Advice business lags behind comparable careers in hiring women

Data show that old arguments about 'numbers' or 'selling' dissuading women from this career don't add up.
MAY 21, 2014
Women make up about a quarter of the nation's financial advisers, a pretty skimpy figure considering it is a well-paying career that doesn't require a tremendous educational commitment and offers great work-life balance, at least after the first five years or so. What's surprising is the number of professions that have just as high a percentage — or higher — of women among their ranks.
The Labor Department reports about 62% of accountants, 44% of economists and 33% of financial analysts are women, three careers that focus on numbers and mathematics, a feature that some have pointed to as a reason why women may be avoiding the financial advice business.
About 58% of real estate agents, 45% of insurance sales agents and 33% of securities sales agents are women, suggesting that they are willing to make a living selling, another skill the successful financial adviser needs that some say turn off prospective female professionals. And women outnumber men three to one as psychologists, a discipline that many financial advisers say they spend much of their time practicing each day.

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound