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I stood in front of a room filled with 100 female advisors; they were attractive, smart, qualified, and dedicated to their careers. I was reminded of how far women had come in the financial industry. The firm hired these women (most younger than I) because of their skills, qualifications, and ability. As for me, the industry hired me because they were forced to hire women.
Due to a class-action suit in the 90s, Smith Barney was mandated by the courts that 25% of all new financial advisors hired must be women. Their punishment was my opportunity. Don’t get me wrong, I had the skills, knowledge, and ability that landed me in the top quintile of Smith Barney advisors, but that was NOT why they hired me.
How the industry has changed…
Today financial firms are actively trying to recruit women not because they are forced to but because they have since learned the impact women have on their bottom line.
Over the past 20 years, women advisors have proven their ability to add value, accumulate assets, and drive production using a fresh and unique set of skills the industry desperately lacked. Their ability to communicate, develop relationships and perceive situations in a more global and holistic sense were, and continue to be, instrumental in helping advisors rebuild trust. Women’s ability to develop stronger, more loyal relationships allowed them to cast a larger net, thereby capturing more assets per household.
So if women are naturally suited to the role of financial advisor, why are their production numbers still lagging behind their male counterparts?
There is no doubt that women often place self-imposed roadblocks on their path to success; just read Lean In, by Sheryl Sandberg or Woman Up, by Aimee Cohen. While these issues pose challenges to women advisors, the real culprit in the financial services industry is the training.
Let’s face it, men built the business to help male advisors attract male clients. The process leverages the strength and talents that men bring to the table, not women. Now don’t misinterpret training with intentions. Most men I meet and have the pleasure of working with want to help female advisors succeed and openly share what has worked for them, but there lies the rub. Their approach and process are not necessarily effective for women.
Without an alternative strategy or training, women had no option but to adapt themselves to this traditional model, forcing them to incorporate often highly uncomfortable and less effective strategies for women. Yet even under these challenging circumstances, they have earned the industry's respect and attention. But consider this:
If women can succeed in an environment that is counterproductive to their talents, think what could happen if there was a business model designed around their feminine strengths and affinities?
As I write this article, I can feel the rumbling of the industry. A Femolution Revolution is creating a shift, forcing a change that can positively impact clients and advisors of both genders.
Women clients have learned that they have choices and demand more respect and consideration from the industry.
Where they were once content to sit idly in a meeting with an advisor, today they expect to be more engaged, asking for more authenticity, personal communication, and financial education.
On the other side of Wall Street lies the Female Advisor, who is no longer willing to adapt and relinquish her God-given talents in order to conform and be accepted. These women are recognizing their real value as women advisors and are pushing back by integrating more of their unique natural talents to build a successful practice.
The industry is ripe and ready for a change to create a new foundation of respectability, professionalism, and a higher standard of ethics and profitability.
The femXadvisor model appeals to clients and advisors of both genders because the focus is on 3 things:
- Building Relationships vs. Prospecting
- Inspiring vs. Selling
- Motivating vs. Closing
This new model integrates the lessons learned from men and their centuries of business experience with women's natural strengths and talents, creating a new approach that focuses more on WHY vs. HOW.
- Why do you care about your clients?
- Why do you invest the way you do?
- Why should they become your client?
This new approach works from the inside out, allowing you to speak less and say more, a method that validates what you say is what you mean. Advisors finally have a strategy that better engages clients, inspires new opportunities, and motivates prospects to take actions that will benefit their financial future.
This is the new paradigm, the Female Trifecta has inspired the new model, and the Femolution Revolution is the driving force that will transform the industry for both genders.
Done. Now You Know.
Related: Make Failure Your Friend and Succeed Faster with Carrie Gallaway