Why the Ranks of Women Advisors Are Finally Increasing
by: Tracey Longo
The ranks of female financial advisors are growing, according to Danielle White, the CEO of recruiting firm Myriad Advisor Solutions in Waukee, Iowa, who attributes the trend to “the COVID mindset shift,” which fostered flexible working arrangements and day-to-day schedules for advisors. “COVID empowered many women to see they have the ability to own the full client relationship and not just support the relationship,” White says. While the industry has been unable to increase the number of female CFP licensees beyond 23%, Kate Healy, managing director of the CFP Board Center for Financial Planning, says there are promising signs of progress. For the first time, women made up nearly 30% of the newly minted CFP professionals in 2022, up from 24.1% in 2018. The CFP Board’s diversity push and programs to educate women about an advisory career are starting to pay dividends, Healy says. “There is also a growing number of women who are willing to mentor younger women and make it their life’s work to make sure we’re reaching back down and pulling people up."
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