Doing Things Right: What We Can Learn from the Industry’s Largest Woman-Led Firm

"It started as an initiative just within the firm to do things better, to create well, to invite women to a table and to make that table a comfortable, safe space to come and talk and be a part of."

Welcome to WomenShare: a marketing guide for women in financial services. On today’s episode, Joanna Ehresman and Leah Alter are joined by Karen Reifel, CFP®, a senior wealth advisor at Beacon Pointe Advisors.

Beacon Point is the largest female-led RIA firm in the country with women making up over 60% of their corporate team and features the Women’s Advisory Institute, a branch of the firm committed to serving women.

Karen joins us to share the ways that she and her team are tailoring services to address women's unique financial concerns and creating meaningful content and engaging events that marry finance with social experiences.

Karen opens up about the emotional intelligence she brings to her client relationships and the double-edged sword of nurturing that characteristic. Our conversation touches on the timely shifts in societal norms towards empathy in wealth management, the pressures women face juggling multiple roles, and the vitality of asking for help.

Key takeaways:

1. Tailored Financial Guidance for Women: Karen Reifel shares insights into the development of financial content and events designed specifically for women's financial needs, focusing on the significant question of their financial security. This addresses the unique challenges and concerns that women face in financial matters.

2. Importance of Representation and EQ: The feedback from female clients has led to a more diverse representation in the company’s materials and events. Additionally, Karen discusses the pivotal role of emotional intelligence in her work, including both its value and the challenge of managing it, and the societal trend towards empathy in wealth management.

3. Challenges and Support for Women: Leah highlights the pressure on women to juggle multiple roles and the importance of recognizing their limits and seeking assistance. This acknowledges the often-overlooked need for support systems in the professional and personal lives of women.

4. The Value of Continuous Learning in Leadership: Karen places a strong emphasis on the role of curiosity and ongoing education in career advancement, and the normalization of admitting when one does not have all the answers, especially in mentorship roles. This promotes a culture of growth and humility in professional settings.

5. Beacon Point Advisors' Growth and Culture: Karen Reifel details her role at Beacon Point Advisors and the firm's focus on hiring for culture fit, with over 60% of its leadership being women. She underscores how female leadership has become a competitive advantage, attracting similar talent and contributing to the firm's growth strategy, which includes client retention, organic growth, and a strong corporate marketing team.