Financial advisor Nina O’Neal was tired of being “talked at” during industry conferences. What’s more, she was frustrated there were few, if any, planner-led resources for women advisors. So she took matters into her own hands.
First, O’Neal designed and created an “anti-conference” retreat. Even as she was finalizing those plans, she realized she could do more.
“As we paid the deposit and signed the contract, I was like, ‘It's not enough,’” O’Neal says. “It doesn't create the community that I believe is lacking in our industry. So I just said, ‘You know what, I’ll make one.’”
The partner at Raleigh, North Carolina-based Archer Investment Management and
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O’Neal praises existing conferences and programs as beneficial, but she hopes to build a sense of collaboration she didn’t get when she became an advisor in 2006. In addition to the retreat, she plans to provide mentors, educational resources, a product marketplace and local events.
“Most of the broker-dealers and larger organizations have programs for women within them. This is different — a lot of people who run those programs have never done my job,” O’Neal says. “I just felt that there still wasn't the community there that was needed.”
While O’Neal is affiliated with Ladenburg Thalmann’s Triad Advisors, she describes the network as being “extremely BD/RIA affiliation agnostic” and “for advisors by advisors.” Membership will cost $199 per year for any producing female advisors and $49 for students aspiring to the field.
O’Neal will tap a board of advisors to steer the group, which will also have a men’s section on its website with advice for how to recruit and support women. Three women who have been asked to join the board are of different nationalities, says O'Neal, who is white.
To grow and succeed, the new organization should reach out to groups representing minorities to ensure the conversation around diversity and inclusion expands beyond gender, according to Rianka Dorsainvil,
Dorsainvil, who has a practice called Your Greatest Contribution, has mentored others along with fellow alumni of Virginia Tech. She started a podcast last year about the lack of diversity in financial services called “
O’Neal should “see what's been done out there and put her spin to it” while also partnering with other organizations “so that she doesn't have to create the wheel,” Dorsainvil says. “My hat’s off to her.”
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Advisor Sandra Cho of the LPL Financial-affiliated Pointwealth Capital Management in the Los Angeles area had women colleagues take her under their wings when she entered the field. She feels fortunate to be in a position now to help other women, she says.
Cho’s staff of three includes two LGBT employees and a third who is black, she says, noting they were hired for their skills and talent and adds that their backgrounds reflect some increasing diversity in financial services. Cho still stands out “like a sore thumb” at some industry events, though, she says.
“For me, it's not intimidating or daunting,” Cho says. “It's a source of pride. Because I know that I had to — in all likelihood — work harder and smarter to achieve the level of success that I have, and the level of respect and recognition.”
For women who may feel isolated or ignored at male-dominated wealth management events, O’Neal plans to design a small leather keychain for members to put on their bag so they can pick each other out of large groups.
She declines to name companies which will offer products or services at discounted rates to members. She says several fintechs are interested but she hopes to expand to a variety of providers.
Collaboration in the group will focus more on practice management and growth in the client base than investments, she says. Advisors who join the network can also volunteer to serve as local ambassadors organizing regular events in their area.
O’Neal has scheduled the retreat workshop for Sept. 20-22 at The Inn at Serenbe outside Atlanta. The discussions will focus on goal-setting and building relationships. She plans to launch a website for the network soon and host an inaugural event in Atlanta on April 9.
“Everyone’s been super supportive. I'm very blessed with great relationships, and I've realized that,” O’Neal says. “People are really jumping on board.”
