RBC Wants More Women Among Its Advisor Ranks
RBC Wealth Management is betting it can attract trillions of dollars estimated to be controlled by women in the coming years with a new initiative to bring more female advisors to the firm.
Women are expected to control the majority of the coming $3.2 trillion generational wealth transfer, according to a press release from the firm. And 70% of women looking for an advisor prefer to work with a female one, according to an Insured Retirement Institute study cited by RBC.
The current composition of the industry, however, isn’t likely to meet their wishes: only 16% of advisors are women, according to Cerulli Associates data cited by RBC.
“The need and opportunity for female financial advisors has never been greater,” Kristen Kimmell, chief of staff at RBC Wealth Management, says in the press release.
RBC’s “digital storytelling initiative” aims to attract more female advisors by highlighting the stories of women already working at the firm, according to the press release.
The company is producing documentary-style videos about the various paths taken by its female advisors to reach their current positions, RBC says. While some of the women featured came to the firm right after college, the company says others started out as politicians, military translators and rocket scientists. RBC doesn’t say in the release how many of its roughly 1,800 advisors are women.