We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • Female Firm Owners More Likely Than Men to Be Financial Planners

    October 1, 2017 by Emily Zulz

    Women are more likely than men to run financial planning practices, according to the September 2017 issue of The Cerulli Edge – U.S. Monthly Product Trends Edition.

    Female advisors in the early stages of their career report entering the profession because they have an interest in helping people reach their financial goals. This is a major factor for 94% of women and 84% of men in the industry.

    Click HERE to read the full story via ThinkAdvisor.

    While both genders consider this factor important, women are more likely to be highly driven by this motivation.

    Comparatively, an interest in investment topics is less likely to inspire women to become financial advisors than it is men (59% for women versus 91% for men).

    “For advisors who enjoy working with clients toward goals, the goals-based planning process allows them to navigate a client through the emotional tradeoffs of investing and setting meaningful milestones,” the report states. “A comprehensive wealth management process is also more likely to emphasize the softer aspects of a client’s financial well-being, such as family dynamics.”

    On average, Cerulli finds that female advisors tend to be more interested in engaging with clients holistically than measuring a product’s performance or constructing a portfolio in isolation.

    Women’s preferences for financial planning and lesser interest in investment topics are also reflected in the types of practices they operate.

    The report finds that these early-career sentiments continue to play out in the business models advisors settle into further in their careers.

    Cerulli examined the principal owners and senior financial advisors of different advisor practice types, segmented by gender, and found that women are more likely than men to run financial planning practices and less likely to focus exclusively on asset management as money managers.

    One-third (31.3%) of women who run firms are financial planners, compared with 21.6% of men. Only 6.4% are money managers, less than half the percentage for men.  And only 2.9% of women are wealth managers compared with 6.2% of men. Nearly equal percentages of men (59.1%) and women (59.4%) are investment planners, the report finds.

    “An advisor’s chosen business model reflects their service menu and potentially their client core market,” the report states.

    Perhaps another indicator that women tend toward financial planning is that the number of women that are certified financial planners is higher than the percentage of women overall in the industry.

    “I think the biggest telling statistic is 23% of CFP professionals are women, and that’s a higher percentage of women than in the overall traditional advisor channels,” Joe Maugeri, CFP Board’s managing director for Corporate Relations, told ThinkAdvisor. “I think that says, there’s another proof point that women gravitate toward getting deeper, more holistic arrangements with their clients, and they see that as their strength.”

    Overall, women comprise only 15 to 20% of financial advisors in the U.S.

    While the number of CFP professionals who are women has remained stagnant over the last 10 years, Maugeri does have hope that’s changing. He said that in 29% of those who took the CFP exam in July were women.

    “That’s a nice kind of leading indicator that we’ll get more women and a higher percentage of women going forward,” he said.

    As Maugeri sees it, women’s interests in financial planning may even be an asset for the future.

    “[Women] are really ahead of most of their male counterparts in terms of thinking about what’s going to be important in the future,” Maugeri said. “Because technology has been automating many tasks — particularly around investment management – firms are seeking to justify the fees they’re charging clients. And they need to add more value — and one of the ways they do that is through financial planning.”

    According to the Cerulli report, female advisors’ inclination toward planning also affects how receptive they will be to certain resources and communications from asset managers.

    “As asset managers evaluate how they approach distribution for different advisor segments, they should consider how gender and its ties to practice type may affect preferences for doing business,” the report states.

    Close to three-quarters (73%) of women find unbiased product recommendations from wholesalers very valuable, compared with only 43% of men. Women advisors are also more likely than their male counterparts to consider advanced financial planning techniques (59% for women versus 44% for men) and portfolio construction recommendations (55% for women versus 31% for men) to be valuable offerings from their wholesaling partners.

    Female advisors who have oriented their practices toward wealth management are more likely to appreciate sophisticated planning techniques to address complex cases.

    “Portfolio construction recommendations are helpful because women advisors generally dedicate less time toward investment management in favor of other planning-focused services,” the report states.

    The report also notes that individual preferences still differ regardless of gender.

    Originally Posted at ThinkAdvisor on September 29, 2017 by Emily Zulz.

    Categories: Industry Articles
    currency