A recent report from Cerulli Associates found that women may be the solution to future adviser recruiting worries.
With 40% of current advisers planning to retire within the next 10 years, industry analysts are scrambling to recruit new workers, in hopes to groom replacements, says Marina Shtyrkov, an analyst at Cerulli.
According to the report, while women represent only 15.7% of 310,504 financial advisers, the untapped talent pool offers resolutions for recruiting problems, so long as the industry alters strategies to appeal directly to female candidates.
“Nearly all female rookie advisers consider the desire to help people reach their goals to be a major factor for becoming an adviser,” says Shtyrkov. “Broker/dealers and custodians will have better success recruiting prospective women advisers and safeguarding against a future headcount shortage if they accentuate the social impact that an advisor has when working with people to achieve their financial goals.”
Additionally, Cerulli believes existing women advisers can increase support by dismissing negative perceptions of the industry, same ones that may turn potential women employees away.
More findings on the report can be found here.