Sherri Stephens remembers the first investment conference that she attended at
Raymond James Financial Inc., when she was in her early 20s.
“I think I was the only woman at the conference back then, and I was so intimidated,” she said.
Now a 36-year veteran at the firm, Ms. Stephens is one of the longest-tenured independent advisers at
Raymond James.
A total of 109 female financial advisers gathered last week in St. Petersburg, Fla., for the 17th annual
Raymond James Women's Symposium, a conference designed to help women develop their advisory practices. It also is about recruiting new advisers, as the firm covers the expenses of female advisers from other firms to attend the conference.
Ms. Stephens, president of Stephens Wealth Management Group, which manages $359 million in assets, and three other women spoke at an informal round table organized at the conference by
InvestmentNews.
'BEST PLACE FOR WOMEN'
“We've been trying to position Raymond James as the best place to practice for women,” said Chet Helck, chief operating officer at Raymond James and head of the firm's private-client-services group. “This conference is an example of us trying to demonstrate that.”
In an industry that is losing advisers and facing the retirement of thousands more over the next two decades, increasing the number of women in the field — about 14% of all advisers at Raymond James and industrywide — may be crucial.
“This is not an easy industry for women,” said Margaret Starner, a founding member of the firm's Women's Adviser Network. “We're probably a little tougher than most women, so it's good to get together with other strong women and share things.”
The most obvious hurdle for women entering the profession is blending their work and family lives. “We're balancing more things than men between families and careers,” Ms. Stephens said.
Women also may be more reluctant to give financial advice before they are entirely comfortable with their own expertise. In an industry impatient for results, that can be difficult.
“I think women take longer to get comfortable with investments and with offering advice on them,” said Ms. Starner, senior vice president of
financial planning at The Starner Group, which manages $373 million in assets. “This conference is a way to give each other confidence.”
Indeed, during the harrowing markets of the past few years, women were arguably far better advisers in terms of demonstrating empathy and the ability to communicate with clients.
“We admit our mistakes to clients. It makes you more real,” said Lynn Faust, senior vice president of investments at The Faust-Boyer Group, which manages $281 million in assets.
“In the best and worst of times, client relationships are not just about portfolios. I think women are more sensitive to that and we're more nurturing by nature,” Ms. Faust said.
“One of the most intimate relationships people have is with their financial adviser. We have clients who are aging and have suffered tragedies,” said Judith McGee, co-founder and chairwoman of McGee Financial Strategies Inc., which manages $270 million in assets.
“You have to be willing to tell the truth about personal and financial matters and do it with sensitivity. For example, when we think a client is having cognitive issues, we address it immediately,” Ms. McGee said.
The advisers are particularly sensitive to retired single or widowed female clients, who often have tenuous financial situations.
CLIENT ADVOCATE
“They probably have lower
Social Security payments because they were raising their families — and they live longer,” Ms. Faust said.
“They are vulnerable, and it's a real issue about what you do if you think they're in an abusive situation,” Ms. Stephens said. “You have to be an advocate for your client.”
Email Andrew Osterland at [email protected]
