By Sandy Botcher, Managing Partner of Northwestern Mutual Southern Wisconsin
With women representing more than 50% of the college-educated workforce, there is no shortage of highly-qualified candidates to work in any career field — including financial advising. But attracting women to a career in financial services is not just a diversity and inclusion strategy, it is a growth strategy.
Women Are Expected to Inherit $30 Trillion in Financial Assets
The financial industry is at a crossroads. With an enormous wealth transfer on the horizon, American women are expected to inherit and control much of the $30 trillion in financial assets held by baby boomers by 2030.
Currently, women are the largest underserved group in the financial services industry, which amounts to a $700 billion missed opportunity every year. This represents a major opportunity for the financial industry to attract and retain talented women.
Women Want Advisors Who Display Patience and Clarity in Explaining Financial Options
One key reason to consider a career in financial advising is the growing demand for female advisors. A recent survey found that 70% of women seeking financial advice prefer to work with a woman. However, women make up just 15-20% of financial advisors, and increasing this percentage could help the industry better meet the needs of its clients and tap into a growing market. Financial planning and implementing solutions require the disclosure of deeply personal information and vulnerability. Women want advisors who display patience and clarity in explaining financial options. For these reasons female advisors are increasingly in demand, because they are uniquely good at building strong, trusting relationships.
You Don’t Need a Degree in Finance to Join The Financial Services Career Field
Many women do not seek opportunities in financial services because they mistakenly believe that they must have a degree in finance or math to be qualified. Nothing could be further from the truth. This industry is filled with career changers from different educational and professional backgrounds. What matters is the ability to connect with others, build trusted relationships and communicate with confidence and empathy.
Northwestern Mutual offers in-depth training programs for female financial advisors so they can feel confident in learning about the industry and building their own business.
It’s An Impactful Career That Gives You Flexibility
The financial industry touches the lives of everyone, and it also creates great opportunity for female advisors. This career can be incredibly financially lucrative. It gives you the opportunity to build a career that offers independence in how you build your business, and this kind of flexibility is key to what many women are looking for in a career. Very few careers offer income, impact and independence at that same time.
Click here to hear from other women at Northwestern Mutual who work in the financial advisor field.
Sources:
- barrons.com/articles/women-make-great-financial-advisors-so-why-arent-there-more-51559952001
- oliverwyman.com/our-expertise/insights/2019/nov/women-as-financial-services-customers.html
- pewresearch.org/fact-tank/2022/09/26/women-now-outnumber-men-in-the-u-s-college-educated-labor-force/
- financialadvisoriq.com/c/3800574/491953/advisors_underserving_women_missing_billions_revenue_%20study?referrer_module=emailReminder
Disclosure:
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI and its subsidiaries. Sandy Botcher is associated with the local office at the above address and is not a licensed insurance agent, registered representative of a broker-dealer, investment adviser representative of a registered investment adviser, or representative of a federal savings bank.
While links to other websites are provided for convenience and information, please be advised that except for information related to Northwestern Mutual (NM), the inclusion of, or linking to, other websites does not imply NM endorsement of, nor responsibility for, those websites.
