By Claudia Buck
The Sacramento Bee.
Mothers, do you want your daughters to grow up to be CFPs?
Alarmed that not enough women are entering the profession of certified financial planning, there’s a push to get more female college graduates and career-changers into the industry.
Calling it a “feminine famine,” the Certified Financial Planner Board in Washington, D.C., last month released a lengthy report on why so few CFPs — less than 25 percent of the 69,500 in the country — are women.
“It’s problematic,” said Debbie Grose, a partner with Lighthouse Financial Planning in Folsom and a CFP since 2008. But it’s not surprising “in any way shape or form,” she said, noting that women are underrepresented in Congress, in corporate boardrooms and as company CEOs.
The CFP Board’s study is part of the overall concern that not enough women are reaching leadership ranks in business, an issue given renewed emphasis last year in Facebook COO Sheryl Sandberg’s “Lean In” book and social movement.
It’s not hard to find numbers that back the concerns. While female students are filling up law and medical schools at greater rates than their male counterparts, only about a third of enrolling MBA school students are female.
It’s the career path chosen by those women business graduates that the CFP Board and others are trying to change.
Generally, personal financial advisers meet with clients to assess their financial goals and offer guidance on how best to manage their money.
Those who earn the added CFP designation have completed professional coursework, passed national exams and a background check.
They also must adhere to strict rules of professional conduct and a “fiduciary” responsibility to put clients’ financial interests first.
A career as a personal financial adviser — with or without a CFP designation — is considered a fast-growing, in-demand profession.