What motivates female financial advisors?

Abstract

Using psychology and the theory of self-determination, we provide insights to help the financial services industry retain female financial advisors. We find that neither turnover intention motivation factors nor affective commitment factors differ between male and female wealth advisors. This means that the same motivational tools can be used regardless of gender. What appears to be of most importance for advisors' commitment is their ability to practice autonomous behavior in an autonomy supportive environment and at the same time have a sense of belonging within the financial firm. Fostering environments that help encourage autonomous motivation should impact retention rates for women at financial advisory firms.