While female advisers face many of the same challenges as their male counterparts, 88% of men and women surveyed about the challenges and opportunities faced by female advisers indicated women face barriers that men are less likely to deal with.
Of the 335 financial advice professionals surveyed by Carson Group, which sponsored the study, 73% said women must balance their professional role with caregiving obligations; 70% cited difficulties finding a firm that is a culture fit; 57% reported difficulty in finding a mentor; and 34% cited challenges in prospecting for new clients.
“Perhaps more concerning is that 47% of those who cited ‘other’ in their write-in responses to the question of challenges indicated that gender-based discrimination in the workplace is still a significant barrier for success,” Julie Ragatz, co-author of a report based on the survey, said in a statement. “We focus much of our energy on the recruitment of women, which is important too. But none of these barriers keep women out of the industry. They keep them from staying.”
With more than $13 billion in assets, American Portfolio Advisors closed last October.
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