Today, women are more engaged in their financial decisions than ever. By 2030, women will have control of over $30 trillion in assets due to the great wealth transfer that is currently taking place. Now is the perfect time for women to pursue CFP® certification and here are three reasons why…
1. The need for representation
According to the CFP® Board’s Women’s Initiative, the share of planners that are women has been stuck around 23% for the last several years. Financial planning has always been a male- dominated field, but as wealth management firms seek to differentiate themselves from the competition and attract more female clients, they only stand to benefit by working with female CFPs®. Multiple studies have shown that female clients feel more comfortable making decisions with female advisors.
2. Women drive the industry forward
As numerous studies have shown, diversity benefits businesses by increasing innovation and boosting productivity. Research from the CFP® Board based on an Aite Group survey found that 33% of women provide written and multi-goal financial plans to three-quarters or more of their clients, compared to 22% of their male counterparts. The unique qualifications of credentialed female advisors can help accelerate the industry’s transition to a focus on holistic advice that is aligned to clients’ needs.
3. Demographic trends increase the demand for female CFPs®
Firms seeking to attract more female clients will also be seeking out female CFPs®. Certified female advisors will be selective for firms looking to retain baby boomer clients, as financial advisors have typically had a poor record of retaining widows’ assets. Additionally, female CFPs® will help firms to attract millennial women, who are more likely to manage their finances alone in comparison to older generations.
Interested in Furthering your Career in Financial Planning?
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About Our Founder
Suzanne Patrick-Lawrence is the CEO of Advisor Business Solutions. She is a strategic business planning and communications specialist with over 20 years of experience developing business and marketing strategies for financial services, global corporations, government agencies, nonprofits, and small businesses. She is passionate about working with financial advisor practices seeking guidance, support, and structure to position their firms through all life cycles of growth and a successful transition. To learn more about Suzanne, connect with her on LinkedIn.