SPECIAL SECTION | WOMEN IN PLANNING
Why The Ranks Of Women Advisors Are Finally Increasing
Efforts by the CFP Board and others are finally paying dividends , experts say . By Tracey Longo
DANIELLE WHITE , THE CEO OF RECRUITING FIRM Myriad Advisor Solutions in Waukee , Iowa , has never seen as many women becoming financial advisors or opening up their own shops as she has over the past two years .
Myriad , a recruiting and full-service consulting firm for financial advisors , says that since the pandemic hit , women accounted for a full 50 % of the advisors it recruited or whose firms Myriad helped launch . “ That ’ s a huge shift historically for us ,” she says . “ In the past it ’ s been closer to 90 % male and 10 % female advisors we recruited to work at a firm or helped transition to independence . That alone speaks volumes about how the industry is changing demographically .”
The veteran recruiter chalks up some of the notable advance among women advisors to what she calls “ the Covid mindset shift ,” which fostered flexible working arrangements and dayto-day schedules for advisors . “ Covid empowered many women service staff and paraplanners at wirehouses and other firms to see they have the ability to own the full client relationship and not just support the relationship ,” White says . “ We ’ re seeing a lot more females own their value and ask for more now .”
Women support staff and paraplanners are fertile recruiting ground , since women make up 47 % of staff at advisor firms . The female support staff at firms have been fielding constant calls from recruiters and prospective clients , and that ’ s been inspiring more of them to make the leap into full-blown advisory work . The calls are a reminder that advisors are not only in demand , but can earn a lucrative income , White says .
Who doesn ’ t want to earn more ? The industry currently manages $ 103 trillion in assets and another $ 68 trillion in wealth is on track to be inherited by younger generations over the next 20 years , according to Cerulli & Associates . Not surprisingly , demand for personal financial advisors is expected to grow 7 % through 2028 , according to the Bureau of Labor Statistics — more than other occupations .
It ’ s notable that more male executives at advisor firms are also asking Myriad to recruit women advisors , aware that women can cultivate the type of environment that will help
32 | FINANCIAL ADVISOR MAGAZINE | MARCH 2023 WWW . FA-MAG . COM