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Women in finance

Pushing into the financial planning industry has proven to be a challenge for women. Despite great strides in the industry, women struggle to make their way in the field, and Bentley University is aiming to change that. Just recently the university hosted a panel about why women specifically should consider a career in financial planning sponsored by the Career Center, the Financial Planning Department and three other organizations — the Financial Planning Association, the Certified Financial Planner Board of Standards and the National Association of Personal Financial Advisors.

According to the Certified Financial Planner Board of Standards, there are some pretty harrowing differences between the average female financial advisor compared to the average male financial advisor. According to the group:

  • Women earn $32,000 less in annual income compared to male counterparts, despite having similar experience and ownership status.
  • Just 39 percent of women own all or part of their own practice compared to 63 percent of men.
  • Roughly 79 percent of women agree that there is some degree of unwelcomeness toward women in the office culture of financial firms.

Changing Financial Planning Culture

Women may face struggles in financial planning, but they also show a great deal of promise and skill waiting to be developed. Bentley is working to provide these individuals with capable role models and helpful resources in the university's Center for Women and Business, to give them an edge in the industry.

Prospective certified financial planning students meet with professionals at the Bentley panel.

"Bentley University has an opportunity to be a game changer when it comes to training more women to be CFPs," said Kathleen Burns Kingsbury, author of "How to Give Financial Advice to Women" and a professor in the masters of financial planning program. "This panel was just a first step in raising awareness about this career opportunity."

Learning from Industry Professionals

Attendees were encouraged to ask questions about the financial planning field and dispel some of the myths about gender differences in the industry using data obtained by the CFP Board. It was just one way professors and professionals are coming together to teach students about financial planning in general and encourage women that it's not just a "boys club." Some officials believe that learning directly from key players in the industry is the best way for women to get ahead.

"We found that women who did particularly well did have very strong role models and sponsors," said Kathleen McQuiggan, Senior Vice President of Global Women's Strategies for Pax World Management LLC. "These are all topics we're continuing to work on and move forward on."

"During my junior year, when I was attending a panel not unlike this one ... there was a financial planner that was super passionate about her work," Leah Warren, a Wealth Planner at Ballantine Partners told the group of students. "She said a sentence about what she does that I have repeated dozens of times since ... She said 'in order to be a financial planner, you need to have the heart of a social worker and the mind of an economist,' and I said that's what I want to do."

"With the support of universities and other organizations like Bentley, women are feeling increasingly empowered."

According to the CFP Board, there is widespread consensus that increased support of women, greater connections with more female role models and access to women's support networks will increase the number of female CFP professionals. These resources may be the best way for women to overcome gender disparities in the business.

"It is no surprise that the financial industry is still dominated by males (though the number of females in the field is increasing)," Jennifer Moran, a masters of financial planning graduate from Bentley University said. "As a woman, I can attest that at times the financial industry feels like a "boys club" but that with the support of universities and other organizations like Bentley, women are feeling increasingly empowered to succeed in the financial planning field.