Pathways for Women in Financial Advice

Transcription

1 Pathways for Women in Financial Advice Financial OnRamps: A Detours and OnRamps Initiative The information, processes, and methodology contained in this document are proprietary to McCartan & Company and may not be copied, disseminated or shared without the written permission of McCartan & Company.

2 Challenges and Opportunities Women are underrepresented in financial services both as advisors and clients. Why is this important? Recruiting Shortfall The financial services profession is facing a major shortfall; more than a third of all advisors are less than a decade away from retirement and 2007 was the last year that financial firms recruited more advisors than those leaving the profession. Increased Investor Demand Investor demand for advice will increase over the coming decade. RIA firms will have to find 237,000 new advisors to meet this demand. t Recruiting B Demand Women are Great Candidates In an era of holistic wealth management, successful advisors focus on the client experience: Women are generally better at building rapport with clients, and more commonly emphasize a personal connection as context for the planning and portfolio management work. Women Clients Prefer Women Advisors X Skills S Experience Studies have shown that 70% of women prefer to work with a woman planner. Recruiting women advisors is a good way to tap into the large population of women who are currently underserved as clients. The information, processes, and methodology contained in this document are proprietary to McCartan & Company and may not be copied, disseminated or shared without the written permission of McCartan & Company. 2

3 A Financial Services Careers A Career as a financial advisor can offer significant benefits to women A Good Career Path for Women Being a financial advisor can offer significant work-life balance benefits that can appeal to women, especially those returning to the workplace after an absence, or those interested in changing careers. Women are 51% of the US population and two-thirds of the American workforce, yet only 30% of career advisors are women. Some of this disparity can be traced to: Misperceptions of what a career in financial planning entails. Historical gender discrimination and bias towards women as advisors. Absence of a formal effort to support the specific recruitment and retainment of women versus just advisors in general. Myths vs. Reality: No Cold Calling It s important to educate potential recruits about the ways in which they will be supported by their organization during the training period through: mentoring programs, access to state of the art technology, and assistance with translating their skills and professional experience into this new field. zgood work-life balance, job Job Satisfaction flexibility and independence make this an attractive career option for women. SCore Competencies Many with degrees or backgrounds in accounting, finance, or human resources prior to leaving the workforce wish to return to work, but not in their previous incarnation. oease of On-Ramping Candidates may become licensed within a relatively short amount of time (as opposed to a multi-year degree program at a university), while concurrently learning on the job and working with clients as a junior advisor or member of an office staff. Leveraging their skill sets while learning how to manage clients on the job can be an ideal environment for many career-changers. The information, processes, and methodology contained in this document are proprietary to McCartan & Company and may not be copied, disseminated or shared without the written permission of McCartan & Company. 3

4 About Us Marketing Experts Who Understand Your Business McCartan & Company Uniquely well-positioned to help firms recruit women advisors through a new conference, online learning, and recruiting program. t Detours & OnRamps Q Founded a multi-year, multi-city conference series focused on providing options for women returning to the workplace. Continue to maintain a presence in this return-to-work market through social media, focus groups, and ongoing research. s Career Relaunch (now irelaunch) Launch, and initial marketing management, of a conference series focused on helping individuals transition back into the workforce. Financial Services 20+ years working with the top independent broker-dealer and RIA firms in the country. i TechLeaders and TechRetreat Developed and manage two conference series focused on technology firms and the financial services space which gives us a multidimensional perspective on the industry, and offers opportunities to cross-promote to broker-dealers to attract talented women to the industry. The information, processes, and methodology contained in this document are proprietary to McCartan & Company and may not be copied, disseminated or shared without the written permission of McCartan & Company. 4

5 Our Program Conference + Online Learning + More Centered around a one-day conference targeted to women. Deliverables include: Marketing. Targeted marketing to reach potential attendees through advertising, social media, group affiliations, partnerships with sponsors. Event planning and execution. Including venue sourcing, speaker coordination, registration, and all on-site logistics. Networking. Both on-site as part of the event agenda, and following the event, through the facilitation of a LinkedIn discussion group that will be curated with weekly discussion topics and conversations. Mentorships. Establishment of mentorships through affiliations with local chapters of designation agencies (e.g., CFP Board local chapters) as well as through appropriate sponsors. Road Map. Development of decision-tree type analysis and plan for all attendees to determine their relevant skills, what designations can be earned, and where they best fit (i.e., independent vs. wirehouse). Online learning. In partnership with industry organizations and key firms, development of modules centered around refreshing basic skills, technology that can help advisors, as well as ideas for marketing yourself and your services. Webinars. A series of webinars on key topics (introduced through the one-day seminars) with Q&A for continued learning and additional outreach, with speakers/sponsors on the industry and on current opportunities. Deep dive. A second-stage half-day session for key topics including technology, building a book, trends in the industry, regulations for those serious about taking the next steps toward becoming a financial advisor. Recruiting. Facilitation of relationships with key firm sponsors that result in the development of a career path for interested individuals. The information, processes, and methodology contained in this document are proprietary to McCartan & Company and may not be copied, disseminated or shared without the written permission of McCartan & Company. 5

6 Partnership Working together allows us to create a customized program tailored to your recruiting needs. z McCartan & Company. We understand Financial Services. We have worked with firms in different sectors of the industry independent, RIA, and even technology solution providers. Through our contacts and the involvement of key sponsors, we can offer prospective candidates several viable career paths. We have extensive conference development expertise. Through years of developing and managing conference initiatives, and launching new conference programs. Our back to work /career change knowledge and credibility is unmatched. With our experience founding Detours & OnRamps and working with Carol Fishman Cohen to help her launch her Career Relaunch event series, we ve been active in this space as experts, panelists, and bloggers since We were one of the first companies working in the on-ramping space nearly a decade ago, and we know that the time is right to focus on women advisor recruitment. Why do it in-house when we can help? We have the knowledge, expertise, ability, and wide-ranging contacts necessary to create a viable conference program with follow-on training and marketing. We can work with you to make sure the program is custom-built for your company and culture. y Partner with us. The number one reason that we hear from women about why they hesitate to take the steps necessary to move forward into a career is a lack of confidence. So the challenge is, how do we transform a professional seeking a new career path into an active candidate? As inspiring as it can be to attend a conference, you can t just stop there. The next step to recruiting talented women is building confidence and industry knowledge through the development of an infrastructure of support and guidance, including online resources, targeted skills training, and a professional road map. The skill sets and levels of experience required of apprentice advisors who want to work for an RIA differ slightly from those needed to succeed as an independent advisor, so we need to partner with companies who are willing to make an investment in us to build that bridge to allow interested, skilled professionals to become active candidates for recruitment. Working together to develop this program, we can tie into the apprenticeship channels that already exist in your organization, and build on them through our online learning component and follow-up webinars. The information, processes, and methodology contained in this document are proprietary to McCartan & Company and may not be copied, disseminated or shared without the written permission of McCartan & Company. 7

7 Benefits to You Our program can offer significant benefits to your company. s 01 Attract top talent Our program ensures you ll be able to reach candidates who are pre-screened, pre-qualified, and interested in becoming financial advisors. v 02 Increase visibility With the emphasis on companies recruiting women and next gen advisors, you ll be on the right side of a hot issue, and benefit from the goodwill generated. z03 Unique positioning In an era in which investor demand for financial advice is increasing, and a generation of advisors is nearing retirement age, you need programs like ours to help you position yourself to attract a new generation and type of advisor (and investor). t 04 Boost industry Many people who have not worked with financial advisors have the wrong impression about the industry, and about financial services careers specifically. Our program, by definition, provides education and insight about what financial advisors do, and how they can benefit people with different financial goals, with implications for conversations and consideration for using an advisor or recommending one to a friend. Recruiting Visibility Reach Outreach s v z t The information, processes, and methodology contained in this document are proprietary to McCartan & Company and may not be copied, disseminated or shared without the written permission of McCartan & Company. 7

8 Learn More Let s talk about how we can help you position your firm to recruit women advisors. Meghan McCartan McCartanandCompany.com The information, processes, and methodology contained in this document are proprietary to McCartan & Company and may not be copied, disseminated or shared without the written permission of McCartan & Company. 8