The economic might of women is large and growing. According to research by McKinsey and Company, women control a third of U.S. household financial assets — that’s more than $10 trillion. The report states, “By 2030, American women are expected to control much of the $30 trillion in financial assets that baby boomers will possess.”
With continued growth of the global financial market, the demand for financial advisors is increasing, and many ambitious professionals are considering this career path. But while opportunities at some financial firms sound alluring on paper, they’re often not structured to give you the support you need to succeed.
With a labor shortage and numerous career options at their fingertips, why would millennials want to work in insurance? On the surface, the industry may not seem to share millennials’ values – but that perception isn’t accurate. Companies like M Financial have made tremendous progress and are transforming the industry to one that millennials want to be part of.
Financial advisors seeking an environment ripe for personal and professional growth should look first into the company culture.
While the benefits of culture won’t necessarily show up on balance sheets, studies show that a financial firm’s culture is critical for setting advisors up to be leaders in the industry and more successful in their role.
Continual advancements in technology are disrupting nearly every business sector. In an increasingly global society that emphasizes mobility and connectedness, digital engagement and data mining are transforming the way business is done.
If you are a woman executive in the world of insurance and financial consulting, you no doubt find yourself in the minority. In the financial industry, women make up over half of the entry-level workforce, but fewer than one in five C-suite positions are held by women, according to Closing the Gap, a study conducted by Leanin.org and McKinsey & Company.
Linda Cahill, co-owner and principal of Enza Financial, challenges the notion that men are best suited for the insurance industry. When it comes to the financial services sector, she believes the market for women is huge — and hopes to see more women bring their skills and talents to the industry.
Kristi Barens, Principal at Mullin Barens Sanford Financial, says that success in the insurance industry requires preparation, mentorship, and the right mindset. Kristi is now a powerful force in the executive benefits industry and a founding partner at her firm, yet when she chose to move from a Senior Manager to an Advisor role almost 20 years ago, she had concerns about leaving a comfortable salary for a commission-only job.
For the insurance industry, the shifting demographics of wealth have sparked a deeper conversation around diversity and inclusion. With digital innovation, higher customer expectations, and disruptive newcomers impacting the marketplace, many insurers are rethinking how to best compete in an increasingly dynamic industry.
Consumers turn to financial services professionals for guidance on their financial well-being, but how do clients ultimately decide which advisors and planners they can trust?