Out of the Way

Since escaping from the corporate ranks of wealth management in late 2023, I’ve been talking with advisors and women in the industry, and I’ve been blown away by what I’ve learned. I shared in an earlier blog how inspired I was by many of the women I’m meeting, and I’m back now with round two of flattery and gratitude for the stories I’m hearing.

I’ve chatted with women in captive firms, members of teams, RIA advisors, independent advisors and owners. Some have businesses that are just a few years old and others have been serving clients for nearly 30 years. All of the women I’m talking with exist far from industry “wolf of Wall Street” stereotypes and instead are publishing books like (add links).

These women are gutsy.  They try things, make mistakes, and don’t apologize. They test, and try different words and phrases, finding ones that feel authentic coming from their voice and effective with their clients.

The women I’m talking with are emotion-based. Their work doesn’t end at investment performance. It begins by understanding the money memories that created the money values and money fears held by their clients. They recognize the power of emotions in financial decision-making and financial planning. They embrace the role of money coach as part of the important work of getting women and families to a place of maturity and flourishing with their money.

These women are whole-person focused. They aren’t drawing the line at investment and retirement planning and are instead talking about work-life balance, life happiness, and helping clients to find a deeper purpose with their work. They acknowledge the many hats they themselves wear and the hats their clients wear. They talk and personally practice self-care. They serve as willing confidence coaches when the client needs a boost.

These women advisors are setting the stage for incredible success in their practices, and incredible wealth for their clients. But, one distinction amongst those I’m talking with bothers me. When I talk with a woman advisor at a captive firm, they acknowledge that the way they work is different from the way they have been taught. They feel pulled between what they are “supposed” to be doing, and the way they want to grow their books of business. 

Independent advisors don’t feel this pull.  Their worry is building a sustainable practice that isn’t feast or famine, knowing when to bring on team members and creating scale through processes. 

In our podcast on money stories, we heard from Melissa Reaktenwalt, advisor and founder of EViE Financial. She acknowledges that she runs differently from the standard “pack the schedule full” advisor who just seeks to meet with as many people as possible to drive as much AUM as possible. And, yet, she’s having hypergrowth. My sample hasn’t been scientific, but there is absolute truth here. The women who are building practices on creating emotional, positive connections with their clients, which takes longer than “regular” appointments, are succeeding by every measure. 

We know that what works for women in the workplace isn’t the same as what works for men (see underlying bias, double-bind, networking).  Why would we think that women advisors would build their practices in the same way as the guys? 

My observation: The corporate leaders at the captive firms should listen more to the women advisors, learn what works for these achievers, and let them grow. By continuing to replay outdated methods, you are leaving clients underserved and limiting your firm’s economic success.

Can you imagine what the women advisors could achieve if their full power was unleashed?  I can, and it would be amazing.