How could having more women advisors help the industry?

As one of the most recently recognized WP 5-Star Leading Women in Wealth, Richardson Wealth's Kathy McMillan has a lot to say about the benefits women advisors can bring to the industry.

“There are many qualities we can offer the wealth industry. But the question is why isn’t there more of us in this wonderful calling? The numbers are 12% in Canadian brokerage terms,” she said in a video interview with Wealth Professional. To listen to the full conversation, click here.

“I call it the best-kept secret in Canada. We are very well-suited to this industry. It’s about relationships,” she said. “What we think [it’s about] though, is number-crunching. Getting up early in the morning, analyzing stocks…no, it’s about building relationships with people, quite often, inter-generational.”

According to McMillan, the wealth management business is a “data collection” process of asking questions and getting to know people’s lives. Another aspect to that, she said, is probing to find out the client’s dreams, hopes, and goals. The final product should be “a wonderful wealth plan” that provides a road map for people to get where they want to be.

“The wealth plan is the living entity that’s forever changing,” she said. “So, we’re working hand in hand with people. We’re listening about their lives. We are their valued partner.”

While there have been some past attempts to maximize women’s potential contribution to the industry – McMillan referred to a 2008 survey by the CFP that led to a solution and action plan – she says things have not changed. But moving the needle on gender representation, she said, shouldn’t be so complicated.

“Here’s what we need: Women need a little more security,” she said, sharing her own experience. “This was how I started thirty years ago. I had just a little bit of financial security and I was offered a couple of good mentors. That’s all we need. We just need support and we’re off and flying.”