Defining the ‘Female Effect’ on advice
Aim: To present the results of the research into the differences in the way male and female advisers work with their clients, provide financial advice, and grow their businesses, and the impact of those differences.
Outcome: Completion of this module will enable financial advisers (audience) to understand:
- Why women advisers are growing their businesses at a faster rate compared to their male counterparts;
- The contrast between the manner in which men and women advisers operate their firms; and
- The unique impact or the ‘female effect’ women can have on an advisory firm.
Abstract: This research undertaken, in the US, examines how male and female advisers differ in the ways they grow and operate their businesses. The benefits of gender diversity in the financial advisory world underscore the differing strengths that women bring to the table. Firms with more women advisers may have a built-in advantage, attracting the growing portion of wealth controlled by women investors who have traditionally been underserved by the industry. The research indicates women are bringing new approaches that appear to be translating to early successes. They are, initially at least, growing revenue faster than their male counterparts, and they are forging a distinct style of management – taking the industry in a new direction.
(Although the module is set in the US context, the findings of the research may likely be useful in providing helpful insights for NZ advisory businesses in planning future growth.)