What female financial planners have to say about industry equity

Financial Planners


Women have entered the financial services industry, but there are still gaps, especially among women of color. In the lead up to International Women’s Day, Investopedia asked women’s financial advisers what representation means to them and how the industry can improve.

From 2018 to 2021, the percentage of women in financial services increased by 40% at the senior vice president level and 50% at the C-suite level, according to McKinsey assessment. 64% of executives are white men and 23% are white women. Only 4% of executives are women of color.

Here are six female executives speaking about the current state of diversity in the industry.

Margherita Chen, Founder and CEO of Blue Ocean Global Wealth, said:

“The theme for International Women’s Day 2023 is #EmbraceEquity. Each of us has a role to play in changing gender biases, stereotypes and discrimination. You can help increase financial inclusion by helping them develop the skills they need to meet their financial goals.

“Financial equity means improved access to competent and ethical financial advice, which is critical for wealth building, job opportunities, and the willingness to start a business. , improve your financial health and positively change your quality of life.

“The time has come to help our community expand access to financial education and improve financial health.

Nicole B. Simpson, Certified Financial Planner

“Even in the 21st century, the share of women in the financial planning industry remains fairly low. Yet there is a glimmer of hope when we are making great progress. and prefers to work with female advisors, which creates a great opportunity for financial planning professionals to help families become financially free.

“Wealth demographics are changing and women are taking a greater interest in overall holistic financial planning, both professionally and in relation to achieving a comfortable standard of living for their families. Women’s financial planning professionals have a strong desire to work with other women when their female clients.

Equity in the financial planning industry continues to be an issue for women as professionals have stagnated at around 23% for the past few years. However, with compassion and empathy, female consumers intentionally seek the advice and guidance of financial planning professionals, and the opportunities are endless. The main reason is that women prefer to work with other women, especially women who can relate to gender issues that are still prevalent in today’s society. ”

Mary Beth Storjohann, Co-CEO, Abacus Wealth Partners

“On International Women’s Day 2023, women will make up 50.5% of the U.S. demographic, but only 23.6% of certified financial planner professionals. , the financial services industry still has a lot of work to do to close this gap.

Every woman has a unique experience when it comes to taking the space they deserve in this industry, and many are self-asserting, pushing past prejudices, stepping out in the open, and building their own table. Today we celebrate the path blazed by the women of finance who came before us, but stop to recognize the work still to be done. . ”

Chloe Moore, Founder of Financial Staples

“I feel very fortunate to be able to help women in technical jobs manage their own finances. On this day, I celebrate the achievements and empowerment of women and look forward to a more diverse, equitable and inclusive world. I have.”

Carolyn McClanahan, Certified Financial Planner, Life Planning Partner

“For too long, there have been stereotypes along gender lines about who has the ability to manage money and manage household finances. Ideas are crumbling and women are more involved in the household finances than ever before.

But we still have a lot of work to do. Men hold too much power in the financial services industry, and men still generally control too much wealth. , we can rest. Change is slow and steady and one day we will get there. ”

Rebecca Walser, Founder, Walser Wealth

“International Women’s Day is very important to me, especially coming from a male-dominated industry, which is very important both tax-wise and financially. It will continue to change as we expect a significant number of advisors who are older white men to retire within the next year and even sooner if a major disruption like the one in 2008 occurs within the next few years. I guess.

This disruption, which is always difficult to overcome, creates enormous new opportunities and allows the industry to fill these positions with more people from more diverse backgrounds, especially women. It’s very exciting and my team and I are delighted to be a part of it!”



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