The Importance of Female Financial Advisors
/Since I was young, I have always believed that knowledge is power. By nature, I tend to be deliberative, requiring a thorough understanding of my options before committing to a decision.
Only then do I feel confident of the informed choice I’ve made. While this can sometimes slow down my decision-making and occasionally frustrate my husband, it greatly benefits my career by allowing me to step back, listen to each client’s specific needs, and determine the best solution for their long-term goals.
When I first entered this industry, I needed extensive education and training beyond what I had acquired in business school to become licensed and ready to work with clients. The financial industry’s rules and regulations are constantly evolving, which can make the prospect of financial planning and investing daunting for many, especially for my female clients who may have relied on a partner to manage finances.
As a female advisor, I have a unique understanding of the financial challenges that other women encounter. Notably, only 31% of financial advisors in the U.S. are women, and just 23% are CERTIFIED FINANCIAL PLANNER® professionals. This disparity illustrates how vital it is for women to connect with other women in financial advising. Female investors are projected to control $30 trillion in U.S. assets by 2030, yet only 18% of advisory firm owners are women, and 39% of support advisors are female. This gap underscores the importance of female representation in finance to empower women in their investment journeys.
My personal experience allows me to connect and communicate more effectively with my clients, providing insights that other advisors may not offer. It is crucial for me to deliver the educational resources and empathy needed to help my clients feel confident in their financial lives, reinforcing the need for women to work with women in this space.
- Margaret Gooley, CFP®, CDFA®, Worley Erhart-Graves Financial Advisors
