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Thursday, May 1, 2014

Closing the Gender Gap, Opening Doors for Women

A new report sponsored by TD Ameritrade Institutional reveals the causes and effects of the financial services gender gap.

Women comprised the majority (51 percent) of management and professional positions in the U.S., yet only 26 percent of all personal financial advisors are women. A new effort supported by TD Ameritrade Institutional sheds light on the issue and encourages women to pursue careers in financial planning.

Tom Nally and Kate Healy, Managing Director of Institutional Marketing, represented TD Ameritrade Institutional at a recent CFP Board Women Initiative (WIN) event and were on hand to help reveal a new study pinpointing why there are so few women in financial planning.

Why So Few Women in Financial Planning?

The study revealed a few key themes:

  • Women lack familiarity with the role of a financial planner and are therefore unlikely to seriously consider a financial planning career.

  • The insider’s positive view of financial planning and the opportunity to have a personally and financially fulfilling career is not being widely or adequately communicated to women on the outside.

  • Gender discrimination and bias exist within the financial planning profession, likely resulting in women feeling unwelcome and unsupported.

  • Compared to men, women are recruited less, hired less and paid less.

“The face of wealth is changing and as an industry we must embrace more diversity,” Nally told the audience. “Historically the financial services industry has not done an effective job in attracting women as advisors or serving the needs of women as consumers. And today investors need more help than ever. We need the talents and skills of young women to advance the profession and ensure the longevity of our industry.”

How will TD Ameritrade Institutional Make an Impact?

TD Ameritrade Institutional will continue its efforts to change the way women see the financial planning profession and the way the industry fosters and encourages women. Much of our efforts are aimed at the next generation of advisors and broadening awareness among young men and women.

  1. The TD Ameritrade Institutional NextGen Scholarship and Grant program support students studying financial planning and encourages universities to develop innovative curriculum.

  2. The TD Ameritrade RIA Intern Network and Internship program will help advisors recruit, train and retain top talent to their firms.

  3. TD Ameritrade will continue to sponsor research , and offer networking and professional development opportunities for women at events such as the National Conference and Elite Summit.

  4. TD Ameritrade will advocate and build awareness through keynote speaking and participation in industry association efforts such as the CFP Board’s WIN initiative and Financial Planning Magazine’s Women Advisors Forum Series .

from TD Ameritrade Press Releases


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