During a community in 2010, then president of Citi Personal Banking and Wealth Management said that America would not have seen the 2008 financial crisis if it was the Lehman Sisters and not the Lehman Brothers.
That said, the financial services industry is still undoubtedly a man's world. Predicated on a report by the Bureau of Labor Statistics, only 31% of financial advisors in the US are women, which means almost 8 out of 10 financial brokers and consultants are men. This is contraindicative to the recent findings of an investigation done by Pershing, a financial consultancy firm beneath the BNY Mellon group, which revealed a projected rise in demand for women financial advisors.
From the standpoint of financial advisor recruiters, this can be a simple economic situation - high demand and low supply equals a lot of opportunities. If you're a woman in the financial industry, this is a great time to find better jobs and greener pastures. In doing this, it pays to learn what your primary advantages are over your male counterparts. This would enable you to strongly position yourself during job interviews.
So, just what are your key advantages as a lady financial advisor?
Women Understands Women
Women-owned businesses account to trillions of dollars per year. Based on the same report from Pershings, female investors are more prone to hire financial consultants than their male counterparts - 46% versus 36%. The analysis also suggests that female clients are more prone to produce a long-term and loyal relationship with a consulting firm. Not coincidentally, these types of women entrepreneurs prefer to hire female advisors. Why you think is that? For one, it is just a consensus in the industry that women clients require more intensive consulting and they take more hours than female clients. The reason being female investors are more detail-oriented.
Also, the number of wealthy women who're certainly not investors or entrepreneurs is rising. These are those that just got divorced, was recently widowed, etc. They have a real income and they want aid in managing their finances. According to financial services recruiters, this new breed of rich women are more comfortable working with female consultants since they're more patient, are generally good listeners and wouldn't mind hearing about the non-public stories of these clients.
Women Generate Clients in More Varied Ways than Men
Based on the 2012 Fidelity Broker and Advisor Sentiment survey, 71% of female wealth managers attend industry gatherings and in-person seminars. This is significantly higher set alongside the 36% of men who attend such networking events. The report says nothing conclusive about these details but it's easy to draw an educated hypothesis - women develop more connections and therefore, more opportunities to acquire new clients. Also, women are more available to clients who're looking beyond the original investment platforms.
Experts also observe that experienced financial advisors for women are craftier in promoting their expertise. Carol Pepper, the woman behind the New York-based investment firm Pepper International wrote a book to market her services. Chapin Hill Advisors president Kathy Boyle often gives speeches to generate thought leadership for the firm. She also use blogging as a tool to attain potential clients.
Women have made and are continuously making their mark in the financial services arena and though they are still outnumbered, it wouldn't be surprising if they equal or surpass the number of financial advisors in the future.