Have We Come Such A Long Way, Baby?

Did you know that women account for less than 8% of all financial advisors in 2012, according to data from Cerulli Associates?

Firms like ours, which are women-owned and run, are a small minority in the financial services industry.  After surveying the gender breakdown in the industry, WealthManagement.com claimed to be “shocked to see such a low number of women-owned firms.”

Why so few? And why does it matter?

Female college students, even those majoring in business, have been reluctant to consider financial advising as a career option because they view it as too math-intensive or too technical—or as a field historically dominated by men,” claimed a recent article in Financial Advisor magazine. Many women find financial planning and investment management as too “intimidating” a field and stay away.

That’s unfortunate, because in many ways it’s an ideal career path for women, providing meaningful work, ample opportunity and good work-life balance.

It matters because women advisors bring to the table a unique understanding of the needs of women clients.  Estimates are that as many as nine out of 10 women will be solely responsible for their finances at some point in their lives.  Women often earn less, live longer and are less prepared to provide for the financial needs of themselves and their families.  They need to make a special effort to be adequately prepared for retirement, yet the financial services industry is frequently viewed as unresponsive and often hostile to the needs of women investors.

Many women prefer and are more comfortable working with women advisors. In fact, twice as many women working with a female advisor said they were “extremely satisfied” with the relationship, compared with women working with male advisors. Women report that their female advisors do a good job “listening to them and understanding their investing needs.”

We believe that women (and men) in all walks of life need to understand and take charge of their personal finances so they can reach their personal goals. We’re proud to do our part to make that a reality.

We often conduct educational sessions with corporate and community groups on investment and personal finance topics, including financial planning and investments for women. Let us know if we can work with your group!





About Mari Adam

Mari Adam, Certified Financial Planner™ has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!
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