Female minorities

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Sep 28, 2006 2:27 pm

Hi All,


Although this topic has already somewhat been discussed:


What are the odds for a female minority for being sucessful in this industry?  I'd like to hear from those who have dealt with this and what/how it or didn't work out.  How long did that individual last at the wirehouses?

Sep 28, 2006 2:50 pm

I am of the opinion that it is wrong to even offer the job because failure is preordained.



That is at the retail financial advisor level.



A great many other areas of the business--including institutional
sales--does not depend on being able to get by a prejudice that
influences about 95% of the population.



In a vaccuum we should be able to get past all these issues, but the
reality is that when you're dealing with somebody's future that
somebody is going to be selfish and yield to every stereotype that is
out there.



Life is not fair, and one of the things that may never be within the
reach of a great many people is success as a retail financial advisor.



It has nothing to do with the individual, and everything to do with our society.

Sep 28, 2006 2:56 pm

I most certainly agree with you.  Yet, do you not think there is a market out there for this type of individual?  Where are the sucessful female minorities? Are they doctors, attorneys, small biz owners?  If so why couldn't the fmfa reach out to these people?

Sep 28, 2006 3:14 pm

I think a female minority with the right educational background and personality could do well as a broker/financial advisor but she must be VERY selective about what firm and what branch office she goes to work at. If the firm is serious about making improvements (thanks to too many lawsuits/bad press) and the branch manager knows his or her career/bonus depend upon no more discriminatory actions, then maybe you could do real well.


Yes, there are successful minority small business owners, doctors, lawyers, professors in larger metro areas and I imagine they would like to have an advisor who's of similar background as long as that advisor knows what she's doing.


If you're a recent college grad/MBA and are considering financial services, there are other career paths which aren't as hard to succeed in, however.

Sep 28, 2006 3:24 pm

ymh, do you have a co-worker at your firm? Secondly, give me some ideas of what these other career paths are.

Sep 28, 2006 3:31 pm
kaymac:

I most certainly agree with you.  Yet, do you not
think there is a market out there for this type of individual? 
Where are the sucessful female minorities? Are they doctors, attorneys,
small biz owners?  If so why couldn't the fmfa reach out to these
people?





They could, and they should.



But--and it's a big BUT--are there enough of them to make a practice go?



You have to be able to gather tens of millions of dollars, hundreds
even.  How many minority females will you have to convert to
clients to get that kind of money?



Keeping in mind that they are not necessarily going to fall in line in
some sort of loyalty deal--even though that is often talked about as a
way for "the community" to advance its own best interests.



The prejudices against women and minorities are held by minority women as often as any other "group."



My advice is that if you want to make a career of Wall Street it is
better to come into the business in almost any other area except retail
financial advisor.



Not just minority women--anybody would find the sledding easier in any of the other paths of achievement.


Sep 28, 2006 3:53 pm

I am not a broker, Kay. Yes, I have co-workers.


I would suggest possibly institutional sales or maybe research (equity research is more "tame" than fixed income with respect to gentlemen conducting themselves professionally).


If you wish to e-mail me, Kay, I could give you a little more info on where I think you might have a good chance of a happy/balanced and successful career:


[email protected] (am not a broker or headhunter)


I haven't heard of many (if any) issues at Raymond James with minorities or women. Not sure why that is. Might be a good place to make initial inquiries if you really are considering retail brokerage as a career.


Sep 28, 2006 4:32 pm

I am so sick of this topic.  This is a FAWOMFT.

I have met many, many successful female and/or minority financial advisors. 

I have heard rumors that female brokers are MORE likely to be successful, because they have slightly better than average long-term retention rates among clients.  I have no substantiation, but I would not be surprised if it was true.

I have also heard that there are far fewer NASD complaints about female and minority brokers.

Yes, there are bad apples and clueless dinosaurs out there.  And no, I don't believe that the numbers are as balanced as they could be.  But I think that these issues arise in virtually every industry with a sales force.

Sep 28, 2006 4:35 pm
ymh_ymh_ymh:

If you wish to e-mail me, Kay, I could give you a little more info on where I think you might have a good chance of a happy/balanced and successful career:



Keep in mind when you read her advice she's never been in this business and most everything you'll hear from her comes secondhand.....

Sep 28, 2006 4:36 pm
JCadieux:

I am so sick of this topic.  This is a FAWOMFT.

I have met many, many successful female and/or minority financial advisors. 

I have heard rumors that female brokers are MORE likely to be successful, because they have slightly better than average long-term retention rates among clients.  I have no substantiation, but I would not be surprised if it was true.

I have also heard that there are far fewer NASD complaints about female and minority brokers.

Yes, there are bad apples and clueless dinosaurs out there.  And no, I don't believe that the numbers are as balanced as they could be.  But I think that these issues arise in virtually every industry with a sales force.



There you have it....

Sep 28, 2006 5:09 pm
JCadieux:

I am so sick of this topic.  This is a FAWOMFT.

I have met many, many successful female and/or minority financial advisors. 

I have heard rumors that female brokers are MORE likely to be successful, because they have slightly better than average long-term retention rates among clients.  I have no substantiation, but I would not be surprised if it was true.

I have also heard that there are far fewer NASD complaints about female and minority brokers.

Yes, there are bad apples and clueless dinosaurs out there.  And no, I don't believe that the numbers are as balanced as they could be.  But I think that these issues arise in virtually every industry with a sales force.


I am a Japanese female.  B.S. in Chemical Engineering from a top school in the U.S. private university.  Bilingual - English/Jajpanese.


Not young.  Trying to succeed.  I don't care what other people say, think, or do.


Someone has to be the first .....



BlueOpaueGlass

Sep 28, 2006 5:24 pm
blueopaqueglass:

I am a Japanese female.  B.S. in Chemical Engineering from a
top school in the U.S. private university.  Bilingual -
English/Jajpanese.


Not young.  Trying to succeed.  I don't care what other people say, think, or do.


Someone has to be the first .....





How is it going?

Sep 28, 2006 6:08 pm

HS, do you even know who Condoleeza Rice is?!!

Sep 28, 2006 6:37 pm

JCadieux and All,


Forgive my stupity, what does FAWOMFT stand for? Why cant we all get along. Wouldn't it be the firms' advantage to team up with these individuals to define new markets that could be worthwhile?

Sep 28, 2006 6:53 pm
kaymac:

JCadieux and All,


Forgive my stupity, what does FAWOMFT stand for?


Frequently Argued Waste of my ... Time.

Sep 28, 2006 6:53 pm

One of the issues is the statement, "Could be worthwhile."



Get the confidence that you can say that, "Will be worthwhile" and you'll be able to persuade a manager to hire you.



Also it's not stupidity about FAWOMFT--I don't know either, but perhaps
Financial advisor with out mutual fund trails.  But it could be
something completely meaningless, or even feeelthy.



No wait, Jeff is a Baylor Bear, that means he goes to church several
hours a week, so he wouldn't say anything feeeelthy, even in code.

Sep 28, 2006 6:54 pm

See, I told you.

Sep 28, 2006 7:58 pm
Indyone:

HS, do you even know who Condoleeza Rice is?!!


Is she a broker?

Sep 28, 2006 8:28 pm
Helter Skelter:
Indyone:

HS, do you even know who Condoleeza Rice is?!!

Is she a broker?


Do you doubt she could be?

Sep 28, 2006 8:50 pm
Indyone:
Helter Skelter:
Indyone:

HS, do you even know who Condoleeza Rice is?!!

Is she a broker?


Do you doubt she could be?



Nope. I think that any minority woman who was Sec. Of State would probably be able to do a lot of business. Last time I checked, there was only one minority woman who qualifies and the topic starter didn't specify Dr. Rice. YOu are an idiot to throw that red herring into the fray.  Any black woman CAN be a broker. I just don't think it will be easy for them to raise much money. If I'm wrong, where the hell are they?