In this episode of ‘Bridging the Gap,’ Lindsey Lewis and Matt Reiner delve into the intricacies of the financial advising landscape, shedding light on the challenges and prospects that define the industry’s current state. Lindsey shines a light on the industry’s struggle with new advisors dropping out and the imminent wave of retirements. She stresses the need for diversity, especially with women gaining more financial influence by 2030. Both Lindsey and Matt emphasize the importance of client communication amidst industry shifts, reminding us that financial advising is more about relationships than just numbers.

They talk about succession planning, mentorship for women, and help to debunk the myth of finance being a boys-only club. Lindsey pushes for inclusivity and proactive hiring to keep talent within firms, while also talking about the changing expectations of younger professionals and how firms need to adapt. They discuss how transparency and a focus on values are reshaping recruitment and retention strategies in the industry.

This episode highlights the need for mentorship to improve retention rates, looking beyond traditional talent pools for recruits, and fostering inclusive cultures within firms. They stress the value of mentorship and support from male allies and recommend resources like ‘Boundaries’ by Melissa Urban to navigate personal and professional boundaries. The bottom line: the financial advising industry needs to evolve with a fresh narrative that reflects its diverse talent and potential.

Timestamps From This Episode

[11:55] Financial professionals struggle with trust and understanding as there is a disconnect between their technical expertise and the needs of their clients. Despite many entering the industry to help and serve people, job descriptions often do not emphasize assisting with financial wellness and understanding clients’ goals. This leads to a lack of alignment between the recommendations and the specific needs of the clients.

[30:44] Encouraging women to apply for jobs earlier. Promoting inclusivity in hiring practices for diverse groups.

[33:11] Perception and diversity in financial services stagnate. Industry needs rebranding to reflect real world. Women representation in CFP profession remains unchanged. Efforts needed for progress and inclusivity.

[43:45] People seek new opportunities in post-COVID world, including using social media for networking and seeking career growth. Expect changes in work dynamics with private equity involvement.

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About the Show

Bridging the Gap is a financial podcast hosted by CEO Matt Reiner focused on bringing together leaders from the finance and the technology industries to focus on innovating the financial services industry.

Host

Matt Reiner, CFA, CFP®

I’ve been fortunate to be around the wealth management business for over 25 years. Along with this, I’m also the CEO of a tech startup. These experiences have given me a bird’s eye view of both the technology and financial services spaces.

Guest

Lindsey Lewis, Chartered Financial Consultant® (ChFC®) and CFP® Professional

Lindsey Lewis is a powerhouse in the realm of women and finance, carving out a dynamic career where she empowers women to seize control of their financial destinies. Holding prestigious titles as a Chartered Financial Consultant® (ChFC®) and CFP® Professional, she not only provides expert guidance but also serves as a trailblazer for diversity within the financial services industry.

As the Senior Director and Chair of the American College Center for Women in Financial Services, a distinguished Center of Excellence at The American College of Financial Services, Lewis spearheads groundbreaking research and advocates passionately for the advancement of diverse women in the field. At the forefront of change, she also co-chairs The College’s Next Gen Advisory Taskforce, attracting fresh talent to the industry and paving the way for an inclusive future.

Leveraging her status as a Rising Leader, Lewis goes beyond the traditional boundaries, utilizing Women Working in Wealth® social media channels, podcasts, and exclusive events to foster a community of empowerment. Her dedication and advocacy have earned her well-deserved recognition, including a coveted spot on the 2023 Investment News Hot List & Aspionner’s 20 under 40 List, the 2022 Excell Represents Rising Star Woman in Wealth Management award, and a place on the Investment News 40 Under 40 list in 2021.

Beyond her professional achievements, Lewis extends her expertise to the community as a volunteer with $AVVY Ladies, a pro-bono financial planning nonprofit. Holding dual degrees in Personal Financial Planning and an MBA from Utah Valley University, she embodies excellence both academically and professionally.

In her moments of “leisure”, Lewis finds balance through yoga, workouts, and cherishing quality time with her family, where she seamlessly wears the hat of a dedicated mother to two children.