THE IMPACT OF BOTH GENDER & COLLEGIATE ATHLETIC EXPERIENCE ON THE SUCCESS OF A FINANCIAL ADVISOR

Zoe Bender

FINANCIAL ADVISOR

Independent contractor Role: to find clients and build their own book of business

Helps the client develop personal financial strategies to both build and protect wealth

over time

Focuses on investments and generating income

Must be competitive and stay up to date on industry

knowledge

ADVANTAGES OF THE CAREER

Unlimited earning potential

Flexible work hours

Fulfilling experience to help families

CHALLENGES

Only 10% of all financial advisor trainees stay for 4 years in the business

THE IMPACT OF GENDER ON A FINANCIAL ADVISOR’S SUCCESS

WOMEN IN BUSINESS

• Prior to World War II, women were not known to contribute financially

• As of 2018, 42% of working women with children are their family’s main breadwinner and source of income

• This statistic is still on the rise today

• Women are now accepted in the business world and are viewed as successful, influential, and valuable to a high degree

• Women continue to be resilient at work and take responsibility for their decisions and actions

• Business women are goal oriented, strong leaders, and great communicators

PERFORMANCE COMPARISON OF GENDERS

• Research suggests that women possess greater capability bandwidth than males do

• Women can accomplish more than men because of their strong multitasking skills

• Women are more likely to have higher levels of motivation

• This allows women to work harder and achieve more than their male counterparts

• Researchers have found that women in sales perform on average 3-4% better than men perform

GROWING OPPORTUNITIES FOR WOMEN IN FINANCE

• There is an enormous demand for women in the financial services industry

• Preferential treatment during recruitment

• As minorities of the industry, women provide a new perspective

• Women prefer to work with female financial advisors

• 60% of the wealth in the US is owned by women

• Special industry events geared towards women

• Support advisory councils

• Professional development events

SUCCESS OF FEMALE FINANCIAL

ADVISORS

Research shows that female financial advisors are more successful and more satisfied than male advisors are

Female advisors reported 2% higher assets under management than male advisors

Female advisors are not only responsible for more wealth, but they also earn a higher income

THE IMPACT OF COLLEGIATE ATHLETIC EXPERIENCE ON A FINANCIAL ADVISOR’S SUCCESS

ACTIVE RECRUITMENT OF STUDENT-ATHLETES

BY RECRUITERS AND COMPANIES

Athletes are often at the top of the list for recruiters because of their traits and transferrable skills:

Disciplined and self-motivated

Time management

Team leadership

Excellent verbal communication skills

Well organized

Quick decision-making skills

95% OF FORTUNE 500 CHIEF EXECUTIVE

OFFICERS (CEO) PLAYED SPORTS

SPORTS EXPERIENCE LEADS TO BUSINESS

SUCCESS

Only 6% of all Fortune 500 CEOs are women

Of this small amount, 54% of the Fortune 500 female CEOs played sports at the collegiate level

It is no coincidence that a majority of the female CEOs of top companies played collegiate sports

HOW DOES THIS AFFECT A FINANCIAL

ADVISOR?

Transferrable skills that athletes learn are parallel to the skills that successful financial advisors must possess

Most of the top advisors played a sport in college

An athlete’s competitive nature translates into hard work in an advisor’s early years, which are crucial

Collegiate athletes are proficient in both setting and achieving goals

Athletes learn to represent their university, their team, and their family in a positive light. Financial advisors cannot be successful without a positive reputation

A strong natural market – collegiate athletes develop strong relationships with many people throughout their college experience . This sets them up for success in the beginning of their career

IN CONCLUSION

• Women and former collegiate athletes can be significantly more successful as financial advisors than their male and non-athlete counterparts can be

• The opportunities and benefits for women far outweigh any challenge a woman may face as a minority in the business world

• Athletes learn countless invaluable transferrable skills throughout their tenure in collegiate athletics, which directly translate into success as financial advisors

• Women and former collegiate athletes will have an immediate advantage over their counterparts in the financial services industry

• These opportunities are crucial in commission-based jobs

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