Stop losing talented advisors: How the industry can attract—and keep—more women

Advisor's Edge | September 28, 2018

"Advisory services and construction have something in common, and it’s not just their respective skills in building solid foundations. Rather, it’s their lack of women. An estimated 12% of Canadian construction workers are women, compared to 20-25% of advisors. Women make up roughly 47% of the Canadian workforce.

Global market data from Mercer show that women’s exit rates from financial services at mid-career are not only higher than men’s but also 20-30% higher than in other industries. In contrast, men in financial services at the same career levels are as likely or less likely to leave their employers than their peers in other industries.

Camilla Sutton, president and CEO of WCM, says her organization’s research suggests women become frustrated within their first four years of employment. 'Usually peak frustration level is year five,' she says, 'and that’s well before the time when they would be thinking about having families.'

The frustration is indicative of being less respected at work, receiving less pay and fewer opportunities, and failing to see their managers as role models. 'On the list of things, work-life balance falls much lower,” says Sutton. “We don’t see an ambition gap.'"

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What is your reaction to the fact that the 61st session of the Commission on the Status of Women will be chaired by a man?