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Conferences for Women Advisers on the Rise: Attend One

Over the past decade, the number of conferences geared toward the female adviser has grown. I’m proud to say that my own company, Commonwealth Financial Network®, will be holding its first Summit for Women Advisers in June. Further, broker/dealers, industry publications and industry organizations are focusing in on the female adviser to a much greater extent than ever before. So, what does this trend tell you?

For me, it means that many likely share my opinion that women will play a much greater role the industry at some point in the future. But I also believe that conferences for women advisers are on the rise in more ways than one.

Better Than Ever

It’s not just the quantity of conferences that has increased. It’s also the quality. The speakers are engaging, articulate, and, in some cases, well-known. Other presenters are delightful surprises, showcasing the inspiring new talent within the industry. And then there are the audiences! Audience members are well-spoken, asking insightful questions that everyone in the room can learn from.

The feeling of these events is also changing. Women seem to have gotten better at networking, evidenced by the constant exchange of business cards. And they’re branching out. You no longer see women sticking with the three or four people they came to the conference with. Instead, everyone is eager to put out a hand to meet new people.

Finally, those organizations creating these conferences are to be commended for taking a stand to help develop an adviser segment vital to the future of the industry. Organizers of successful events carefully include female advisers in designing events and diligently seek input from all attendees—so a round of enhancements can be made for the next conference.

Still Room for Improvement

Of course, some may say that we don’t need conferences for women advisers since there aren’t conferences just for men (that I know of). So, what’s with the focus on women? Well, the reality is that almost all conferences are dominated by men. Women advisers are still, by far, the minority at 17 percent, with the number of CERTIFIED FINANCIAL PLANNERTM practitioners a bit higher at 23 percent. The female contingent has been far from top of mind over the years at industry conferences. If you need proof of that, just look at the standard gifts that advisers receive: the XXL T-shirt or golf tees. Those do work for some—but not for the majority—of women.

Sometimes, women are surprised to see men at a women’s conference. At one conference I attended, a couple of women commented on the number of men there. I had not paid attention and assumed they were from sponsoring organizations. But then I gave it some thought. Why didn’t the sponsor organizations send their female executives? Did those sponsor organizations even have female executives to send? As an industry, we are increasingly interested in ESG (environment, social and governance) investing. How might “governance” be playing out right in front of our eyes? Now, I’m sure some of those male attendees were sincerely interested in meeting the needs of female advisers on their staff. But for me, this experience highlighted the importance of increasing not just the number of female advisers, but also the number of woman-owned advisory firms. I believe conferences focused on women will help get us there.

Worth Your Time

The key takeaway here? If you attended a women’s conference once or twice years ago and weren’t overly impressed, I encourage you to give it another try. The quality of conferences for women has been greatly enhanced. I think you will find attending one an experience that is worth your time and energy. It might even boost your career.

Joni Youngwirth_2014 for web

Joni Youngwirth is managing principal of practice management at Commonwealth Financial Network in Waltham, Mass.


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5 Lessons from the Godfather: LeCount Davis, Sr. Shares Wisdom from a 40-Plus Year Career

LeCount Davis Sr., CFP® professional, has been making history since he first received his CFP® certification in 1978. He was the first African American CFP® professional. He founded the Association of African American Financial Advisors (Quad-A) in 2001. And he’s always focused on making an impact in his community and profession. All reasons why he is a winner of a Lifetime Achievement in Diversity and Inclusion from InvestmentNews.

The next generation of history makers have much to learn from him, said 2050 TrailBlazers host Rianka R. Dorsainvil, CFP® professional, in a recent episode highlighting an industry trailblazer in celebration of Black History Month.

Lesson No. 1: Find Your Champions and Allies

Davis knew that if people had more knowledge about their wealth and finances, it would have a ripple effect of good on their financial lives. That’s what led him to financial planning and to founding his first company, LeCount R. Davis and Associates. In doing research for how to realize his vision of providing planning for all aspects of a person’s financial life, he found the International Association for Financial Planning (one of the organizations that merged to form FPA in 2000. The other was the Institute of Certified Financial Planners). He went to a few meetings and met several people who shared his vision, including then IAFP president Alexandra Armstrong, CFP® professional.

Armstrong did not engage in what Davis described as “benign neglect” of him when he was the only person of color in the room, she welcomed him and he started volunteering on several committees within the IAFP.

Another person Davis recalled as being an ally was Robert Ginsburg, who after Davis got his CFP® certification told him that would get him to the table, but it wouldn’t get him anything off the table. Ginsburg invited him into the inner circle, showing him the inner workings of the financial planning profession.

Lesson No. 2: Be the Champion to Bring People into the Profession

In 2001, Davis founded the Association of African American Financial Advisors, or Quad-A.

“I knew that if we didn’t have that type of group, [we had to] put the group together that would be able to approach the industry in certain numbers,” Davis said. This would ensure that black financial planners had the numbers to generate the respect of the industry and make progress.

His company underwrote all the expenses for the organization in those initial years, so Davis knew the organization had to grow—both because his pockets were not that deep and because he wanted to reach more black planners.

But credit is due all around, Davis said.

“I was the first president of the association, but you got a lot of people who came after me who did wonders for Quad-A,” Davis said, giving praise to Lazetta Rainey Braxton, CFP® professional, in particular. “If they had not put in the sweat and tears and blood they did, Quad-A … would not have gotten to where it is right now.”

Lesson No. 3: Stick to Your Goals

In your profession and your life, there are always going to be trials, but you have to press on. Identify your goals and stick to them.

“There are going to be tough times, but you’ve got to tough it out,” Davis said. “Joy and pain are just like sunshine and rain. You have to first have the ability to withstand the hard times.”

Lesson No. 4: Always Learn

Strive to always learn about your profession.

“You must be students of your profession,” Davis said. “You can never stop learning.”

Lesson No. 5: Practice What You Preach

Some articles out there show financial planners don’t always follow their own advice. Doing that affects your credibility, Davis said.

“People see what we do, they don’t just listen to what we say,” Davis said. “So if we’re going to tell them to do certain things, they’re going to wonder why we are not doing the same thing that we’re telling them to do.”

The next generation of planners should take these lessons from one of the profession’s history makers.

“My generation and me, I’m able to do what I do because of advisers like you,” Dorsainvil said to Davis. “I’m able to do what I do very easily. It’s not the easiest but it’s easier than maybe you’ve had it.”  

Ana TL Headshot_Cropped

Ana Trujillo Limón is senior editor of the Journal of Financial Planning and the editor of the FPA Practice Management Blog. Email her at alimon@onefpa.org. Follow her on Twitter at @AnaT_Edits.


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Do These 4 Simple Things to Enjoy More Business Success in the New Year

Endings and beginnings serve as natural signals for us to stop and reflect, and the fading of one year into a new one is no exception. If you haven’t yet, block off a few days (or better yet, a full week) on your calendar and devote that time to some strategic business planning now in the new year.

You’ll want to look back at the previous year and honestly evaluate what worked, what didn’t, what moved the needle toward success and what you may need to change going forward. Hopefully, going through this process will allow you to identify some actions to take in this new year.

Just in case you need a little help, allow me to suggest a few very simple things to try that could create some massive shifts toward success for you and your business. Some of these tweaks are changes in mindset, others are more tangible to-dos you can implement. But they’ll all help contribute to a more productive, creative and, hopefully, profitable 2019.

1.) Get Crystal Clear on Who You Want to Reach

If your answer to the “Who do you work with?” question is, “Individuals and families,” it’s time to do a little market research. Understanding the specific people you serve is critical to a number of functions in your business, from business development to marketing to customer service to client success and more.

After all, the clients in your book of business are real people who are just as complex, nuanced and complicated as you are. To reduce them to a general, bland group like “individuals” is disrespectful—and it also puts you at a massive disadvantage.

Why? Because it’s hard to effectively communicate in a way that persuades, delights and influences your target audience if you have absolutely no clue what makes them tick, what matters to them, what keeps them up at night and what worldview they operate with.

Be able to list off not only your ideal clients’ demographic information (age, location, earnings, ethnicity, gender, job sector, etc.) but more importantly, know their psychographic information: their fears, beliefs, values, desires, needs, dislikes and more.

2.) Eliminate What’s Not Essential

At a conference I spoke at recently, an audience member asked a great question that was about content marketing but could apply to just about any aspect of your business. This attendee asked how he could avoid becoming “the dancing bear.”

In other words, how could he avoid getting caught in the trap of producing content for the sake of throwing something out there to entertain followers day after day after day?

The answer is that you don’t have to hit publish all the time. You just don’t. Sometimes, it’s not essential—and if you come across a non-essential task, it’s a good candidate to cut from your to-do list entirely. There will be times when you don’t have anything to say. So don’t say anything. Make the choice between adding to the noise or waiting to be the sign.

Whether it’s content marketing or any other aspect of your business, quality likely matters more than quantity. Look at what you’re currently doing and ask, “What’s essential here? What’s serving a function that moves the needle—and what’s just noise, busywork, clutter or being done for the sake of quantity rather than quality?”

3.) Understand What Really Fuels Creativity

How many projects for your business have you put off because you weren’t feeling creative or inspired? It’s natural to feel like you’ll do your best work when you feel particularly compelled to act, but there’s a problem with that: creativity is not fueled by inspiration. It’s fueled by work.

Here’s an example of what I mean. I get some version of the question, “You write so much—how do you stay so inspired?” all the time. I understand why. I do write so much. (I once tried to estimate just how many words I manage to write in a month and the total easily topped a couple hundred thousand written words—every month!)

Many people assume I must be extremely creative, highly gifted or constantly inspired (or some combination of all three). The truth is, I have a system and I stick to it. If I only created content when I felt inspired, I wouldn’t write a thing. I’m able to create so much because I take the work of creating very seriously and I sit down to do that work regardless of whether I’m feeling particularly creative or inspired.

If you can make this shift for yourself and understand that putting off important projects until inspiration strikes is a sure way they’ll never get done, you may find yourself a little more productive—maybe even prolific—in the new year.

 4.) Invest in Personal, Not Just Professional, Development

Stick with me here, because it’s going to get a little woo-woo. Most of us are perfectly comfortable with spending money on professional development; we’re happy to fly to conferences, gather up CE opportunities or invest in specific training courses.

Too few of us, however, are willing to make the same investment into our personal development. That’s problematic because by skipping over the personal aspect of developing yourself, you’re missing out on huge opportunities to run a better business.

Personal development can help you improve your decision-making skills thanks to the understanding it can give you of your own thought processes. Self-awareness is critical for anyone in a high-powered position, from lead adviser to firm owner, because it allows you to better spot potential flaws in your own thinking.

Similarly, personal development work can help you uncover blind spots that you didn’t even know you had. The more things you didn’t know that you can discover, the better you’ll be at shoring up weaknesses or gaps in knowledge, skills or abilities.

And finally, I’d argue that investing in your personal development simply makes you a more engaging, interesting, thoughtful person that others tend to gravitate toward. You’ll likely improve your communication skills, boost your emotional intelligence and radiate confidence and a sense of groundedness in who you are and what you want to accomplish in your business and your life.

KaliHawlk
 Kali Roberge is the founder of Creative Advisor Marketing, an inbound marketing firm that helps financial advisers grow their businesses by creating compelling content to attract prospects and convert leads. She started CAM to give financial pros the right tools to build trust and connections with their audiences, and loves helping advisers find authentic ways to communicate in a way that resonates with the right people.