Why aren’t there more women in wealth management? The CFP Board recently released a whitepaper on the topic as part of its women’s initiative. Here are the top reasons women avoid the industry:
- Business models and compensation structures may be unfair or unattractive to women.
- There is an insufficient number of role models and mentors for women.
- Work-life balance concerns may be keeping women out of the field.
- There is an inadequate understanding as to what it takes to be successful in the field—the misperception that one has to be a math whiz to succeed as an advisor.
Unfortunately, the same character traits that make women great financial advisors—being more relationship and family minded, being overly trusting, not prioritizing their own interests, not being more proactive about their careers, being more risk averse—can be the very impediments to their forward movement. But what do women have to do to overcome these barriers? Read more >
By Mindy Diamond
May 14, 2014