Women in Finance Choosing Success through LPL

When it comes to equitability for women in finance, the numbers don’t lie. They also signal a big problem for the future. The growing number of women investors (a demographic set to inherit much of the $30 trillion from baby boomers) prefer their advising financial professionals to be women, according to research from ThinkAdvisor. However, data from a recent Barron's article shows women make up less than a third of all financial advisors.

There’s a gap between what investors want, and what the industry currently provides. As noted in Financial Alliance for Women, it’s a gap that LPL Financial recognized early on and fueled our commitment to bring more visibility and opportunity to diverse advisors. Through our products, business models, and support, more women advisors are finding what they need to thrive independently and grow their business, industry knowledge, and community network.

LPL’s growth contrasts industry trends

In the past month alone, two all-women led firms have chosen to partner with LPL Financial. Taylor Wealth Management, led by Allison Taylor, joins LPL through our broker-dealer, corporate registered investment advisor (RIA) and custodial platforms. Northshore Financial Strategies led by Carrie Turcotte and Crystal Walker, joins LPL through our LPL Strategic Wealth Services model. Each shares a deep commitment to their clients that stems from their own first-hand experiences in a male-dominated field.

After over two decades in the industry, Taylor is no stranger to the challenges women face in building a career in finance, especially at the beginning. At the start of her career she “worked six days a week, drove an hour each way to [her] first job and had two babies,” and despite her success, notes the industry is “still a man’s world.” For Carrie Turcotte and Crystal Walker of Northshore Financial Strategies, their experiences strengthen their dedication to their clients. For Tourcotte, that means recognizing the similarities they share with the women they serve, who also “wear many hats in [their] roles as mothers, caregivers and career women.”

LPL’s growth and success isn’t limited to partnerships alone. Between the welcoming of Taylor Wealth Management and Northshore Financial Strategies as partners, LPL welcomed Cara Dailey as new Chief Data Officer. Not only is Dailey succeeding as a leader in an executive CDO role statistically held by men, she’s succeeding in two male-dominated fields: finance and analytics.

LPL’s innovations pave the way toward equity

The pandemic certainly highlighted the challenges that women business owners face in the financial industry. The “many hats” they often wear were suddenly being worn all at once. Flexibility, adaptability, and remote capability became essential for their businesses to survive. Those partnered with LPL already had access to transition seamlessly and securely, while learning more about deepening client connections and optimizing remote workflows. LPL’s Thrivalist series specifically focused on helping firm’s navigate new challenges through curated content, which included:

• How Financial Advisors Can Thrive Amid the COVID-19 Crisis
• Growing Your Financial Advisory Practice in Turbulent Times
• 3 Strategies for Staying in Touch with Clients in Turbulent Times
• How Advisors Can Solve Remote Work – and Returning to Work – Challenges

With LPL’s robust catalogue of digital services, business owners could optimize their operations and work from wherever their presence was needed most. With LPL’s proprietary business models such as the industry-recognized Strategic Wealth Services and new RIA services, business owners could customize their offerings without sacrificing independence and growth potential. Northshore Financial Strategies was the first all-women team to join through the Strategic Wealth Services affiliation model. They saw Strategic Wealth Services as a solution to reduce compliance-related tasks which took up a majority of operational time. With less time on compliance, they’d be able to spend more time caring for their clients.

For many women advisors, going independent is the solution to circumnavigating industry limitations and finding a work-life balance that reflects their values. While LPL offers solutions to help women-owned businesses better serve their clients, we also know the importance of being able to take time for personal matters. Through supportive solutions such as the Resilience Plan from LPL Business Solutions, business owners can take extended time away from work when needed while knowing their clients and teams are well-cared for until their return.

LPL’s Community Support for Women

For women in the financial industry, it’s important to have a community of support where connection and engagement are prioritized and ever-present. That’s what LPL’s Women advisors find through LPL’s Women Advisor Business Community, along with opportunities to share their insights, give back, and help other women grow in the industry. ‘Giving back’ is a common goal for many of our joining partners and leaders at LPL and reflect the firm’s most recent, and continuing, efforts to bring more equity to the industry and surrounding communities.

Along with her new role at LPL, Cara Dailey continues to serve as an advisory board member to the Women’s Business Collaborative (WBC) that focuses on the advancement of female leaders achieving gender and diversity parity. Taylor Wealth Management notes that LPL’s culture and values were key attributes in deciding to join LPL Financial. Apart from mentoring, Taylor plans on conducting monthly financial education workshops for the public’s benefit. Northshore Financial Strategies continues to hold a special focus of expanding financial knowledge through personalized coaching while also providing charitable gifting strategies through their services.

Lauren Taylor Riley, Vice President, Head of Advisor Diversity & Inclusion at LPL, has had an up-close look at the community’s growth in the recent year. Riley states:

“I am constantly impressed and inspired by the camaraderie shared within our Women Advisor Business Community, under a common goal of making sure our advisors achieve success on their terms, and are supported in helping their clients reach their financial goals.”

Providing women business owners the tools they need to succeed on their terms has and continues to be a goal for LPL Financial. We look forward helping women advisors connect with the investors who’ve been searching for the expertise only they can provide.

The views and opinions expressed by the LPL Financial Advisor(s) may not be representative of the views of other Financial Advisors and are not indicative of future performance or success. Neither LPL Financial nor the LPL Financial Advisor can be held responsible for any direct or incidental loss incurred by applying any of the information offered. Taylor Wealth Management, Northshore Financial Strategies, and LPL Financial are separate entities.