Where are the women advisors
Why gender equity builds
stronger advisory teams
Why gender equity builds
stronger advisory teams
Though we’re well into our second decade of the 21st century, a significant gender imbalance still exists among financial advisors.
This infographic looks at why it exists—and how the unique differences between women and men can bring greater diversity and relevancy when advising clients.
Women are largely underrepresented among financial advisors
Currently, female representation is at 15% to 20%1
In a perfect world, that number would be 50%
Legacy thinking still prevails within the profession
There remains a belief that men excel in an advisor role vs. women in the same role—one shared by industry leaders and by women themselves.
Among financial executives surveyed
41%
believed men are more likely to have the characteristics needed to be a successful planner2
7%
said women had such an advantage2
Among women surveyed
Women see the advisor role as a possible career opportunity, but too often don’t pursue it.
82%
of female graduates see financial advice as a career option3
36%
said they would consider it3
So, why aren’t women pursuing careers as advisors?
Perception has become her reality.
Years of male dominance within the profession have informed most women’s current belief system.
They can undervalue themselves.
I don’t think I have the skills required.3
Traditional male domination is perceived to exist.
I have a poor impression of the industry.3
The financial industry’s gender gap is long established—and it still exists.
In the search for the 50/50 world, we’re nearing equity in the industry as a whole.
But we’re nowhere close in senior, high-paying roles.
Financial industry workplace overall4
52%
48%
Senior
leadership roles5
Among highest
paid positions6
What’s needed now
The industry needs women to see other women in the roles they aspire to, to realize that they, too, can succeed.
I want women in the wealth management industry to know that you can do this. We need you in this industry.
—
Oricia Smith
President, SLGI Asset Management Inc.
and Senior Vice-president, Investment Solutions, Sun Life Canada
The Challenge
Starting out in a man’s world
The entryway into an advisor role is significantly different for women vs. men.
Women work their way up
Female advisors are more likely to say they were working in the financial services industry previously or as an advisor’s assistant—then transitioned to an advisor role.
Men enter directly out of school
Male advisors are more likely to say they studied finance, investments, or other business programs in post-secondary education.
The Opportunity
Women/Men. 50/50. A potentially perfect balance.
It’s a fact. Female and male brains differ. And that’s a good thing.
Both genders bring their own perspectives to the larger advisor team.
What results is a more comprehensive approach that serves all investors.
Old thinking
Women’s natural ability to connect with people has too often been dismissed as “impractical.”7
New thinking
Six in 10 advisors agree that relationship building is the aspect of their jobs they enjoy most. Women excel at this.8
Women tend to be
INTUITIVE.
HOLISTIC.
CREATIVE.
Women Empathize9
Talk to communicate feelings and thoughts
Men tend to be
LOGICAL.
ANALYTICAL.
RATIONAL.
Men Systemize9
Talk to communicate information or ideas
Why are women advisors important?
Women’s increasing wealth.
Among today’s investors, the male/female balance has shifted—
in favour of women.
Expected women’s share of global wealth.10
Assets currently controlled by
Canadian women are expected
to almost double. 11
Women’s financial needs
are underserved, setting the global
wealth management industry back
$0B
per year. 12
The truth is, many women investors want to work with women advisors.
When her financial advisor is a woman, a woman investor is 2.5x more comfortable taking investment risks than if her advisor is a man.13
of widows switch financial advisors within a year of their husband’s death.14
At Sun Life Global Investments,
we see a 50/50 future as 100% attainable.
This begins with overcoming the unique and prevailing systemic challenges women face.
Female advisors are more likely than male advisors to say practice efficiency is a challenge.
0%15
0%15
Female advisors are more likely than male advisors to say they could use support on client management.
0%16
0%16
Sun Life Global Investments is committed to supporting women advisors through all phases of their career.
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