As of last year, only 25.7% of “personal financial advisors” were female, according to Catalyst, a New York-based organization that advocates for “more inclusive workplaces.” But this doesn’t mirror the wealth market. Women already control most of the personal wealth in the U.S., female-owned businesses pump $3 trillion a year into the economy, and women are due to inherit roughly 70% of $41 trillion in intergenerational wealth transfers expected to occur in the next forty years, says a 2012 report in the Harvard Business Review.
Perhaps with these statistics in view, the CFP Board, which governs the Certified Financial Planner [certification], is out to end a “feminine famine” it sees reflected in the fact that only 23% of CFP[® professionals] are women. Again, though, the idea of getting more women aboard is framed in terms of strategic advantage, not redressing inequality. Read more >
Financial Advisor IQ
By Thomas Coyle
May 13, 2014