“Wanted: Women” #hwhtw

December 30, 2011 at 12:15 pm Leave a comment

According to the CFA Institute, “Major financial firms are trying to hire more women as financial advisers. Research by Wells Fargo Advisors found that after four years on the job, female trainee advisers often generate more revenue than men.”

Wanted: Women

By Kristen French

“It’s a man’s world, it is often said of Wall Street (ok, not just Wall Street). Giant brokerage firms like Merrill Lynch, Morgan Stanley, UBS and Wells Fargo sure began as old boys networks, built as they were upon a male-oriented sales culture dominated by chest-thumping eat-what-you-kill bravado. But the business has changed dramatically, particularly in the past decade, as has the face of wealth in the U.S. and around the globe.

“’When I started in the business in 1983, that’s when everyone wore the man-looking suits,’ says Lisa Cregan, managing director and complex manager of MSSB’s Post Oak complex in Houston, who founded the firm’s first Women’s Advisory Council this year. ‘We all tried to look as much like a man as we could so no one would notice we were women. Now there is a force where people appreciate us for the differences we bring to the table, and that’s actually a benefit.’

“Today, the big brokerage firms are all beating the drum to recruit more women they tell us, and building internal support systems to help them become successful financial advisors. It’s not just a matter of promoting diversity in the work force. Turns out it may also make good business sense. Women are controlling a rapidly growing share of global wealth, and data show that at least some of those women prefer female financial advisors. Women are also traditionally thought to excel at the kinds of relationship building skills required in the new wealth management order.”

Read the full article: http://registeredrep.com/news/wanted_women_1229/index.html?imw=Y

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