How to Build the Financial Planning Practice You Want to Work For

Let’s paint a picture of two, typical women in the financial services industry.

The first is Katie, a financial planner who works for a firm in California. One day, Katie receives the call that those of us with young children dread: It’s from her nanny, saying that her child is sick.

Of course, this means Katie must take the day off of work to care for him. But, as the employee of a financial planning firm run by men, the news doesn’t go over well. When Katie returns to work the following day, she is called into a meeting by the male leaders of the firm, who tell her that she needs to find a contingency plan for her nanny — and that plan can’t involve Katie.

The second woman in our picture is Bridget, a financial planner who is receiving an annual performance review by the owner of the wealth management firm she works for. Leadership has tasked Bridget with helping build the firm’s financial planning practice, and she is passionate about her work and the contributions she has made. In addition to serving her growing client list, Bridget frequently speaks to community organizations, hosts countless events, and even launched a monthly women’s group.

During her review, Bridget requests an increase in compensation for her efforts and the goals she has accomplished. Not only are Bridget’s requests flatly denied, but the firm owner tells her that she is “too ambitious” and “too aggressive,” and even remarks that her efforts are “a waste of time.” Bridget leaves the meeting in shock, feeling powerless.

If you haven’t guessed by now, we are these women — and today, we are the founders of Equita Financial Network. But our stories are far from unique. They mirror the experiences of women across our industry, from firms large and small.

Of course, it’s no secret that the financial services world is devoid of female voices — in fact, we make up less than 20% of the advisors working in the field. Outside of our industry, the problem persists — surveys have shown that women make successful leaders, but often don’t have the mentorship, resources or capital needed to grow their businesses.

If you have faced discrimination or hardship at your firm, you’ve probably stepped back and asked yourself: “Why? Is there a better way forward?”

It helps to look at the big picture. You likely pursued a career in financial services because you’re driven by passion — by the need to help others achieve their financial goals and feel confident and secure about their future.

We should never let systemic biases railroad our drive and purpose. We owe it to future generations, to our clients, and to ourselves to find a better way. But how can we continue to do meaningful work in an environment that doesn’t provide us with the support we need to actually do it?

Take the Road Less Traveled

For us, the solution was quite clear: “Launch your own firm.” After we started our own firms, we felt completely fulfilled — we had more flexibility and fair compensation, and saw the results of our hard work translate into growing, thriving businesses.

But that doesn’t mean the decision wasn’t stressful. It was tough to walk out the door and start anew without knowing what resources we truly needed, where to find them, and how to pay for them. By far, our biggest challenge was the distinct lack of a supportive network for collaboration, which made the road to independence far more difficult.

Solutions for Today and Tomorrow

Now, more than ever before, we need female representation in our industry. We need women in positions of power — leaders who can effectively support, relate to, nurture, and develop female advisors to foster a more inclusive next generation.

We all know the statistics — and now is the time to take action and address them.

And perhaps, most importantly, we need resources made by women, for women. It’s the reason why we founded Equita Financial Network. Our platform encourages women to start their own, fee-only financial planning firms, covering everything from registration and compliance, to insurance coverage and portfolio management, to bookkeeping for clients. The goal is to empower women to run their business the way they want to — fairly, and in the way that allows them to best serve their needs and their clients’ needs.

The right resources open the door to professional fulfillment and a healthier wellbeing — and they also allow you to build a culture that positions others to thrive, encourages pay equality, favors work-life balance, and creates a community for women to collaborate, share best practices, and client solutions. When we come together and support one another, we create a more promising future, on our own terms.

Are you ready to take the leap and launch the practice you’ve always envisioned? Contact us to start the conversation.

Subscribe To Our newsletter

Equita Financial Network, Inc. (“EFN”) is a registered investment adviser offering advisory services in the State of California, the State of Minnesota, the State of Missouri, the State of Pennsylvania and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by EFN in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or pursuant an applicable state exemption. All written content on this site is for information purposes only. Opinions expressed herein are solely those of EFN, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Click here for our Privacy Notice.

Privacy Notice

We recognize the importance of protecting our clients’ privacy. We have policies to maintain the confidentiality and security of your nonpublic personal information. The following is designed to help you understand what information we collect from you and how we use that information to serve your account.

Categories of Information We May Collect

In the normal course of business, we may collect the following types of information:

  • Information you provide in the subscription documents and other forms (including name, address, social security number, date of birth, income and other financial-related information); and
  • Data about your transactions with us (such as the types of investments you have made and your account status).

How We Use Your Information That We Collect

Any and all nonpublic personal information that we receive with respect to our clients who are natural persons is not shared with nonaffiliated third parties which are not service providers to us without prior notice to, and consent of, such clients, unless otherwise required by law. In the normal course of business, we may disclose the kinds of nonpublic personal information listed above to nonaffiliated third-party service providers involved in servicing and administering products and services on our behalf. Our service providers include, but are not limited to, our administrator, our auditors and our legal advisor. Additionally, we may disclose such nonpublic personal information as required by law (such as to respond to a subpoena) or to satisfy a request from a regulator and/or to prevent fraud. Without limiting the foregoing, we may disclose nonpublic personal information about you to governmental entities and others in connection with meeting our obligations to prevent money laundering including, without limitation, the disclosure that may be required by the Uniting and Strengthening America Act by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 and the regulations promulgated thereunder. In addition, if we choose to dispose of our clients’ nonpublic personal information that we are not legally bound to maintain, we will do so in a manner that reasonably protects such information from unauthorized access. The same privacy policy also applies to former clients who are natural persons.

Confidentiality and Security

We restrict access to nonpublic personal information about our clients to those employees and agents who need to know that information to provide products and services to our clients. We maintain physical, electronic and procedural safeguards to protect our clients’ nonpublic personal information. We respect and value that you have entrusted us with your private financial information, and we will work diligently to maintain that trust. We are committed to preserving that trust by respecting your privacy as provided herein.