Teri Shepherd understands that financial wealth means making connections, even though finances are, traditionally, a private matter. That’s why she’s the driver behind Carson Partners, which has grown to over 140 advisory firm locations nationwide.
A large part of her work has been connecting women to careers in her industry. When Shepherd became chief operating officer and chief finance officer of Carson Wealth in 2012, the wealth management firm had no female advisers on staff. Within a span of seven years, the now-president changed that number to 40%.
That’s nearly double the percentage of female wealth advisers nationwide—statistics vary between 20% and 25%, depending on the source.
“$30 trillion in assets are supposed to be in the hands of women by the end of 2030, so we’re focused on helping get more women into our business as financial advisers because women are going to control a good portion of the wealth,” Shepherd said.
Shepherd has increased the number of women in the company from the top down—the leadership team of the nationwide firm that boasts locations from San Francisco to Boston includes five women, including Shepherd.
The sixth female leader is Nelly Carson, the beloved company dog and woof-erful chief comfort officer.
“A lot of women like to work with other women, so that’s a big reason why we are focused on diversity, and it’s something we’re strategically focused on, on a go-forward basis,” Shepherd said. Carson provides several options for their clients, including a financial strategy for female CEOs.
Shepherd is increasing numbers even as the industry on the whole is declining. With 60% of advisers over age 40 (according to Zippia, SmartAsset, and other sources) and electronic alternatives available, adviser numbers have been falling. Cerulli’s 2023 research revealed a 1.9% decline in their roles.
To help gain more women in leadership, Shepherd advocates for coaching beyond mentorship.
“One of the things that we learned in our Women in Wealth Report is that a lot of women get mentored, but very few actually get sponsored,” Shepherd said. “And that means someone is taking the time to really introduce you to others, to help you leverage the relationships you have, and help promote you, whether it’s in different circles or other ways.”
She continued, “I think it’s so helpful to get mentorship, but sponsorship kind of takes it to the next level.”
One of the ways Carson, and Shepherd, is helping people get sponsored (and mentored) is by creating strategic internships. The company has partnered with colleges in Nebraska, including the University of Nebraska and Creighton University, to advocate and nurture the next generation of financial industry professionals.
Shepherd herself uses her voice to help promote other people in the financial industry. She has spoken at key industry summits such as Schwab Impact, Tiburon CEO Summit, and T3.
She’s been a speaker, a financial services employee, and a strong woman in business—but she’s mostly described as a trusted, empowering leader who helps business-owners, especially those who are women, succeed in the wealth of their businesses and their personal lives.
“I think a lot of women very often feel like they need to do it themselves. When it comes to your family, your finances, and planning for the future, I encourage (you) to seek out a professional,” Shepherd said. “It is life-changing, and it takes all the pressure off of them.”
Her extraordinary efforts have paid off, whether through expanding her organization nationwide or being recognized on a national level. In fact, due, in part, to Shepherd’s extraordinary efforts, Carson Group was this year named an Excellence Awardee, and finalist for the top honor of “DEI Organizational Effort of the Year” through InvestmentNews Awards.
Visit carsongroup.com for more information.
This article originally appeared in the December 2024/January 2025 issue of B2B Magazine. To receive the magazine, click here to subscribe.
