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Attracting Female Clients, Employees: It's Not All About Gender, Do Don't Forget About Chemistry

Apr 23, 2014

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 >

Investment News
By Carl O'Donnell
April 23, 2014


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Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call himself a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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