The financial advisory industry is overwhelmingly dominated by men, but women at the TD Ameritrade Institutional national conference in San Diego, made their presence known at a women's leadership roundtable on Friday.
Firms including TD Ameritrade are realizing the business potential of bringing women on board.
"TD works with women representing 228 firms and $784 billion in assets," said Kate Healy, the firm's director of marketing.
Ellen Koplow, general counsel of TD Ameritrade Holding Corp., said, "The women in this room are not only the future; they are today."
TD believes its work force should reflect its target client market, which is why diversity is a big focus for Karen Ganzlin, its chief human resources officer. TD is trying to attract and retain more women employees.
"You have to create a culture within your organization that is inclusive," Ganzlin said. "You have to bring candidates in and keep them."
The same can be said for developing a client base.
Cathy Curtis of Curtis Financial Planning in Oakland, Calif., who attended the women's leadership session, has developed a niche practice catering to women.
Curtis said she has found that women trying to break into the advisory industry tend to get stuck in support roles instead of working with clients.
Robin Giles, a certified financial planner with Harrison deCharon, a wealth advisory group, has had the same experience.
"I want to do it, not just sell it," Giles said.
Diane M. Pearson, director of financial planning at Legend Financial Advisors Inc., said one thing that she has noticed with her male colleagues is that she doesn't hear the same words they hear when a client is speaking.
The way to beat that, Curtis said, is to start your own firm. Many of the women agreed that women clients feel more confident working with female advisers, especially in the wake of the Bernard Madoff scandal.
One of the challenges for women advisers is finding work-life balance, creating their own schedule and making sure they have time for their family and outside interests.
All the women agreed that female advisers are the future of the advisory industry, with its focus on nurturing and listening skills and the inherent flexibility of the job.
"Women typically have those personality traits," Giles said.
Although there is a perception in the industry that by nature women aren't as competitive as men and won't be as successful, society seems to be coming around, placing more value on communication and relationship-building.
That should be good news for the future of women in the investment adviser industry. Women live longer than men, and they handle more of the money.
The next step, these observers said, is to ensure all firms hire women and create a pipeline for young women to enter the industry, through internships and mentoring programs.
