Where Are the Female Financial Planners?

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Where Are the Female Financial Planners?

Jun 04, 2014

According to the Certified Financial Planner Board of Standards, 23 percent of CFP[®] professionals are women, a fact that inspired them to launch a special initiative to attract more women into the field last year. “There are so many women who are not seeing that opportunity [to become a CFP® professional]. … Men do not indicate that same lack of knowledge about financial planning,” says Eleanor Blayney​, [CFP®] consumer advocate for the CFP Board.

​Tim Maurer​, a [CERTIFIED FINANCIAL PLANNER™] and director of personal finance at the BAM Alliance, a group of independent advisors, says there's a perception of the industry as an "old boys club." ​"Although there’s been some improvement, there’s a lot of truth to that perception,” he says.

A report released by the CFP Board in April found that women are less aware of the financial planning field than men, and they also believe​ that the profession is focused exclusively on quantitative analysis and number crunching rather than long-term relationships with clients.

“Financial planning is not the same as making investments or product sales,” Blayney says. “It’s a much more comprehensive, holistic, relationship-driven kind of practice. You’re working with people over time, and not just putting a life insurance policy in place and moving on. You’re a problem-solver for individuals and families.”
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U.S. News & World Report
By Kimberly Palmer
June 4, 2014
Speaker's Bureau
CFP Board’s leadership and representatives are available for interviews and speaking engagements on personal finance, the financial planning profession, CFP Board and the CFP® designation.

Did You Know?

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 themselves 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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