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Written by: Carrie Schwab-Pomerantz | Charles Schwab & Co., Inc.
I've long been a proponent of equality on all levels—economic, gender, career opportunities, you name it. And I believe that when it comes to finances, we all want the same thing: to be financially secure. So a recent Schwab study delving into how women view their financial lives and what they want from their advisors caught my attention, especially a certain finding about millennial women. While gender isn't an issue with older women when it comes to choosing a financial advisor, millennial women express a strong preference for working with a female advisor. This is a significant generational shift.
Wow, what an opportunity, I thought. And then I realized, what a challenge. Because the reality is that women don't seem to be drawn to careers in financial services. According to the CFP Board, only 23 percent of Certified Financial Planner™ professionals are women—and that statistic has been flat for the past decade.
So what's the barrier? What will it take to get women to see the opportunities and advantages of a career in financial services?
Of course I have some thoughts. For one, I've always been a strong advocate for parents talking to girls about money and investing in the same ways they talk to boys. Girls need to be given money responsibilities early on and to be encouraged to make good monetary decisions. For another, we need to counter the stereotype that boys are better than girls at math and the hard sciences. I think schools can play an important part here by doing a better job of ensuring that girls know they are as capable as boys in these academic areas.
But it's more than that. Careers in financial services aren't just about math. To be a good financial advisor, you need to understand your clients. You need to be intuitive, dig deep into what your clients want to achieve, help them define their goals and then help them reach those goals. My dad always says you have to be empathetic and put yourself in someone else's shoes. To me, that's at the heart of any good financial advice.
Whether you're male or female, helping others rise above their fears and uncertainties, guiding people toward greater financial security, and measuring your own success by the success you help others achieve are some of the pleasures and rewards of being a financial advisor. Being a good financial advisor rolls up to a greater purpose. Helping people make the most of their money goes beyond helping people improve their lives, but also contributes greater value to our economy and society.
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So what do you think it will take to get women engaged, pique their interest and help them see the real benefits to this type of career? More encouragement from parents? More emphasis on financial education? More guidance counseling in schools to point girls toward financial careers? More targeted outreach by financial services companies to help college-age women understand the potential? Is there something that men and other women in the industry can do to further opportunities for women?
I'd love to hear your ideas because the need is there—and now's the time to meet it.