A new white paper released by Pershing, LLC, reveals a "woeful" deficiency in female financial advisors. The study was conducted to determine best practice in attracting and retaining women professionals.
There were three main factors attributed to this decline:
1 - the field will be experiencing a drop in advisors as Baby Boomers begin to retire.
2 - there is a persistent pay gap that is turning women away from the field. Women are earning only 58 cents to the dollar, costing them an average $1.25 million over a 35 year career.
3 - a study found that more than half of Fortune 500 companies are not doing enough to attract women.
While there is a growing demand for investors in general, there are attempts now to lure more women to the profession. The attraction stems from women's innate ability to be more socially and emotionally sensitive to others' needs. It appears the labor force is finally putting our natural maternal instincts to good use. Seems like a trend in maternal economics is on the way.