Training flagged as key to recruiting more female advisors
By National Underwriter
By Warren S. Hersch
Women are more likely to pursue careers as financial advisors if on-the-job training is offered, new research shows.
The Insured Retirement Institute, Washington, released this finding in a new report, “Women and Financial Advising Careers: Perspectives and Priorities.” The report provides findings from a recent IRI survey of college-educated women and their desire to enter the financial advising profession.
Nearly three quarters of respondents (73 percent) say they would be more likely to pursue careers as financial professionals if on-the-job training were offered. A large majority also express heightened interest if training were available through local colleges and universities (64 percent).
Conversely, the report adds, the cost of training (57 percent) and time commitment to train (40 percent) would inhibit their desire to pursue a career as a financial advisor.
“This indicates [that] firms wishing to recruit more women into the profession should provide training support either on the job or online,” the report states.
The survey finds that few women (13 percent) are familiar with the financial advising profession. And only about one in 10 respondents (9 percent) state they considered a career as a financial advisor.
When asked about their reasons for interest in becoming a financial advisor, compensation topped the list, with 80 percent of respondents stating that advisors can earn up to $350,000 per year. And 76 percent say the median salary exceeds $60,000.
Significant majorities of respondents also point to these factors when evaluating a job as a financial advisor:
- Financial advising will be one of the fastest-growing occupations in the next decade (70 percent).
- You must have a bachelor’s degree or higher to be a financial advisor (57 percent).
- Many financial advisors are self-employed (55 percent).
- The majority of financial advisors work in a different profession before becoming a financial advisor (54 percent).
- Many financial advisors are employed by firms such as banks and insurance companies that offer financial training (49 percent).