We need to get more women in financial services roles to improve financial confidence at home

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.

The importance of attracting and retaining female employees

Achieving this bright future requires that financial services companies not only attract but also retain more female employees. They can do this by actively recruiting women, particularly at the college level, and making the opportunities for professional growth clear. Offering mentorship programs that pair young women with established female financial professionals can also help.

Additionally, firms must adopt policies to support work-life balance. Flexible schedules, remote work options, and opportunities for part-time roles are essential. This is especially the case for women caught in the “sandwich generation,” caring for both aging parents and young children. The financial services industry already offers a unique advantage with many roles that employees can fulfill remotely or with flexible hours. However, we need to make additional changes if we want to attract and retain female clients.

For clients, having access to a financial professional they trust is critical. According to Primerica’s report, only 18% of women currently work with a financial advisor. This is an alarming statistic considering the complexities of long-term financial planning, especially in the face of rising costs of living, health care, and education. Women also need professionals who can not only explain financial concepts but also empower them to feel confident in their decisions. More firms should make a concerted effort to educate families on budgeting, saving and debt management in addition to helping them understand more complex areas like retirement planning, investing and life insurance.

Increasing female representation helps everyone

Ultimately, women should be empowered not only as clients but also as key decision-makers within their households. By increasing female representation and fostering an inclusive environment, we can build a more trusted, effective industry that helps everyone achieve financial success.

The time for change is now. We must recruit more women into financial services, provide them with the tools and mentorship they need to thrive, and create a culture that values flexibility and work-life balance. Only by doing so can we truly empower the next generation of female financial leaders and household CFOs.