The financial advice industry has a serious gender gap
- Women control 51% of the nation's wealth, but make up only 16% of financial advisors, economists say. Hiring more female financial advisors could help close the industry's gender gap, according to a new report, J.D. Power 2018 U.S. Financial Advisor Satisfaction Study. The assumption is that women advisors will support and bring more women into financial services.
- Female financial advisors were found to be happier and more loyal than male advisors, according to the study. Employers that want to be leaders in attracting more women into the industry must acknowledge differences in women's perceptions and priorities, J.D. Power said. Key findings in the study show that female advisors are more likely than male advisors to say they will definitely remain at their firm for the next one to two years, and they're more likely to recommend others to their firm.
- Female advisors, however, express less satisfaction than men in work-life balance, mentoring programs and fully understanding their compensation, the report said.
J.D. Power's advice echos that which has been offered to other industries. The U.S. Equal Employment Opportunity Commission (EEOC), for example, recently suggested steps employers can take to encourage more women to apply for public safety jobs. Organizations should start reaching out to girls at the grade-school level; increase the visibility of women recruiters; use social media to attract applicants; and use a one-stop hiring process, the commission said in its Recruitment And Hiring Gender Disparity In Public Safety Occupations.
Gender gaps exist in many industries, but have been particularly glaring at tech companies in recent years. Some, like GoDaddy, have taken concrete steps to overhaul their culture, not only insisting that hiring managers have a diverse candidate slate but also working to ensure that everyone has a fair shot at a promotion.
Experts also recommend that, to get women candidates (and other minorities) in the door, it's important to review the message conveyed by your career website, photos and even the language in your job listings.