Women still represent less than a third of financial advisors, according to the Bureau of Labor Statistics. The pandemic may have eroded some of the meager advances made in recent decades. Although no figures were available for financial advisors specifically, a whopping 29% of women in financial services left their job permanently during the pandemic, with nearly a third of those who left citing increased caregiving duties, according to an Accenture study.
Now more than ever, firms that fail to adequately support the needs of their female advisors heading into the postpandemic world will struggle to attract and retain a key talent pool—with serious long-term repercussions. By 2030, women are expected to control much of the $30 trillion currently possessed by baby boomers—and over half of them prefer working with a female advisor, McKinsey found.