Mediaplanet announced the launch of “Women in Finance.” This campaign will empower women in the financial services by giving them the tools and support they need to advance their careers. It will also educate women of all kinds on the various career options in the finance world, as well as highlight companies offering equal opportunities to their employees.
Today, just two out of 10 financial advisers are women. That’s pitiful when you consider that women comprise 51% of the overall U.S. population and are soon expected to control an estimated $22 trillion in wealth.
While there is a gender gap in financial services, there are also hundreds of inspirational role models that are putting some mighty cracks in the glass ceiling and clearing the path for a new generation of female leaders. For the first time in its 226-year history, the New York Stock Exchange has a woman president, Stacey Cunningham.
Cunningham says it’s important to bring in people with diverse backgrounds, viewpoints and perspectives. “If that’s the focus, you’re going to find you have a much more diverse team across gender, race and socioeconomic backgrounds,” she said. Throughout her career, Cunningham has learned from everyone around her, including coworkers and bosses. She says relationships are important for professional success and advises building a team of people with different skills and perspectives.
As a large portion of the advising workforce approaches retirement age, Jennifer Bacarella, the director of firm development and a member of the executive committee at Sigma Financial Corporation, suggests that the push towards gender equity in the industry means breaking entrenched norms of mentorship and succession. Because many of today’s advisors built their careers in a “very male-centered” industry, “they only think about bringing men into the industry,” she says, adding that when it comes to building a succession plan, “our advisors always look to their sons.” Buck also encounters dated ideas of what success looks like in the industry. “When I walk into a room, even though I run the company as a CEO, everybody greets my husband first,” she shared.
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