations that they may not have traditionally considered, according to an executive at Raymond James Financial Inc. Aside from its normal internal networking program, Raymond James has been reaching out to female teachers, attorneys, real-estate agents and psychologists who may want to change careers and join the firm as financial advisers, according to Michelle Lynch, vice president of Raymond James' Network for Women Advisors. The marketing effort, which began in May, has attracted 75 women so far this year, though the screening process may leave only seven or eight “viable” candidates, she said. Raymond James is also seeking to recruit women from universities that offer certified financial planning programs. Despite concerns that the deadly hurricane Matthew might be bearing down on Florida as soon as Thursday, Raymond James kicked off a three-day women's symposium in Orlando Wednesday afternoon. “Boy, am I glad to see you because I wasn't sure I was going to see anyone today,” Ms. Lynch told an audience of about 275 female advisers during opening remarks. “I'm looking forward to this hurricane party with you.” About 50 advisers cancelled due to the storm. Raymond James is bringing together female advisers from across the country to participate in the symposium as part of its effort to support and attract women to the profession. Women make up about 15% of the financial-advice industry, a pool the brokerage firm is trying to expand through outreach and mentoring, according to Ms. Lynch. She emphasized the need to keep pressing for change, however small the initial results may be, as well as the larger role women can have in shaping their communities as financial advisers. “And hurricane be damned, that's why we're here,” Ms. Lynch said.