At a conference in 2010, the then President of Citi Personal Banking and Wealth Management declared that America could not have suffered this financial storm in 2008 had it had been it was the Lehman Sisters and not the Lehman Brothers.
The financial industry is definitely a male-dominated industry. According to a study by the Bureau of Labor Statistics, only 31 percent of the financial advisers employed in the US are female and that means nearly eight out of 10 advisors and consultants are male. This is in contrast to the recent findings from a study conducted by Pershing, a financial consulting company that is part of the BNY Mellon group, which showed a predicted rise in the demand for female financial advisors.
From the viewpoint of recruiters for financial advisors This is a basic economic scenario – an abundance of demand and a shortage creates plenty of opportunities. If you’re female in the financial industry, it is the perfect time to start looking for better opportunities and greener landscapes. When you do this it’s important to determine what your biggest advantages are over male colleagues. This will allow you to effectively present yourself in interviews for jobs.
What exactly are your top advantages as a woman financial advisor?
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Women-owned companies account for trillions of dollars annually. According to the same study by Pershings the women investors tend to engage financial advisors than male counterparts – 46 percent opposed to 36 percent. The study also suggests that female clients tend to have an ongoing and long-term relationships with consulting firms. It is not surprising that the majority of these female entrepreneurs prefer hiring female advisors. What is the reason for this? First, there is widely accepted in the field that female clients need more extensive consultation and take up longer to consult than male clients. This is due to the fact that female investors are more focused on detail.
In addition, the amount of women who are wealthy but not necessarily entrepreneurs or investors is growing. These include those who just got divorced, recently widowed or divorced. They are financially secure and require help managing their financial affairs. According to financial service recruiters this new breed of wealthy women is more at ease being with women consultants as they’re more patient and tend to be good listeners, and aren’t afraid to share the personal experiences about their customers. investment
Women generate clients in more diverse Ways than men
Based on the results of 2012’s Fidelity Broker and Advisor Sentiment survey 71% of women wealth managers are present at industry events and seminars in person. This is significantly more than those 36% males who attend these gatherings. The study does not provide conclusive evidence about this , however it’s simple to come up with an educated guess that women have greater connections, and thus, more chances to attract new customers. Additionally women are more receptive to customers who are exploring other investing platforms.
2) We provide estate planning for you. The only thing they’re doing is planning to sneak in costs to reduce the potential profits you could earn. The majority of your money in the beginning goes into your cash value account, and you’ll be required to pay fees for taking any cash out of your account as you need it. In the event you multiplie these loss over 10 years, you will observe how huge these losses will become. What happens to this money? to the company that offered you the plan. You’ll need a retirement program which will increase your wealth instead of the Insurance Companies’ bank account! commodities broker
Experts also note women financial advisers tend to be more creative in promoting their knowledge. Carol Pepper, the woman behind the investment firm based in New York, Pepper International wrote a book to market her services. Chapin Hill Advisors president Kathy Boyle frequently gives talks to inspire thought leadership for the company. Boyle also uses blogging as a way to connect with prospective clients. Click here Futures trading