“Shifting the Mindset” on Talent: Q&A with Ballast’s Jamie Carroll 

The Bureau of Labor Statistics indicates that approximately 31% of financial advisors are women. This reflects a modest presence but still a significant gap compared to their male counterparts. Barron’s analysis puts the number even lower, estimating that only 20% of financial advisors are women. This discrepancy highlights the variability in reporting standards but consistently shows underrepresentation. Data from the Certified Financial Planner (CFP) Board, meanwhile, indicates that just 23% of certified financial planners are women. 

Additionally, according to recent census data, approximately 31% of financial advisors are women; however, this estimate is contingent upon the person conducting the data collection and the definitions that govern the data. The percentage is estimated to be significantly lower in other sources. 

Despite the increasing number of firms implementing diversity, equity, and inclusion programs, the proportion of women financial advisors has remained consistent between 26% and 28% for the past decade, according to Zippia, a jobs research and resource firm.    

Jamie Carroll, wealth advisor at Ballast Rock Private Wealth, an independent registered investment advisor, shared her thoughts on what drew her to financial advisory, how the industry can improve to attract top female talent, and what changes within the space have affected her most, among other topics. 

CM: Tell us what drew you to work as a financial advisor. 

JC: I have always loved working with people and building relationships. I started my career as a marketer for an orthopedic clinic, building relationships between primary care doctors and orthopedic surgeons. I enjoyed meeting people, learning about their needs, and working to meet them. 

After that, I spent five years at an accounting firm, where I enjoyed working with numbers, data, and taxes, and became passionate about the industry. 

However, I discovered that with taxes, you’re coming in at the end of the year to address what’s already happened – more of a reactive situation. As a financial advisor, I love being proactive – meeting clients at the beginning of their financial journey, helping them plan from where they are today to their five-, 10-, or 20- year goals. I like partnering with clients to help them recognize and work to achieve their goals. 

CM: What can the industry do better to increase the number of female advisors? 

JC: Honestly, I think it’s about changing the stigma and traditional expectations. Shifting that mindset and acting upon it is the biggest obstacle. We need to start embracing the fact that women are in this industry and that they can be equally as successful as male financial advisors. 

It’s a shift that needs to take place within this entire industry, and it will take time.  

CM: Please share how your background has influenced your position as a leading woman in wealth management.   

JC: I spent several years at a global wealth management firm. During that time, I was concerned about the lack of female financial advisors. Though this is still a male-dominated industry, it is interesting to see how things are changing. 

Decades ago, men took care of the finances. They knew where the money was and where it was going. As times change, we are seeing more women taking the role as financial manager of their family. They’re the ones that are grocery shopping, shopping for kids’ clothes, paying the bills, etc. We’re seeing more financial conversations within the home between men and women, and I like seeing how that has shifted.

With that, women who have lived similar experiences as female clients are increasingly stepping into the role of a financial advisor, which helps to bridge that gap and create commonality in setting and achieving goals. I like being part of this change. 

CM: What are some important things you think women can do to meet their financial goals? 

JC: Setting a budget is key. Many people see budgeting as restrictive, but it can provide freedom—to spend and save. Clients can feel more confident about spending $500 on clothes because they’ve already budgeted for it and know they’re still on track to meet their goals with an advisor. 

Next is seeking help. When we’re sick, we go to the doctor because they’re the expert. When we need our taxes done, we go to a CPA. But in financial planning, many people think they have to do it themselves. If you’re not knowledgeable about investments or financial planning, go see a financial advisor. 

There are experts who have the knowledge to provide guidance. It’s about identifying goals and partnering with someone to help to achieve them. There’s no shame in that—it’s about where you are, where you want to go, and taking the necessary steps to get there. 

CM: How is BRPW doing its part to create a more holistic environment? 

JC: Ballast Rock Private Wealth (BRPW) works holistically with clients, meeting them where they are rather than pushing them toward a one-size-fits-all investment strategy. They take the time to understand each client individually, to create a customized open architectural approach to their investment portfolio. 

BRPW views its clients’ financial picture as a puzzle, carefully examining how each piece—whether it’s investable assets, lifestyle goals, or other investments such as property, land, or real estate—fits together. This personalized approach goes beyond just the specific dollar amount a client has, focusing instead on the broader financial landscape to ensure that all aspects work in harmony to achieve their goals. 

I was attracted to BRPW because of the firm’s capabilities in offering unique, customized investments and to do what’s best for each client. It’s not a cookie-cutter company, and this capability sets it apart from many firms. 

CM: What industry changes, if any, over the past several years have affected you most? 

JC: The Fed’s high interest rates were challenging. One example was the high interest rates on CDs and cash-based investments. This had a significant impact, as people withdrew money from the markets and placed it into CDs due to the guaranteed, FDIC-insured rates. Now that those rates have dropped, we need to strategize and establish where to reallocate assets, while considering the client’s investment risk and market-risk comfort levels. 

CM: What is one piece of career advice that has stayed with you throughout your years as an advisor? 

JC: I have two, actually. Always do what is right and recognize that you work for the client, not an institution. Always do right for the client by balancing what they want with what’s truly in their best interest. You work for the client, not for the profit or the benefit of any organization, whether it’s a brokerage firm or something similar. 

Early in my career, a financial advisor told me that while he worked for a particular company, he always told his clients, “I may work for you under the name of this firm, but more importantly – I work for you as my client.” That approach resonated with me because I feel that being an advisor is about partnering with clients on their financial journey. It’s not about working for a company – it’s about working for your clients. 

CM: Choose one: Being a woman in the wealth management business has been (a) a hurdle, (b) a benefit, or (c) irrelevant. 

JC: I’d easily choose B. a benefit. 

Men and women are wired differently. As a woman in this industry, I see this as a benefit because I approach things in a way that perhaps a male advisor may not. 

Financial decisions are often driven by emotions, with people investing when confident and pulling back when scared or influenced by the market’s fluctuations. 

As financial advisors, it’s our job to remove emotion from the investment process. As a woman, I feel I can empathize more and understand how emotions impact my clients’ financial well-being and reactions and help guide them to a more practical mindset. 

CM: Looking ahead, how can female leaders like yourself ensure they are paving the way for more women to follow in their footsteps? 

JC: Leaders lead by example, doing what they say. By showing that “if I can do this, anyone can,” I am hopefully inspiring people to achieve their goals. I wasn’t the smartest student in my class, but I had a desire to connect with people and worked hard. People learn by reading, listening, and most importantly – staying coachable. A leader never stops learning. You feel the fear and do it anyway, and with each step, it gets easier. It’s not about specific investments but the broader journey of growth and leadership. The process gets easier as you move forward.