Insights from the 2023 J.D. Power Survey + Proven Solutions for Women-Led Independent Financial Advisory Firms

The financial advisory profession has been grappling with numerous challenges, as revealed by the recently conducted J.D. Power Financial Advisor Satisfaction Survey. This survey, based on responses from over 4,000 employees and independent financial advisors, sheds light on the concerns and aspirations of professionals in the field. In particular, the survey highlights the impact of administrative tasks, compliance responsibilities, and the aging advisor population. 

Administrative Tasks and Compliance: A Major Grievance

According to the J.D. Power survey, a significant portion (28%) of financial advisors expressed frustration with the excessive time spent on non-value-added tasks such as administrative duties and compliance. These tasks often hinder advisors’ ability to dedicate quality time to client interactions. The increasing burden of administrative responsibilities is leading many advisors to consider their own exit strategies. As markets continue to struggle and the average age of financial advisors reaches 56 years old, a substantial 20% of surveyed advisors revealed that they are just five years or less away from retirement.

The Importance of Recruiting Women in the Financial Advisory Industry 

While the J.D. Power survey indicates a positive trend of women entering the financial services industry, there is still a need to encourage and support more women to pursue careers as independent financial advisors. Equita Financial Network recognizes this need and aims to provide a platform that empowers female founders of financial planning firms. By embracing fiduciary standards as commission-free Registered Investment Advisors, Equita enables women to become truly independent entrepreneurs in the field. The network offers a turnkey platform that not only saves time and money but reduces compliance headaches and administrative burdens. Equita’s powerful community of peers also contributes to the financial success of women-led advisory firms.

Unlocking Opportunities with Equita Financial Network

Built by women for women, Equita Financial Network provides a proven solution for women-led financial advisory firms. Joining Equita provides the opportunity to become part of a growing network of fee-only practitioners across the nation. The network offers a supportive community of like-minded female business leaders who inspire and motivate each other, just as they do for their clients. Equita member firms retain full ownership of their brand and company while Equita provides the necessary tools and resources to ensure their success. Equita does not take an equity stake in any member’s firm.

The J.D. Power Financial Advisor Satisfaction Survey highlights the challenges faced by financial advisors, particularly regarding administrative tasks and compliance responsibilities. However, it also sheds light on the increasing presence of women in the industry. To drive positive change and address these challenges, it is crucial to recruit and support more women as independent financial advisors. 

Equita Financial Network stands as a beacon of opportunity for women-led financial advisory firms, offering a comprehensive platform and a supportive community. By embracing the strengths and talents of women, the financial advisory industry can move towards greater inclusivity and success for all.

To see how the platform works, click here:

Privacy Notice

We recognize the importance of protecting our clients’ privacy. We have policies to maintain the confidentiality and security of your nonpublic personal information. The following is designed to help you understand what information we collect from you and how we use that information to serve your account.

Categories of Information We May Collect

In the normal course of business, we may collect the following types of information:

  • Information you provide in the subscription documents and other forms (including name, address, social security number, date of birth, income and other financial-related information); and
  • Data about your transactions with us (such as the types of investments you have made and your account status).

How We Use Your Information That We Collect

Any and all nonpublic personal information that we receive with respect to our clients who are natural persons is not shared with nonaffiliated third parties which are not service providers to us without prior notice to, and consent of, such clients, unless otherwise required by law. In the normal course of business, we may disclose the kinds of nonpublic personal information listed above to nonaffiliated third-party service providers involved in servicing and administering products and services on our behalf. Our service providers include, but are not limited to, our administrator, our auditors and our legal advisor. Additionally, we may disclose such nonpublic personal information as required by law (such as to respond to a subpoena) or to satisfy a request from a regulator and/or to prevent fraud. Without limiting the foregoing, we may disclose nonpublic personal information about you to governmental entities and others in connection with meeting our obligations to prevent money laundering including, without limitation, the disclosure that may be required by the Uniting and Strengthening America Act by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 and the regulations promulgated thereunder. In addition, if we choose to dispose of our clients’ nonpublic personal information that we are not legally bound to maintain, we will do so in a manner that reasonably protects such information from unauthorized access. The same privacy policy also applies to former clients who are natural persons.

Confidentiality and Security

We restrict access to nonpublic personal information about our clients to those employees and agents who need to know that information to provide products and services to our clients. We maintain physical, electronic and procedural safeguards to protect our clients’ nonpublic personal information. We respect and value that you have entrusted us with your private financial information, and we will work diligently to maintain that trust. We are committed to preserving that trust by respecting your privacy as provided herein.