 |
The evolving role of women in the workplace and on the home front has changed the landscape of our industry. Women are increasingly becoming the financial decision makers. By some estimates, one half of all U.S. wealth will be controlled by women by the year 2010. By 2030, that number jumps to two-thirds. As the financial status of women changes in society, it makes sense for financial services firms to seek both the talent and the business of women.
Tapping the 'Women's Market'
One of the most important points to keep in mind -- whether you are marketing to women or recruiting them into the insurance profession -- is that there is no one single "women's market." Like recruiting along generational lines, from career-changers to college grads, there is no one-size-fits-all approach to attracting and retaining top talent. Adopting some specific best practices, however, can produce the best results while helping agencies go beyond the age-old question, 'What do women want?'
Mentorship. When we surround ourselves with successful people, we are motivated to follow their lead. Mentorship is a remarkably effective strategy, but it's often overlooked because it takes time to work. This is a difficult industry. Many people, men and women alike, feel they haven't had a chance to train properly before being set free in the field. I was fortunate in that when I entered the insurance industry, straight out of college in 1983, I had the best possible mentor: my father.
New recruits often benefit from a mentoring relationship. These programs appeal especially to women who value personal connections in the workplace. According to a recent survey by Catalyst, a New York-based nonprofit research firm, some 70% of women cite a lack of mentorship opportunities as a barrier to their advancement. In contrast, just 38% of men felt the same way.
Many of the finest and most respected companies have formal mentoring programs in place. But more can and should be done to expand and enhance these programs.
Staying connected. Women may also be more inclined to commit to the profession if given the chance to network. When I started out as an agent in Wayne, Pa., the business decided to bring together female agents from all over the country to hash out problems and share strategies. Topics ranged from how to hire a good assistant to communicating with a male boss. Every woman who attended that seminar stayed in touch after that meeting. Looking back, the retention rate for those involved turned out to be phenomenal over the years and I'm still in touch with many of them today.
It's a smart practice to host special meetings where female associates can talk business and network. Young women and those new to the industry attend their first meetings amazed at the vast network of peers and shared experiences. Such events boost professional confidence and may open the door to mentorship opportunities for less-seasoned pros.
Finding a niche. Giving women the opportunity to focus on markets they know and care about can increase the likelihood of their success. Many women who have succeeded in financial services have a specialty. Often, something in their personal life pulled at their heartstrings and spurred them to become experts in their field.
One of my colleagues sets up special needs trusts for children with disabilities. She has a child with special needs, so her work is near and dear to her. Another focuses her practice specifically on divorced women. She became aware of a market need while going through her own divorce.
These women enjoy helping others get through the same challenging situations they themselves have faced. They've become good at what they do, and they are appreciated for it.
Building a supporting cast. One of the most important things for a woman in our business is to find a home with a company that nurtures female talent and is dedicated to their professional advancement. Programs that support women are a sign of a company that places real value on recruiting and retaining women.
Our Women's Leadership Advisory Board is comprised of some of the leading financial representatives from our company. The board has been a champion for the advancement and education of female agents and has worked to guide management and agencies on programs to recruit, retain, coach, and mentor female financial representatives.
Our commitment to the advancement of women is evident through the programs we have in place for women of all ages. Our Girls Going Places Entrepreneurship Program aims to educate young women about the benefits of business ownership and financial independence.
Flexibility. This is a fantastic industry for women. It's incredibly flexible. A woman employed in our field can choose to work reduced or increased hours, depending on the demands of her family life. Her income potential is not limited by a salary cap or by someone else's opinion of what she's worth. She earns her paycheck in the fairest way possible, and she has the opportunity to make a great living.
The flexibility of a career in financial services provides the work/life balance so many women with families seek. We're juggling managing our careers, preparing for our own retirement, taking care of children -- and in many cases, aging parents as well -- all at a time when society is shifting toward more personal responsibility for financial security. We're faced with more and more challenges as we work to strike that proper balance.
Policies that promote flexibility, such as flex time, give women the room they need to strike that delicate balance.
Playing to their individual strengths. Some of our most successful agents, male or female, have made the switch to a career in financial services from a different field. We are finding that most of the skills people acquire in other fields help smooth the transition to a career as an insurance professional.
For example, women often excel at teaching. This ability is critical in helping clients put together the pieces of their financial protection puzzle. More women will likely enter the financial services industry as they discover that doing so can help educate people on a different level.
Tools for success. Today, Americans have more personal responsibility for their financial future, and the demand for financial advice is skyrocketing. Companies must equip their financial representatives with the tools they need to best serve this burgeoning market. Our proprietary Web-based account aggregation tool, The Living Balance Sheet, gives our clients immediate access to their complete financial picture in real time. Tools like this are key in our recruitment efforts -- and they appeal to our female agents who may have an affinity for teaching. Giving clients a visual picture of their financial health and showing them the value of diversifying their portfolio before taking the plunge is invaluable.
One of the best ways to welcome developing female professionals into the workplace is to offer them a spot on a team. Many appreciate the support and value the flexibility a team-based approach allows. This approach is a benefit to both the client and the financial representative. Clients get to work with a variety of experienced planners with expertise in specific areas, while financial representatives are allowed the flexibility and freedom to focus on a specific area of interest.
Changing Fortunes for Women
Companies should take a fresh look at the merits of strengthening the female agent population and recognize our significant contribution to the industry. Then we can begin to speak the language of the new generation of women who are calling the financial shots at home and at work.
Patricia Picardi, CLU, is a financial representative with Pennsylvania-based Independence Planning Group, a general agency of The Guardian Life Insurance Company of America. She is a member of Guardian's Leader's Club and serves on the Guardian Women's Leadership Advisory Board. In her tenure with Guardian, Ms. Picardi has qualified for the Million Dollar Round Table and has been active in her local NAIFA association, where she has served as president, treasurer, and secretary.
Registered Representative of Park Avenue Securities LLC (PAS), 1767 Sentry Parkway West, Suite 200, Blue Bell, PA 19422. Securities products and services offered through PAS. Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. PAS is a member FINRA, SIPC. The Living Balance Sheet(R) is a registered trademark of The Guardian Life Insurance Company of America, New York, NY.
