Women in Wealth Management

Wealth management is a historically male-dominated profession. Even today, women comprise only 15% - 20% of all financial advisors.

These gender roles are rooted in years of bias and norms regarding women’s roles in the financial aspect of a household. Not only do men comprise the majority of financial advisors, but they are also more likely to be the financial decision-makers. However, we’re on the precipice of change. By 2030, women are expected to control much of the $30 trillion currently possessed by baby boomers — and over half of them prefer working with a female advisor, as reported by McKinsey.

If ever there were a time to #BreakTheBias, as this year’s International Women’s Day highlights, it is now. To accommodate this upcoming shift in control of the world’s wealth, the financial services industry must recognize that the ongoing lack of diversity in hiring and recruiting is ultimately a hindrance to the world’s economic development.

Working at Farther has afforded me the opportunity to provide key financial insights for women, whether it be those who are experiencing their first sense of financial independence or those with a background of wealth looking to maintain and enhance their financial trajectory. I am proud of the advancements we have made to create gender equity in the financial services industry, but we still have a long way to go.

At Farther, we’re also looking to embed this ethos not just into our internal processes, but into our external products as well. Our client portal’s “Family View” intentionally does not define “head of the household” based on gender roles or norms. And, because we view our clients as families, not individuals, any family member can reach us with questions.

International Women’s Day is a great opportunity to recognize this. But we can’t stop there – we must make it an everyday priority. Women are owed a seat at the financial table, and I look forward to seeing how the industry continues to adapt in the coming years to make gender equity a reality, rather than a long-sought-after idea.

At Farther, one thing we’ve realized through our start-up phase is that we need a more diverse staff base in order to meet the complex needs of our clients. That’s why, starting today, Farther is pledging to dramatically increase our female team base in the years ahead. We ask our clients, our investors, and our team members to hold us to account.

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