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Why “Women’s Programs” Aren't Working for Female Advisors

Why “Women’s Programs” Aren't Working for Female Advisors

In an effort to help women achieve success as financial advisors, more and more firms are creating networking groups and mentorship programs for women. While as a woman it feels good to connect with these programs, the truth is that they are not making a big difference for women advisors. Women’s numbers in the field are not increasing. So, why aren't these groups working?

In order to get more female advisors achieving success, we must change the way we do business. Women have thus far succeeded by conforming to industry standards and using methods that have worked well for men, but do not necessarily work for most women. Those who have made it through networking groups and mentorship programs are reinforcing those same methods and continuing the cycle.

Most women who have achieved success have done so by persevering and surviving. It is rare to find a woman who is truly thriving. To help women succeed, we need to turn the business model on its head and start totally fresh, redefining the way business should be built.

[Related: To Serve its Clients, the Wealth Management Industry Must Recruit and Develop More Women]

Follow the six steps below and you will redefine the way you do business and help create a business model where women truly thrive.

1) Understand your purpose.

Really understand why you are a financial advisor and who you are passionate about helping. This will become the foundation for everything you do.

2) Relish your uniqueness.

Just because something hasn’t been done doesn’t mean it can't be done. Don’t use the industry as your guide; follow your heart and do what gets you excited. When your peers are looking at you funny, odds are that you're doing something right.

[Related: Coping Strategies to Lead & Succeed As A Minority Woman]

3) Embrace your value.

Start recognizing what you do well on a daily basis. Don’t beat yourself up for what didn’t get done. Stay focused on the compliments you get, embrace them, and own them.

4) Question tradition.

Just because things have been done a certain way doesn’t mean they are working for you. Use your female filter to question everything. Realize that you as a woman are different and may need to do things a different way. Different is good.

[Related: 6 Tips on Breaking into a Male Dominated Industry]

5) Build your network.

Stay connected to women who also recognize that it’s time to break out and do things differently. The women you want in your network will encourage you to try new things, think creatively, and leverage your strengths as a female financial advisor.

6) Find a coach.

Navigating the male-dominated industry as a female financial advisor requires support and guidance from someone who has successfully turned the business model on its head and redefined the way business is done. Find a coach who is experienced in the women’s way of doing business.

[Related: What Should You Know Before Hiring a Life Coach?]

Most financial advisors are looking for ways to differentiate themselves from the competition. As a woman, you are already different. Use this difference, leverage it, and thrive to create exponential growth in your practice. 

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Adri Miller-Heckman is an innovative authority on marketing to women and the creator of the femXadvisor model. Adri is a passionate motivational speaker who fully engages her audience and inspires advisors to market to the affluent woman, a gold mine of opportunity. Adri’s out-of-the-box style, combined with her personal and business experience, adds tremendous credibility to her story and message. Learn more at http://adrimillerheckman.com.


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