Mindy Diamond Quoted
By Paula Vasan
According to a new study, the financial advisory industry is growing rapidly, while it’s shutting out women.
Although women’s involvement in the sector has increased — women now comprise 36% of the industry, up six percentage points from 2003 — the gender pay gap has also grown over the past decade, according to a study by consumer website NerdWallet.
The study finds that female financial advisors make only 61.3% of male financial advisors’ annual salaries.
Many in the industry argue that the great wealth transfer underway making women, an historically underserved segment of the population, one of the most immediate opportunities from a business standpoint may highlight the necessity of more female advisors. “I hear a recurring theme: women like to work with other similarly situated women. Women who are in control of their finances are most comfortable looking to a successful female advisor who they think will relate to them and understand their particular investment needs and goals. Happily, we are starting to see more top male advisors recognize this trend and are looking to partner with female advisors to better appeal to this demographic,” Mindy Diamond, president and CEO of Diamond Consultants says.