Question of the Day: What percent of financial advisers are women?

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Mar 21, 2018
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Question of the Day, Current Events, Career, Investing, Employment

Answer: 16%

Questions:

  • What skills do you think a financial adviser needs to have to be successful? 
  • Given that women are 51% of the population, why do you think so few are financial advisors? 
  • What do you think could be done to change this situation? 

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Behind the numbers (Investment News)

Carolyn McClanahan, founder and director of financial planning at Life Planning Partners, said part of the problem is an outdated perception of the industry as still being an "old boys' club" that is focused on sales and investment performance.

"Only in recent years has the change been apparent, but the type of work being done now is different than it was in the past," she said. "The industry is moving away from sales to financial problem-solving, and women are great at that."

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.