Updated Friday, September 19, 2014 as of 5:55 PM ET

For Female Advisors, a $32K Pay Gap

Want to know why there aren't more female CFPs? Follow the money.

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Comments (2)
This research seems flawed to me. It ignores the type of compensation receieved by the advisor and possibly hours worked. Most wirehouses pay a commission based exclusively on sales thus discrimination seems difficult if not impossible.

Perhaps the fatal flaw in this study is that it fails to compare apples to apples. What percentage of female advisors surveyed were salaried based vs male? Were the female advisors primarily employed by online and bank channels where they work regular hours and have time to manage a home life? Do they work the same hours as the male participants surveyed?

The conclusions reached from the survey are not accurately nor directly attributable from the information provided.
Posted by RALPH L | Wednesday, April 23 2014 at 12:10PM ET
There were a couple of things that jumped out at me. The first was that I wasn't sure who they were talking about. Are "advisors", "planners" and "CFPs" synonomous in the study? I work in NYC in an insurance-based agency full of dual-licensed professionals and virtually everyone in the office is client-facing advisor who is compensated based on production. Although there are fewer women then men in the office, my perception is that on average the women are doing at least as well or better.

The other line that jumped out at me was:

"Meanwhile, when compared with female CFP certificants, other female financial professionals were more likely to believe in what the report characterized as "misperceptions" -- that advisors need both sales skills and strong understanding of financial markets."

To me that says that female CFPs get it...you ABSOLUTELY DO need both sales skills and strong understanding of financial markets to be successful in this profession. If the author of the study considers that a "misperception", I'd say they do not know the business.
Posted by Jeffrey C | Wednesday, April 23 2014 at 1:48PM ET
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