Women Empowering Women

The trend in the traditionally male-dominated industry of financial services is shifting. More than ever, women are making great progress in this field. However, there is still a long way to go before there is actual equality and representation. This takes us to a crucial aspect of the journey: the significance of women supporting women.

The financial services industry has been slow to embrace diversity and inclusivity. Women in particular have been underrepresented in the industry for many years. Today, although women constitute a significant portion of the financial planning workforce, they remain underrepresented at higher levels of leadership. According to recent statistics, women make up about 30% of financial advisers, however at the executive level, this percentage declines. UK government research highlights gender disparity in leadership roles, revealing that women make up only 14% of the big decision-making positions in the financial services sector.

The challenges women face are multifaceted, from balancing work and personal life to dealing with systemic biases.

When I started out in this industry over 20 years ago, I was one of eight financial adviser trainees taken on, and I was the sole female. Throughout most of my career, I was always a minority in any office, conference, or event I attended.

But things are changing. In the financial services industry, women are rising to the top and doing so with the support of other women. They are helping them overcome the obstacles that come with working in a field that is traditionally dominated by men.

In my early career, despite females being in the minority, I was lucky, I had female managers and mentors that supported and encouraged me to believe in myself, recognising and nurturing my talents. I would like to say thank you. You made me feel seen and valued.

My career journey was not however all smooth sailing, once I had reached management, in a male dominated arena I struggled to be heard, found it hard to break through preconceptions, and had to ask for a seat at the table. Many memories of these times haunt me, but possibly the most frustrating was when my ideas were dismissed, only to be later repeated by my male counterparts and hailed as genius and revolutionary.

The gender pay gap, stereotypes, and the struggle for leadership positions are hurdles that many women in financial services still face. However, the strength derived from women supporting women is providing a collective voice to address these issues head-on.

Take, for instance, the rise of mentorship programmes within the industry. Seasoned female financial planners are extending their hands to guide and uplift the next generation. This is not just about passing on technical knowledge; it's about navigating the intricacies of a profession that often demands not only financial acumen but resilience in the face of persistent gender biases.

Support groups and advocacy networks provide a forum for women to discuss their experiences and methods for conquering challenges.

By creating these networks, women can help create a more inclusive and supportive industry that is welcoming to all. That encourages new entrants and makes it easier for existing financial service heroes to stay.

Research repeatedly demonstrate that diverse teams make superior decisions. Women offer distinct perspectives, a fresh way of looking at facts, and a client-focused approach. In a world where financial planning is about recognising the various demands of a diversified customer, our industry is now realising that having a diverse workforce is more than just checking a box; it's a strategic advantage.

When women support each other, the benefits extend beyond individual career growth. It leads to a healthier work-life balance, reduced workplace stress, and a more inclusive work environment. Furthermore, such support networks foster innovative thinking and diverse perspectives, which are crucial for the growth of any sector, particularly one as dynamic as financial planning.

As we look towards the future, it's clear that the role of women in financial planning will only grow in importance. By fostering environments where women support each other, we're not just enhancing individual careers; we're driving the entire sector forward. The collective power of women in finance is a formidable force, one that promises not just equality but innovation, empathy, and a wealth of diverse perspectives.

Let’s work together to create a better future for all in the financial planning sector.