Since 2018, the number of women in the financial services industry has been on the rise. Between 2018 and 2021 the share of women in financial services rose 40% at the senior-vice-president level and 50% at the C-suite level. Yet, as of 2023, women comprised only 23.6% of Certified Financial Planner professionals despite accounting for slightly more than half of the U.S. population. Why?
That’s a great question – one to which there are many answers. One thing is for certain, though: Women are a valuable part of our industry. As we enter Women’s History Month in March and celebrate International Women’s Day on the 8th, we need to recognize that making financial services job opportunities more welcoming and inviting for female financial advisors can only make us stronger.
Why Women Don’t Join the Financial Services Industry
There are many obstacles facing women who want to work with money. Before they even enter the workforce, women have to contend with numerous barriers to entry, like applicant discrimination and a lack of representation.
Once a woman finds herself in a job, it can be difficult to gain the credibility she needs to get her footing, especially if she’s making a mid-career transition from a different field.
In addition, women face increased incidents of harassment and discrimination at work in general, and these issues are even more rampant in male-dominated industries like financial services.
On top of all that, there are the challenges women face in every industry: pressure to focus on family, lack of support for maternity leave, and the gender wage gap.
There is good news, however. One still has to pass the exam to become a financial advisor in the first place, and intelligence knows no gender. Women preparing for their exams can read our guide and get a leg up on breaking into the industry.
How to Support and Advocate for Women in the Workplace
Some of these issues will take a long time to resolve entirely, but there are small steps we can take today that will make an immediate difference.
1. Stand up for women.
This is, in some ways, the most important thing we can do to help women advance in the financial space. When you witness or hear about instances of discrimination, either firsthand or from someone else, say something. Don’t let colleagues get away with sexist jokes or behavior. Support your female colleagues when they report instances of discrimination, and believe them when they share their experiences with you.
2. Advocate for women.
This is especially important for people who manage women. Being an advocate means making sure people are being treated not only fairly, but equally (and no, they aren’t the same thing). This means paying them fairly and supporting them in their attempts to learn and grow.
3. Elevate women in the industry.
Sometimes the best thing you can do is stand aside and let others share their voices and experiences. When women in finance are working to share their story or ideas, look or ask for ways to amplify their voice. By giving them a platform, they can reach more people, which boosts visibility and representation within the industry as a whole.
4. Engage with female financial advisors.
How many female financial advisors do you talk with weekly? How many women work in your office as financial advisors? Is your network a true network or more of a boys’ club?
Limiting your circle to half the population is a surefire way to hamper your business! If your practice is in the position, look at your hiring practices and consider adding more female financial advisors. Expand your network with female advisors to get more insight on how they approach their business and how they best work with female clients.
Hosting a female-focused seminar or event is a great first step — our Sales Playbook video on serving women in your community can give you some ideas.
Why Inclusivity Matters
We’ve spoken before on the importance of accessibility in the industry, and similar principles apply here. When we make our industry more inclusive, we are able to better serve a more diverse client base. That means a more secure financial future for everyone.
Studies have shown that increased diversity and inclusivity are good for business. When you bring people from more varied backgrounds to the table, they also bring new perspectives that you may not have considered before. This is important for meeting the needs of a diverse client base. By showing that you care about amplifying and advocating for people who have historically been underserved, you instantly set yourself apart from the norm.
How Impact Helps Female Financial Advisors
We want to do more than simply offer lip service to an important cause. We are committed to helping more advisors succeed and grow their practices, no matter who they are, so we can help more Americans retire successfully.
By highlighting and centering the stories of female financial advisors like Charisse R. and Cathy D., we prove that the financial industry doesn’t have to be closed off. If you’re a female financial advisor looking for more marketing inspiration, Impact’s CMO, our very own Alex House, hosts our House Rules series on YouTube, discussing her approach to innovating independent financial practices.
Success can be available to all — let’s help make it possible for everyone!
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