Women fare well in investment industry

More women are taking the bull market by the horns and entering the field of investment counseling. And they are not alone.

The industry has, in recent years, become a popular career choice for both sexes.

"I've seen both men and women come into the field from every background imaginable," said Debbie Lee, investment representative for Edward Jones in Nixa.

Rick Hale, financial advisor for American Express, concurs.

Hale said professional people, from teachers to attorneys, have switched to investment counseling in the past several years.

"More women are coming into the field every day," Hale said.

He added that the investment field is rewarding because it provides an opportunity to help people become more financially secure and plan for retirement.

"In my 23 years in the business, I've seen a lot of women become very successful," he said.

Carolyn Crim, financial advisor with American Express, said there are no disadvantages to being a woman in the industry, only advantages.

"People are more comfortable talking to a woman because women are more relationship-oriented," Crim said.

Nadia Cavner, vice president and senior financial consultant for Firstar Investment Services Inc., agreed.

Helping people meet their financial goals is a relationship business, she said, which is an area where women tend to excel.

Lee attributes the increased number of women in the field in part to the fact that more women are pursuing nontraditional careers than ever before. This is not necessarily limited to the field of investment counseling, she added.

Lee, with Edward Jones since 1994, agreed with Crim that being a woman has been a benefit, rather than a disadvantage.

She said she has talked to men in the industry who have had doors slammed in their faces.

On the other hand, she said, she has never experienced this negative reaction. People seem to feel less threatened or intimidated when meeting with a woman.

Dennis Heim, co-owner of Heim & Young Financial Corporation, said a woman's tendency toward empathy and being a good listener makes her a natural in the field of financial advisement.

Heim attributes the growth of women in the field to the growth of women in high-profile professions in general.

The primary disadvantage a woman has in any field is family interruptions, such as pregnancy, that men don't usually have to deal with, Heim said.

But all things considered, "I don't see a glass ceiling because of gender," Heim said.

Vicki Stoner, a registered representative and assistant to Dean Young at Heim & Young, agreed with Heim on the empathy women have in building rapport with clients.

This can be particularly beneficial when working with female investors who have had financial decisions thrust upon them through divorce or the death of a spouse, she said.

These clients may be more comfortable confiding in another woman.

Lee said she feels that the rewards of helping people with their financial security override any negative aspect of the investment field.

Prior to her career switch, Lee was a marketing specialist.

"I don't see how much impact the type of mustard one chooses can have on one's life," she said.

On the other hand, dealing with a family's life savings and helping it achieve financial security can be deeply rewarding, she said.

Cavner agreed. Financial consulting is a rewarding career, she said, because it helps people retire sooner and reach their financial goals.

"There's nothing more gratifying," she said.

Hale said a big advantage of the financial consulting industry is independence.

Once all licensing and apprenticeship requirements are fulfilled, representatives are more or less on their own to manage their careers as they see fit.

"I encourage women to focus on this career to control their own destiny," he said.

Lee added that the complicated range of investment choices can be intimidating at first, but investment companies provide extensive training programs for apprentice representatives. Aside from company requirements, state and federal regulations must be satisfied.

By the time they are on their own, fledgling financial advisors have acquired a lot of knowledge.

Lee said Edward Jones has six female representatives in this area, out of a total of 25 to 30. Women comprise 20 percent to 24 percent of staff.

This figure is relatively high, she said, considering the average for the industry is 10 percent to 15 percent.

American Express has a similar mix, Hale said, with approximately 12 women among a total of 50 to 60 representatives.