Financial advice has long been a male dominated industry. Women represent 51% of the US population, but only 23% of CFP® professionals are women and this percentage has stagnated over the past decade. Why is there a feminine famine in financial planning? Today we’ve invited Allison Berger and Grace Kvantas back on the show to discuss the 6 main challenges that prevent women from becoming financial advisors. As we shed light on these topics, we share ways we are fighting against these stigmas. We also celebrate Grace as the latest partner of Financial Symmetry. Listen to this episode to hear why there aren’t many women in financial planning but also why that should change.
See show notes here: https://wp.me/p6NrVS-3ar
Grace is a rarity among women in the field. She knew that she wanted to become a financial advisor at the age of 15. Her dad was a CFP® and it was at that young age that she realized that she was taught money lessons at home that many others never received. She wanted to help others learn what her dad had taught her. In college, she learned so much more about finance, but she still didn’t understand the depth of what one learns as a CFP®. It was only on the job that she began to understand all that a financial advisor really does. Listen to this episode to hear about Grace’s journey to becoming a CFP®.
Many people don’t know the difference between a financial advisor and a CFP®. The CFP® designation is the standard of excellence in financial planning. Becoming a CFP® takes a bit of work. You must have a bachelor’s degree and take the coursework first prior to taking the CFP exam. Candidates also need to have 3 years of qualifying experience or 2 years working directly with CFP professionals. After obtaining the CFP designation, Certified Financial Planners must maintain continuing education.
Now is a fantastic time to become a financial advisor. The average age of financial planners is over 50 and ⅓ of advisors are projected to retire within the next 10 years. Women are uniquely positioned to excel as financial advisors in the years ahead. Listen to this episode to hear why 72% of women who pursue the CFP® designation report high levels of career satisfaction.
We walk through the CFP Board whitepaper detailing recommendations to increase the number of women CFP® professionals and the reasons women are not pursuing this career path.