State of Women in Wealth Management Report 2023

Representation matters.

Starting in 2022, Carson Group began annually commissioning a research study investigating the experiences and perceptions of both women and men on the opportunities and challenges faced by female advisors in the financial services industry.

The intent is to conduct this study annually, tracking year-over-year changes in the experience of women in wealth management – financial advisors, operations leaders and firm owners – as well as the perceptions of that experience by women and men alike.

Key takeaways

Over Mentored, Under Sponsored

Mentorship has helped women rise in the ranks, but female leaders are critically undersponsored.

Building a Better Company Culture

Inclusive cultures are important to attracting and retaining female talent.

The “Second Shift” Struggle

Women continue to be burdened by the “second shift” of taking on most domestic and caregiving responsibilities.

Gender Inequality is Still Rampant

Gender biases, stereotypes and bad behavior remain prominent, which leads to unequal opportunities for women.

Advice for the Next Generation

Early female advisors have benefited from getting their licensing done, networking and finding the right business model fit.

About the research

In this study, we gathered quantitative data through a survey of financial advice professionals, and qualitative data through a series of interviews with survey participants. Survey participants volunteered after seeing organic and paid posts on social media, email marketing and targeted digital ads.

To encourage participation, Carson made donations to Rock the Street, Wall Street of $5 for each survey participant and $30 for each interview participant. Additionally, Carson matched the funds and donated $5,000 to Rock the Street, Wall Street.

The information included herein is for informational purposes and is intended for use by advisors only, and should not be copied, reproduced, or redistributed without consent of CWM, LLC. Carson Partners offers investment advisory services through CWM, LLC, an SEC Registered Investment Advisor. Carson Coaching and CWM, LLC are separate but affiliated companies and wholly-owned subsidiaries of Carson Group Holdings, LLC. Carson Coaching does not provide advisory services.

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