The CFP Board of Standards Inc. is launching a campaign to determine why the number of female planners has not increased in the past ten years and to see what can be done about it, Board of Directors Chairwoman Nancy A. Kistner announced Wednesday.
For the past decade the number of women earning the CFP designation has remained at 23 percent of the 68,000 members.
The initiative will try to increase that percentage as well as increase the number of women entering the profession overall.
"As more and more Americans need help to meet their financial goals, CFP professionals -- and those who aspire to join our ranks -- have an important opportunity to help Americans get back on track and take control of their financial lives," Kistner
"Growing the ranks of female CFP professionals not only makes good business sense, but it builds the heart and soul of this profession, which is all about helping Americans achieve financial security.
When more women advisors are helping more women clients, they are also helping spouses, children, families and communities," she
Kistner, who also serves as the managing director and wealth planning solutions market director at U.S. Trust, Bank of America Private Wealth Management, made the announcement during a keynote address at the Women Advisors Forum in New York City.
With fields like education, medicine and law, among others, seeing more gender parity, Kistner
says, "It is well past time that we welcome more women in financial services, particularly financial planning."
Board has appointed a Women's Initiative Advisory Panel to identify the challenges women face when becoming certified and beginning a career in financial planning, and to recommend solutions to increase the ranks of female financial professionals.
Kistner will serve as chair of the panel, in addition to leading the overall effort.
It is a profession particularly suited to women in part because financial planning provides a flexible schedule for family and personal time and because most women prefer a woman advisor, Kistner
The more women who are recruited for the profession now, the more who will be available to be leaders and mentors for the next generation, she