The Benefits of Independence as a Female Advisor

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As of December 31, 2021, female CFPs were 23.4% of all advisors, a percentage that has remained relatively stagnant since the CFP Board’s Women’s Initiative was launched in 2013. While many have theorized why these numbers remain so low (the "old boys club" mentality, the lack of opportunity for career growth, the wage gap, etc.), it never fails to astonish us that so few women are advisors. That is especially because the qualities that make exceptional advisors are skills that women naturally possess – empathy, intuition, and compassion, to name a few.

As veterans of this male-dominated industry, we have faced our fair share of challenges and uncertainty. However, that led us to venture out on our own and start solo planning firms. While these transitions weren't easy, we can say from where we stand now that they were most certainly worth it. That said, we also understand that starting your own practice is not easy. Making the decision to leave your firm and strike out on your own as a female financial advisor can be fraught with anxiety. You may feel like you are taking a leap into the unknown, not sure what the future holds.

But making the jump will be incredibly beneficial.

Benefits of going solo

1. You will have more control over your career. When you're the boss, you get to make decisions about how you run your business and what direction it takes. This can be especially empowering if you feel like you have been stuck in a rut at your current firm.

2. You will be able to build your business exactly the way you want: choosing your clients, setting your fees, and designing your investment strategies according to your unique philosophies and goals.

3. You can make a difference in the advisory profession. As a female advisor, you can be a role model or even a mentor for other women. You can show them that it is possible to be successful on your own terms.