Women financial advisors are still a small minority, but The Times They Are a-Changin’ in the famous words of songwriter Bob Dylan.
Many successful women advisors, like us, feel that – despite the many challenges – the career is tailor-made for women, offering great flexibility and enormous personal and professional satisfaction.
See our earlier article on “Why We Need More Women in Financial Planning”
And there’s no doubt that consumer demand for women advisors is overwhelming.
“According to a 2013 study by the Insured Retirement Institute, 70% of women who are seeking a financial advisor would prefer to work with a female,” reports Steve Garmhausen for Barron’s.
“That’s especially noteworthy,” observes Garmhausen, “considering that women in the U.S. control 51% of the country’s wealth, according to the Federal Reserve, and that number is projected to reach two-thirds by 2020.”
And of course, while men advisors and women advisors have much in common, some believe there are often important differences in how they work with clients.
Male advisors tend to focus on portfolio returns and beating an index, says Patricia C. Brennan, an independent advisor interviewed by Garmhausen, while female advisors concentrate on helping families meet concrete financial objectives.