Wanted: Female financial advisors to shrink industry gender gap

Recent studies show that just 16 percent of all financial advisors are women, creating a substantial gender gap. Do you want to close the gap?


If you want more female financial advisors, leverage the ones you already have.

That’s among the findings of the J.D. Power 2018 U.S. Financial Advisor Satisfaction Study, which says that despite the fact that women control 51 percent of assets, just 16 percent of all financial advisors are women.

That kind of a gender gap is nothing to be proud of, especially since it also finds that female financial advisors are generally more satisfied and loyal to their firm than their male counterparts.

That said, female advisors have “some unique pain points” that firms looking to better their position in the industry would be wise to correct.

“The wealth management industry clearly recognizes that aligning the gender mix of advisors with the shifting demographics of investors is critical for their success,” Mike Foy, director of the wealth management practice at J.D. Power, says in a statement. Foy adds, “But firms that want to be leaders in attracting and retaining top female talent need to differentiate on recognizing and addressing those areas that women’s perceptions and priorities may differ from men’s.”

The study, which measures satisfaction among both employee advisors and independent advisors, bases its evaluation on seven factors: client support; compensation; firm leadership; operational support; problem resolution; professional development; and technology support.

Considering that even though overall satisfaction with firms is improving, women are “more satisfied and loyal, bigger brand advocates.” The study finds that female advisors’ average overall satisfaction score is 786 among employee advisors—an impressive 59 points higher than among their male counterparts. Among independent advisors, overall satisfaction among women is also higher, at 793, topping their male counterparts by 39 points.

In addition, female advisors also are more likely than male advisors to say they “definitely will” remain at the same firm over the next 1–2 years (68 percent, compared with 56 percent) and are more likely to say they “definitely will” recommend their firm to others (60 percent, compared with 50 percent).

But as far as female advisors are concerned, their firms fall short in a number of areas. Women are significantly more likely than men, the report finds, to say they do not have an appropriate work/life balance (30 percent, compared with 22 percent). And 90 percent of women who do have that balance say they “definitely will” recommend their firm, while only 68 percent of those who do not will do so.

Women are also less likely than men to say they “completely” understand their compensation (60 percent, compared with 66 percent) and less likely to believe it reflects their job performance (60 percent, compared with 68 percent). They’re also less likely than men to believe mentoring programs are effective (44 percent, compared with 53 percent).

The mean tenure for female advisors at their current firms, the study reports, is 18 years, while the mean tenure for male advisors at their current firms is 20 years.

SOURCE:
Satter, M (13 July 2018) "Wanted: Female financial advisors to shrink industry gender gap" [Web Blog Post]. Retrieved from https://www.benefitspro.com/2018/07/12/wanted-female-financial-advisors-to-shrink-industr/


10 perks that help attract and retain workers

Job seekers and employees today have more control over their careers than ever before. Leaving current positions for better opportunities, and being more selective when applying for a new job, are now commonplace.

With the war for talent in full effect, companies of all sizes have had to take a close look at their compensation and employee benefits to ensure that they meet, or preferably exceed, expectations.

While keeping up with the latest employee benefits trends is one great way to maximize benefit plans, employers should also explore additional employee and workplace perks to help with recruiting, retention and engagement.

1. Free snacks and coffee

coffee and donuts(Photos: Shutterstock)

 

An often-overlooked way to enhance the workplace is to provide employees with complimentary snacks and coffee. Not only does this help employees save a few dollars each day, but office snacks have shown to increase workplace production. And offering employees healthy alternatives can get people more energized and involved with a company’s overall wellness program.

2. Flexible work schedules

One of the biggest trends in the business world has been a shift away from the traditional 9 to 5 work day. While some positions require such a schedule, more and more companies are enabling employees to have more flexibility with their working hours. As a matter of fact, many businesses are including flexible working schedules in their job descriptions and on career sites to help attract younger job seekers. As work-life balance continues to become more important to employees, flexible working schedules can be valuable perk for employers to offer.

3. Working from home

While telecommuting is becoming more common, not all employees can exclusively work-from-home. However, enabling employees to work at home on occasion can be a great perk for keeping employees happy and engaged. Providing employees with the tools and resources necessary to work from home when needed can greatly assist with lowering turnover, and can also help reduce stress and improve the employee experience.

4. Employee assistance programs

A greater focus on employee wellness – both physical AND mental – is occurring in companies big and small. One way to help with this initiative is to have an employee assistance program (EAP). These programs provide counseling to employees for both professional and personal issues, and can include consultations with licensed clinicians for financial and legal services, grief counseling, and day-to-day support for full-time employees and anyone in their household.

5. Company events

You have probably seen or heard of Fortune-500 companies throwing elaborate and expensive events for their workforce. While small employers can’t do something to this level, having company-sponsored events throughout the year is a great way to boost employee morale and build a culture. These events also present an opportunity to boost employer branding and recruitment marketing efforts. Things like company picnics, holiday parties, and even individual team outings (such as a bowling night) help to boost company morale.

6. Employee referral programs

Hiring the best talent is a mission all companies have in common. But with recruiting more challenging than ever, it can be difficult to accomplish this goal. However, establishing an employee referral program (especially one that provides a cash or bonus reward) is a fantastic way to get your entire company involved with recruiting. These programs also help employees feel more invested in their organizations, especially if they can bring friends or professional colleagues to their organization.

7. Lunch and learns

Learning and development is important to employees. While investing in large-scale programs and bringing in industry experts on a routine basis may not be possible, each company has their own subject-matter-experts who can provide learning opportunities to their co-workers. A monthly lunch and learn session can be a great way to inform the entire company on new initiatives and projects, as well as boost employee engagement throughout the company.

8. Employee discounts

Another great additional perk that employees will enjoy are discounts on certain items or events. Discounts on items like clothing brands, tech, Broadway shows, sporting events, and many others can help employees save money while enjoying things that they enjoy. These types of perks are becoming increasingly popular, even for smaller employers and can be a great tool in recruiting. Not to mention the role they play with employee happiness, engagements, and ultimately retention.

9. Summer hours

We discussed earlier about the value of flexible work schedules. A fantastic addition to an already popular perk, giving employees summer working hours are a great way to boost happiness and morale. For example, many companies let employees leave the office early on Fridays to get a head start on their weekend plans. With work-life balance becoming more important, this simple perk can be a great for current and future employees alike!

10. Employee rewards and recognition

Boosting employee engagement and the overall employee experience are critical objectives for all companies today. An excellent way to help with these goals are to recognize and reward employees throughout the year. Whether it’s completing a difficult or important project, reaching certain milestones with the organization (such as years of service), or completing outside education, these can all be extremely valuable for the individual and the company. Additionally, providing rewards along with recognition can go a long way to building engaged culture and a great employer brand.

Source: Altiero M. (3 April 2018). "10 perks that help attract and retain workers" [Web Blog Post]. Retrieved from Benefits Pro.


Why equality matters in the workforce

As the world prepares for the next great technological leap forward since the industrial revolution — through AI, machine learning and the internet of things — employers need to ask who’s going to be left behind in that transformation. According to Tony Prophet, Salesforce’s Chief Equality Officer who recently spoke at the Great Place to Work for All conference in San Francisco, employers must think if these innovations will it make the world more equal or less equal.

One of the four core values at Salesforce is equality, said Prophet. Not only is it important externally, but recognizing it as part of your company’s foundation impacts your decisions, and it starts at the top.

“The people most at risk, you can see it happening over the last decade, are often young women, girls, people of color,” he said. “We naturally want to create opportunities for everyone.”

Prophet noted that the company views itself as having a higher purpose to drive toward an age of company equality. Alos, the CEO and senior executives must set the tone where equality can be effective, and it’s a philosophy that has been a governing value from the beginning.

And as the company moves forward, Salesforce rests on four pillars of equality:

· Equal opportunity — inclusion for all.
· Equal rights — equality for every human being.
· Equal pay — equal pay for equal work.
· Equal education — equal access to quality education.

“None of us are going to be equal until all of us are equal,” Prophet said. And in creating this culture, the company created employee-led and employee-organized groups centered around common life experiences or backgrounds, and their allies.

Equality is an increasing value as discrepancies materialize through globalization, added Michael Rogers, CEO of iFocus: Human Capital Solutions, a consulting firm.

He points to vocational scholars, such as Boston College Lynch School of Education’s David Blustein, who note that access to education, fair consideration for work and the ability to make career decisions are not the same for all.

“Organizations that recognize and address these disparities, through strong organizational culture, position themselves for success now and in the future,” Rogers said.

Back at Salesforce, Prophet noted the employers as implemented a number of groups, called Ohana Groups – built around the Hawaiian concept of Ohana, which means family. These groups include Outforce for the LGBTQ community, Vetforce for the veteran community and BOLDforce to support the black community.

“Be an ally,” he urged. “You can be someone’s ally because you’re there to support your family. One of the things we’ve done is be more systematic in being an ally, it doesn’t mean you agree on every issue.”

Prophet also believes the one of the biggest reasons Salesforce has remained on the list of great places to work is because of the culture it’s created.

Nobody wants to work where they feel like they have to leave some fraction of their identity at the door for fear of retaliation, he said. “But instead [they want to be] working at a company where everyone is seen, everyone feels valued and everyone is heard.”