Women advisors should not be afraid to make some waves within their firms if they want to succeed in new business.
This piece from Amy Parvaneh, CEO of Select Advisors Institute, for Barron’s explains how there are thousands of women in the wealth management industry, but not many are responsible for developing new business. Most senior and executive women have inherited their business and grown it slowly via referrals or they manage the relationships while their male counterparts serve as “rain-makers.”
Parvaneh’s three tips for her fellow, female advisors are:
1. The next time you, my female peers, start feeling you’re being too aggressive with prospects, that your ideas for the practice are too bold, that your approach won’t work, stop. Ask yourself whether a man would harbor the same doubts.
2. When you get those “Take me off your distribution list” e-mails, don’t let your emotions get the best of you. The nature of business development is that 100 people will say no to you, and the next could be a $20 million client.
3. When you hear those negative statements from colleagues, reply that while you are following all the rules and compliance, you believe you have a strong handle on your business and want to have full control of the entire process, for the benefit of the firm and your clients and prospects. Let them know that you got this meeting or client from the power of your persistence and tenacity, and you shouldn’t be expected to have it all perfect, if the same expectation is not on others.
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