The New York Times

Consider Firing Your Male Broker

This article originally appeared in The New York Times.

YEARS OF RESEARCH SHOW FEMALE INVESTORS OUTPERFORM MEN. BUT ONLY ABOUT 1 IN 5 BROKERS ARE WOMEN.

When people picture a financial adviser, they typically think of a gray-haired guy who looks like Bernie Madoff, or perhaps a younger man like Leonardo DiCaprio’s character in “The Wolf of Wall Street.” The imagined portrait rarely resembles someone like me, a woman. And that underlying perception is fairly accurate.

Roughly less than 20% of financial advisers are women, a number that has barely budged for the past two decades despite rising gender equity in other fields. But what has this overwhelmingly male work force accomplished?

Banks and brokerage firms consistently rank rock. Then there are the roots of the financial crisis last decade, several of which can be traced to advisers convincing clients that investing in high-risk subprime mortgages was a safe bet.

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