The Making More Room For Women in the Financial Planning Profession study found reasons women are underrepresented in the industry include firms are not committed to women at the highest levels, there aren't enough women role models and women don't advocate for themselves enough.
"What's infuriating is finding out that women don't advocate for themselves," said Ivy Menchel, a CFP in New York for 11 years, who attended the conference." We lack the confidence to advocate for ourselves because finances are not discussed with girls in childhood."
About 37 percent of financial services firms said they are reluctant to hire women out of fear they will start a family and 41 percent of executives at financial services firms said that men are more likely to have the characteristics needed to be a successful financial planner compared to 7 percent for women.
"Increasing diversity will benefit the public as those old pale males retire," said Ray Ferrara, [CFP®,] chairman of the CFP Board of Directors. "But this long-term goal requires commitment on the part of not only the CFP Board but also financial firms that employ planners and other financial planning trade groups." Read more >
By Juliette Fairley
April 22, 2014