Insights | 07.14.21
To Recruit More Women Advisors, Industry Needs to Abandon Sales Culture
One key to attracting more women to the wealth management industry might be to downplay the industry’s sales culture and reworking compensation to reflect that. According to a study by Carson Group, introducing new recruits in general, and women in particular, to financial services via team-oriented working environments is a key element. “When it comes to women, the biggest thing is giving them the confidence, and the best way of doing that is through teaming, coaching and mentoring,” said Teri Shepherd, Carson Group co-president. According to the study, women represent just 18.1% of all financial advisors, despite making up 50.8% of the U.S. population. The percentage of women advisors has been climbing in recent years, but at a very slow pace. In 2018, women made up 17.2 percent of all advisors, up from 15.7% in 2015.
Read the full article on InvestmentNews.