Although women now make up nearly two-thirds of the U.S. workforce, only about 30% of investment advisors are women and the numbers are dropping, according to a new study from Pershing LLC, a unit of BNY Mellon.
According to The 30% Solution: Growing Your Business by Winning and Keeping Women Advisors, several factors account for the decrease in women advisors:
- More than a third of advisors today are less than 10 years from retirement.
- Women advisors earn just 58% of what their male peers earn, a gap that can cost women an average of $1.25 million each over a 35-year career, according to the Department of Labor.
- More than half of respondents at Fortune 500 companies said that developing women executives was not on their agenda, according to a University of North Carolina Business School study.
According to the study, female investors are significantly more likely to engage advisors than men (46% vs. 34%). Additionally, nearly two-thirds of female millionaire investors and 82% of female ultra-high-net-worth investors prefer working with an advisor.
A copy of the study is available at http://www.pershing.com.
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