According to recruiters, competition for hiring female advisors among wealth management firms has become so intense that it has prompted better offers for women.
Firms will not "admit outright" to offering better deals to women, but recruiters said anecdotally that they have seen higher offers. Mark Elzweig, a New York recruiter shared, "Most firms are eager to attract successful woman advisors, but I have not heard of any that have a formal policy to pay a specified premium."
As evidenced in an analysis conducted by AdvisorHub, executives at the parent companies of brokerage firms have focused on hiring women for their wealth management divisions over the last decade. More recently, firms have become more vocal about the actual percentage of women on their financial advisor rosters. For example, Merrill Lynch has disclosed such figures as far back as August 2020.
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