Are female Financial Planners leading the way when it comes to business development?

There are many widely acknowledged reasons why the Financial Planning profession, the general population, and Financial Planning firms themselves, would benefit from a higher number of female advisers. From simply better reflecting the population it serves, to the different perspectives, approach, life experiences and often higher levels of emotional intelligence and empathy. 

However I believe there is one area which is not often talked about, that is of specific benefit to the firms themselves, and that is female advisers' capability when it comes to business development.

Most advisers are good at keeping in touch with, and building relationships with, their clients. But what about the relationships that are beyond their immediate responsibility, that their employers/the FCA don't set mandatory minimum contact levels with, that they have to play the long game with? In other words, what about professional connections.

Recently, I have been carrying out a retained search for a client of mine. This has involved exhaustively mapping out and approaching c400 Chartered Financial Planners in various locations. My client will provide around half of a full client base for the new hires but want pro-active individuals who either have experience of networking and developing new business through professional connections, or possess the drive and desire to do so. 

So far, more than 50% of the candidates I have submitted have been female (despite the 84/16% gender split in the industry) and the overwhelming majority of candidates being progressed to final stage are female. 

To be clear, this has nothing to do with 'positive discrimination'. My client naturally wants to see a balanced shortlist but there is no 'box-ticking' going on - they want the best people for the job.  It is simply that, out of all the interested candidates I have spoken to, it is the female advisers who have hit the 'hunter' criteria most strongly. And upon formal interview, they are the candidates being progressed on merit. 

Now, admittedly this anecdotal evidence; I am talking a lot in this article about averages, and there are clearly many male advisers who excel in this area, but I think there is something in this. 

Statistically, women typically have larger and more diverse friendship networks than men. They are often better at keeping in touch with friends and family, and frequently take the lead with regards to these relationships in a male/female household. Is it this inherent relationship management skill, and proactive nature, that are being reflected in the business development capabilities of female planners?

Business development is a hugely valued skill in this industry. Financial Planners with the ability to develop new business through their own sources are (usually) rightly rewarded more highly than advisers who simply want to service, or expect all clients to be passed to them. Traditionally, female advisers have had a natural advantage in the divorce space, but this is just one niche. There are plenty of other practice areas within law and accountancy firms to tap into. 

So why is it that, in such a male dominated profession, female advisers appear to be edging it in this regard. 

• Are female advisers typically better at 'playing the long game' and more willing to invest the time and effort to build and maintain introducer relationships?

• Has a historic lack of focus on investing in female talent meant many female advisers have had no choice but to make it happen through their own sources?

• Is it that accountancy and law firms find it easier to trust a female adviser?

• Are male advisers (on average) naturally more reserved, and less likely to enjoy networking?

I would be really interested to hear from both advisers and leaders with your take on this.

Oh, and if you happen to be a Chartered Financial Planner in the South East, with a flair for new business, and are keen to consider your options, do get in touch!