Where are all the women in financial services?
July 1, 2016 by Ed McCarthy
Women comprise only 15 to 20 percent of financial advisors in the U.S.
Studies indicate that women control more than half of the financial wealth in the U.S. That influence, however, is not currently reflected in the financial services industry. (Photo: iStock)
There’s a gender gap between demographic trends and the financial advisory business. Women have an increasing share of income and wealth in the United States and globally, but they are underrepresented among financial advisors in the U.S.
BMO Financial Group’s 2015 report, “Financial Concerns of Women,” reports that women currently control 51 percent of personal wealth in the U.S. In addition, they are the primary breadwinners in more than 40 percent of American households, which is an almost fourfold increase since 1960.
In contrast, women comprise only 15 to 20 percent of financial advisors in the U.S. (Some sources cite a higher percentage but those results can include securities-licensed sales assistants.) Just 23 percent of Certified Financial Planner licensees are women, a figure that hasn’t changed in years, and women comprise only 12.9 percent of the Million Dollar Round Table’s (MDRT) early-2016 roster.
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