A recent report from Cerulli Associates found that women may
be the solution to future adviser recruiting worries.
With 40% of current advisers planning to retire within the
next 10 years, industry analysts are scrambling to recruit new workers, in
hopes to groom replacements, says Marina Shtyrkov, an analyst at Cerulli.
According to the report, while women represent only 15.7% of
310,504 financial advisers, the untapped talent pool offers resolutions for
recruiting problems, so long as the industry alters strategies to appeal
directly to female candidates.
“Nearly all female rookie
advisers consider the desire to help people reach their goals to be a major
factor for becoming an adviser,” says Shtyrkov. “Broker/dealers and custodians will have
better success recruiting prospective women advisers and safeguarding against a
future headcount shortage if they accentuate the social impact that an advisor
has when working with people to achieve their financial goals."
Additionally, Cerulli believes existing women advisers can increase
support by dismissing negative perceptions of the industry, same ones that may
turn potential women employees away.
More findings on the report can be found here.