The co-chairs of the event planning committee included: Jaime Desmond of Ladenburg Thalmann Asset Management; Janine Wertheim of Securities America; Jacqueline Simkin, a member of the Ladenburg Thalmann Financial Services Board; Arielle Jaffe of Investacorp; and Marilyn Hosten, Amy Rehn and Christine Bermingham of Triad Advisors.GROWTH OF WOMEN IN FINANCE Alexandra Taussig, Senior Vice President of Marketing, for National Financial, noted at the symposium that while more women have been entering the field, women are still significantly under-represented in the advisory space overall. “According to Fidelity’s sixth annual Broker & Advisor Sentiment Index Study, the advisory profession continues to be male-dominated, with men representing 87 percent of respondents and women representing 13 percent,” Taussig said. “But female advisors who have fewer than five years of experience have increased by 40 percent since 2010. With women projected to account for over 50 percent of the increase in total labor force growth between 2008 and 2018 according to the U.S. Bureau of Labor Statistics, women may become a stronger force in the industry and the overall percentage of female advisors may grow over time.” DEMOGRAPHIC SHIFT Ann Hughes, founder and president of The Female Affect, commented at the symposium that “Women have been hard at work acquiring significant wealth and amassing massive spending power. In fact, today approximately 70 percent of women work outside the home. Women control 72 percent of the total spending in America, which creates an affluent force to be reckoned with. The trend is gaining momentum with today’s youth, as 140 women are awarded bachelor’s degrees for every 100 men earning the same degree.” Emphasizing that women have unique lifestyle differences, Hughes noted that on average, women live four to six years longer than their male counterparts, and frequently find themselves supporting elderly parents while still raising children. “While women are the exact demographic that need the assistance of the financial services industry, instead of flocking to females in droves, it has been a traditionally male-dominated space,” she told attendees. “At the same time, in a recent industry study, 32 percent of women left their financial advisor because they did not listen to their needs or because they did not trust them. The financial services industry cannot continue on this path – the very demographic that has the largest need, wealth and spending power is being marginalized at best and often ignored.”
CONSUMER INSIGHTSPanelists, including successful women entrepreneurs, shared their thoughts on moving toward working with an independent, fee-based advisor. Author and sports agent Molly Fletcher, labeled “the female Jerry Maguire” by CNN, echoed many of the sentiments shared by the consumer panel, noting that women advisors are in the relationship business. Fletcher stated, “Do your clients feel like they owe you, or do you feel like you owe them? The goal is to give enough to ensure that clients do not leave. Before clients officially sign on with you, show them what is it is like to work with you. Have a sense of fearless urgency. Be intentional about how quickly or slowly you respond to things. We are all cognizant of the messages we send to clients, and it’s critical to show that sense of urgency around any work we do.” PROVIDING A FEMALE-FRIENDLY ENVIRONMENT During the “Women of the Ages Panel,” advisors from Triad, Investacorp and Securities America, each representing a decade of life, shared their life and work experiences. All emphasized that building relationships with their employees and strategic partners was as important as building relationships with their clients. All relished the benefits of being an entrepreneur and the support that they received from their respective broker-dealer. About Ladenburg Ladenburg Thalmann Financial Services is engaged in independent brokerage and advisory services, investment banking, equity research, institutional sales and trading, and asset management services through its principal subsidiaries, Ladenburg Thalmann & Co. Inc., Investacorp, Inc., Triad Advisors, Inc. and Securities America, Inc., which together have approximately 2,700 financial advisors and approximately $70 billion in client assets. Founded in 1876 and a New York Stock Exchange member since 1879, Ladenburg Thalmann & Co. is a full service investment banking and brokerage firm providing services principally for middle market and emerging growth companies and high net worth individuals. Investacorp, Inc., a leading independent broker-dealer headquartered in Miami, Florida, has been serving the independent registered representative community since 1978. Founded in 1998, Triad Advisors, Inc. is a leading independent broker-dealer and registered investment advisor headquartered in Norcross, Georgia that offers a broad menu of products, services and total wealth management solutions. Securities America, based in Omaha, Nebraska, was founded in 1984 and is one of the largest and most successful independent broker-dealers in the country. Ladenburg Thalmann Financial Services is based in Miami, Florida. Ladenburg Thalmann & Co. is based in New York, New York with regional offices in Miami, Naples and Boca Raton, Florida; Melville, New York; Houston, Texas; Calabasas, California; Boston, Massachusetts and Princeton, New Jersey. For more information, please visit www.ladenburg.com. This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future growth of our independent brokerage and advisory business, including the recruitment of female advisors. These statements are based on management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of the Company’s business. These risks, uncertainties and contingencies include those set forth in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2011 and other factors detailed from time to time in its other filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.