As the first year of this decade sunsets, we look towards 2021 with conscious and confident optimism. During a season marked by unpredictability, financial advisors and their clients showed remarkable resilience in adapting to new ways of living and working. While we may not have a crystal ball, we have a glass half full as we anticipate industries and individuals emerging from this crisis stronger than ever. Together, female advisors and FinTech exemplified this transcendent strength in 2020.
Let’s explore three ways they can continue dominating in 2021 and beyond.
Build Deeper Relationships On Flexibility & Visibility
Female advisors are utilizing FinTech to nurture authentic client relationships. With the right tools, more personalized advice and goals-based financial planning can become core business strategies and product offerings.This may elevate the practices of female advisors and appeal to female clients, who are more focused on life goals; carefully defining these goals and maintaining a long-term perspective.(1, 2, 3) In addition, features such as personalized portfolios and digital transactions offer the flexibility many women seek in an advising relationship.(4) Once these goals are identified and implemented, clients may get a detailed look at their progress, potential, and a plan for the future. By further aggregating accounts, transferring money, and checking performance, clients can gain a better understanding of how to achieve financial wellness. This complete visibility could mean greater engagement and collaboration.(5) Through the flexibility and visibility of FinTech, female advisors can continue building deeper relationships with their clients.
Scale Current Business Through Efficiency & Consistency
One of the most valuable benefits of FinTech is the ability to manage the back office by reducing manual processes. Earlier this year, a number of female advisors reported that FinTech has given them the tools and data to enhance the services they offer by serving clients and scaling businesses.(6) Through compliance and reporting, as well as investment management, paperwork can be decreased and efficiency increased. The front office is becoming the frontline, as demand for advice grows amidst an increasingly complex and crowded financial landscape. FinTech is empowering the automation, integration, and implementation of financial advice. This consolidation of data provides for a more holistic and consistent view of their financial life. Aggregated dashboards provide the crucial element of consistency that can align clients and advisors on data – and therefore – goals. With FinTech focused on efficiency and consistency, we’re beginning to see more female advisors finding success scaling their business.
Attract New Clients With Diversity & Creativity
Technology is changing, along with client’s values and attitudes. From prospects requesting to work with female advisors, to an increase in inquiries regarding team gender composition,(7) diversity in firms is now expected and rewarded. We know there is a business case for diversity; that diverse teams perform better.(8) Now, we’re seeing benefits at the individual level. This year, Merrill Lynch Wealth Management conducted a groundbreaking study on advisor and client relationships which found that female financial advisors are more likely to use positive and communal language. With women investors, this positive language correlates with a “greater willingness to make their own investment decisions even if there’s associated risk.”(9) Furthermore, women consistently score higher than men in both cognitive and emotional empathy; skills related to having high Emotional Intelligence (EI) (3) and building trust with clients. While diversity is essential to the success of our industry, FinTech is also transforming how we work. Over 50% of millennials reported to Fidelity Investments that they would leave a financial advisor who wasn’t utilizing technology.(10) As money changes hands, firms may need to change plans. This will require creative thinking and development. FinTech tools offering automation and personalization are increasing in availability and impact; allowing advisors to increase their value and connection.The diversity and creativity of female advisors and FinTech may catalyze opportunities to attract new clients.
RobustWealth is built for the advisor of tomorrow. Tomorrow is here. We are empowering advisors with innovative digital technology and signature service to help clients achieve financial wellness.Through goal-based investing, transparent reporting, cloud-based computing, digital onboarding, and dynamic billing, we are constantly pushing the limits on what’s occurring in financial services. As female advisors and FinTech hold the potential to dominate in 2021, transformation, innovation, and disruption are alive and well. Our outlook? Look out.
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The views and opinions expressed are for informational and educational purposes only. Information obtained from third party sources which we believe to be reliable but are not guaranteed as to their accuracy or completeness. Investing involves risk; principal loss is possible.
1. Baghai, Pooneh, Howard, Olivia Howard, Prakash, Lakshmi, and Zucker, Jill Zucker. Women as the next wave of growth in US wealth management. (July 29, 2020). McKinsey & Company. (July 2020). Retrieved on December 21, 2020 from
2. MacDonald-Korth, Duncan. Goals-based Investing Helps Win Female Clients. (December 21, 2020). Nasdaq. (December 2020). Retrieved on December 21, 2020 from https://www.nasdaq.com/articles/goals-based-investing-helps-win-female-clients2020-12-21.
3. Jelinek, Sheila, Norman, Suzanne, and Richter, Michelle. The Case For More Female Financial Advisors. (May 19, 2020). Milliman. (May 2020). Retrieved on December 21, 2020 from https://milliman cdn.azureedge.net/-/media/milliman/pdfs/articles/female-financial -advisors.ashx.
4. Garmhausen, Steve. Wealthy Women: Firms Adapt Strategies to Win Huge Market (December 8, 2020). Barron’s. (December 2020). Retrieved on December 21, 2020 from https://www.barrons.com/articles/financial-advisors-have-a-highly-developed-play book-to-attract-and-best-serve-the-needs-of-women-clients-51607365344
5. Osterland, Andrew. Technology Is Redefining That Client-Financial Advisor Relationship. (October 14, 2019). CNBC. (October 2019). Retrieved on December 21, 2020 from
6. Anderson, Brian. Tech Not Scary to Woman Advisors. (March 28, 2019). 401K Specialist. (March 2019). Retrieved on December 21, 2020 from
7. Dagher, Veronica. Clients Want to Work With Female Advisers, and Firms Are Taking Notice. (August 24, 2019). WSJ. (August 2019). Retrieved on December 21, 2020 from https://www.wsj.com/articles/clients-want-to-work-with-female-advisers-and-firms
8. Beilock, Sian. How Diverse Teams Produce Better Outcomes. (April 4, 2019). Forbes. (April 2019). Retrieved on December 21, 2020 fromvhttps://www.forbes.com/sites/sianbeilock/2019/04/04/how-diversity-leads-to-better-outcomes/?sh=4d36d2e565ce.
9. Merrill Lynch Wealth Management. Seeing The Unseen: The Role Gender Plays In Wealth Management. (August 26, 2020). Retrieved on December 21, 2020 from https://www.ml.com/registration/women-research.html.
10. Carey, Theresa W. Fidelity Investments Review. (November 30, 2020). Investopedia. (November 2020). Retrieved on December 21, 2020 from https://www.investopedia.com/fidelity-review-4587897.