Women are set to control $30 trillion in personal wealth by 2030, according to a 2020 McKinsey report. Yet despite this display of financial power, female representation in the financial services industry is lacking.
Today, just about one-third of personal financial advisors are women. It’s paramount that the industry does more to bridge this gap. But increasing female representation isn’t just about equality. It’s about meeting the unique financial needs of female clients, fostering trust, and empowering women to take control of their financial futures.
I’ve spent more than 20 years in leadership roles across various industries, including financial services, where I now serve as Primerica CFO. Over the course of my career, I’ve witnessed tremendous progress in women leading at work. However, there’s still a lot of work to be done—particularly in the financial sector. In an industry where trust and relationships are imperative, our financial professionals should reflect the diversity of our clients.
The importance of representation in financial services
A recent Primerica report—based on the collective responses of more than 7,800 women across multiple surveys—highlights why such representation matters. Women want financial advice from someone they can relate to, someone who can empathize with their unique challenges and priorities. Yet, just under 33% of personal financial advisors are women. This datapoint has remained flat for a decade, according to the Bureau of Labor Statistics. With so few women working in financial services, many female clients simply don’t have the opportunity to form the connections they crave.
Worse, women continually underestimate themselves on complex financial tasks. While 78% of women Primerica surveyed expressed confidence in budgeting, only 34% felt secure in investing in stocks, bonds, or mutual funds. A recent Fidelity report complements this data. Although more women are entering the stock market, many lack confidence and say they are “overwhelmed” or “intimidated” by investing. Yet, studies have consistently shown that women are disciplined, long-term investors who often outperform their male counterparts. Without the confidence to invest, many women simply miss out on these opportunities.
Empowerment through representation
I’ve seen firsthand how representation empowers clients. Sixty percent of Primerica’s life-licensed sales force are women, making us one of the largest female financial sales force in North America. This allows us to connect with female clients on a deeper, more personal level, building trust and providing financial advice that resonates with their unique needs.
It’s important to note that increasing female representation isn’t and shouldn’t be about filling quotas. It’s about giving women role models in an industry historically dominated by men. When women see others in leadership roles, it signals that they, too, can achieve success. This visibility creates a ripple effect: It inspires young women to pursue careers in financial services and gradually shifting the industry’s culture to one that’s more inclusive.
