Building a Culture to Attract Female Clients

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It’s time to celebrate International Women’s Day – the annual, March 8, milestone dedicated to celebrating women’s rights and the continued quest for gender parity. The past few years have shed a new light on issues like the pay gap and gender equality, sparking a conversation that has captured the world like no other in recent memory.

It’s a conversation that has made its way to the advisory profession as well. You know the statistics: Women are the primary breadwinners in 40% of U.S. households. They hold $14 trillion of the nation’s personal wealth, a number that will grow steadily over the next decade.

But disparity still plagues us. Though their economic gains are undeniable, women face obstacles in making the most of their wealth, due to issues like the wage gap and interrupted work histories.

We still have a long way to go when it comes to these issues. But there is something our profession can do: Provide female investors with comprehensive financial planning.

How can you empower this emerging market? Start by asking yourself two questions:

Does my firm have an inclusive culture?

Fewer than 20% of financial advisors in the U.S. are women. Yes, you read that correctly. Your ability to successfully connect with the female investor demographic should start from within your organization. Cultivate a culture of inclusion and develop female talent. Educate your leadership and advisory team about what female investors value in their client experience. Female advisors have a unique opportunity to speak “woman-to-woman” and truly connect with female clients about challenges they face in planning for their financial future.