The demographics of the financial advisory business have historically been summed up in three words: “old, male, pale.”
This won't be the case for much longer. About half of advisers under 40 are women, and females are poised to control $20 trillion in personal assets by 2020. To help advisers keep up, InvestmentNews hosted a webcast Tuesday focused on attracting and retaining female clients and advisers.
Moderated by InvestmentNews' contributing editor Mary Beth Franklin, the panel featured Kathleen Burns Kingsbury, a wealth psychology expert and founder of KBK Wealth Connection, Mindy Diamond, president and CEO of Diamond Consultants, and Frank T. Patzke, president of Guidant Wealth Advisors.
The panel also discussed recent data produced by the Certified Financial Planner Board of Standards Inc. that found that female advisers have made up just 20% of the industry for about a decade. Ms. Diamond suggested that advisory firms can do more to attract female employees. One important move is to make clear that advising is a helping profession. Mathematical skills and product knowledge certainly help, but nothing replaces the human touch. Read more >
By Carl O'Donnell
April 23, 2014