More and more female advisors are entering advisory profession. Not only there are more women advisors in our industry now they have also made their presence felt through their sheer determination and hard work.
We spoke to a few advisors to understand why financial planning can be a great career for women.
Advantages
- Women understand women better: Many international surveys have revealed that women investors prefer approaching women financial advisors. Women are more empathetic as compared to men. They are more likely to develop a long-term and loyal relationship with their clients. Vishal Dhawan of Plan Ahead Advisors feel that women have high emotional quotient which helps them empathize with their clients. “Women typically are good listeners and are more patient which makes them empathize with the client’s personal stories,” says Vishal.
- Creativity: Leading IFAs feel that as compared to men, women are pro in marketing. They use more creativity to acquire new clients.
- Seriousness: While there are only a handful of women financial advisors, they are perceived to be serious about their business. Tejal Gandhi of Money Matters says “Women advisors are more patient, better listeners than their male counterparts. We deal with many clients who refer us. Clients do feel that we are serious about our profession,” said Tejal.
Challenges
- To be available 24*7: Women have to balance their professional and personal lives. As clients are dependent on you, it is essential to be available throughout the day. “Every working woman juggles different roles. She is also a counsellor to her clients. It is difficult, but women are known to be stronger than men mentally,” says Dilshad Billimoria of Dilzer Consultants.
- Gender bias: Women advisors feel that men do not consider them competent to handle finances. Nisreen Mamaji of Mamaji Financial Advisors had earlier told Cafemutual, “Sometimes, I have had men prospects smirk when I speak to them about money matters since they are of the opinion that a woman cannot have superior knowledge in this field. After successive meetings they forget my gender, but are still reluctant to include their wives into discussions.
Experts feel that women should be encouraged in this profession.
In a whitepaper ‘Making more room for women in the financial planning profession’ released by USA CFP board, Kevin Kellar, CEO of CFP Board says, “Achieving gender parity within the financial planning profession will be a marathon, not a sprint. It will be well worth the effort, with considerable benefits for consumers, financial services firms, the women financial planning professionals practicing today and the women students who will become the financial planning professionals of tomorrow.”
Speaking at the recent MFRT event in Pune, Uma Sashikant, Founder of CIEL said, “Women need to opt for a career in financial advisory as this is the best profession for them. But, sadly not many get the family support. We should start empowerment programs for women to encourage them to get into this business.”
Lovaii Navlakhi of International Money Matters says, “Women advisors are on par with their male counterparts. Though the ratio is very less as compared to men, women have outperformed in terms of valuable advice.”
How should you compete?
- Leading women IFAs feel that this is the best profession for women but one needs to be determined and patient. Deepali Sen of Srujan Financial Advisors advises, “Women often struggle to strike a work-life balance. Some of them end up quitting this profession. They need to be determined to pursue their dreams despite all odds.”
- Be future ready - With changing times, women need to upgrade themselves with the latest technologies and developments. “Women advisors should make use of technology and social media platforms to reach out to their target audience,” advises Shifali Satsangee of Fundsvedaa.
- Networking - To stay in the competition, you need to network in your professional circle. Ensure that you don’t miss any events and education programs. Also, you can meet your peers and learn from their experiences.
Women are continuously making their mark in the financial services sector, and it wouldn’t be surprising if they equal or surpass the number of financial advisors in future.
