Empowering Women Advisors: The Ladenburg Thalmann Women and Finance Institute
The financial advice business has always been dominated by men. Both the advisors themselves and their primary clients have traditionally been male, and, although women have made inroads, they are still nowhere near parity. According to the latest data from analytics firm Cerulli Associates, women represent just 14% of advisors and brokers, and the percentage of CFP-certified professionals has remained flat at 23% for at least a decade.
One encouraging sign is that younger women are entering the business with 28% of rookie advisors being female. Financial firms are waking up to the value of hiring and retaining more women advisors as a way of attracting female clients who control an increasing share of the world’s wealth. A 2015 study from Bank of Montreal found that women controlled 51%, or $14 trillion, of personal wealth in the U.S., and that amount is expected to grow to $22 trillion by 2020.