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Investment News: The feminine famine in financial services

Investment News contributor Mary Beth Franklin takes a look at the lack of female financial advisers at a time when women are controlling more wealth than ever before:

Although female investors present an enormous growth opportunity for the financial services industry, the number of female financial advisers who may be best suited to serve them has remained stagnant.

Call it the feminine-famine paradox: Why can’t an industry based on planning sync its workforce with burgeoning customer demand? . . .

“In order to better address the ranks of women out there who we know have more money, we need more women advisers,” said Eleanor Blayney, the CFP Board’s consumer advocate. “Women are hungry for better advice, and on the professional side, we should be hungry for more women advisers.”

But there is the rub.

Many women are reluctant to enter the financial services field because they think that it requires more juggling of career and family priorities than they can muster, said Mindy Diamond, a leading industry recruiter and chief executive of Diamond Consultants.

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