Rebecca Mattingley, Wealth Planner at Kingswood Group, says it is becoming increasingly clear that for companies to be successful, they need female representation and input from the top down.
It may seem obvious to some, but every client, regardless of gender, age, race or religion, needs a financial advisor they understand and feel they can relate to. .
With women set to control 60% of Britain’s wealth by 2025, according to the Center for Economics and Business Research, the wealth and advice industry has seen a significant number of female advisers and paraplanners and Women in compliance-based roles.
This not only provides women in the UK with support and advice, but also ensures that they are looked after every step of the way.
So what can the industry do to attract more women?
supply and demand
Organizations can no longer wait to solve their supply and demand problems. Preconceived notions tend to discourage women from applying for senior positions in the financial industry.
According to a June 2022 report by Deloitte, by 2021 women will make up 21% of boards, 19% of senior executives and 5% of chief executive officers in financial services institutions around the world. rice field.
Significant change is needed to close this gap and shift from a male-dominated industry to one where women can thrive.
As women continue to inherit and create more and more wealth, there is an ever more important move to dominate a new age of advisors who are more representative of the client demographic.
education of young women
To encourage more women to consider careers in financial services, it is important to teach them money management skills from a young age.
There has been a noticeable shift over the past few years, with organizations working with educational institutions to provide hands-on experience in the industry and assist with projects such as resume writing, credit score basics, and teaching how to set up savings. increasing. How to manage your account and bills.
These bite-sized pieces of knowledge are what will make a big difference in how young professionals engage with finance in the future.
The next step in this is ensuring that structured training, support, and encouragement are provided to those entering the industry in entry-level positions.
Deploy flexibility and adaptability while prioritizing your mental health.
Specifically, if you have children or are of childbearing age, women should not be taken to and from school, stay home if their children are sick, or take any medications. , is assumed to have to carry out most of the responsibilities related to children. call from school.
As a woman, you may experience a preconceived notion that your career isn’t that important or that you don’t take it that seriously after having children. Parenting now tends to be shared by both parents and companies, and companies in this space are on board to help parents focus fully on their work without feeling stretched in all directions. , should advocate flexibility in work.
With this kind of benefit, companies will see an increase in the number of women in the wealth management space.
We all know that successful women have a great influence on the colleagues who join them in business. When I first entered financial services, I had several mentors who really shaped my career.
This is very simple, yet very effective, and companies can do it to help new female subscribers feel supported in their financial services journey.
Where many companies can fail is when support stops.
It is important that women are given a reliable shoulder throughout the journey, not just when they are new to the business.
Sharing ideas, brainstorming projects, and keeping personal growth at the forefront of these conversations is essential.
Providing educational tools for women at startup is a key advantage that organizations can deploy when onboarding women into the advice industry.
Whether it’s giving women the chance to “put on their hat” in each department and get a feel for each step of their advice journey, or providing an educational platform for their peers to complete exams and accelerate their growth and careers – this is a very important and critical step.
Many women are programmed to believe that their voices are not as important as men. Women can absolutely succeed if they have the right tools to thrive.
As we celebrate International Women’s Day this March, businesses should recognize the important steps they can take to promote a more gender-inclusive work environment.
There is still a long way to go to create a women-centered environment in which all women, including those who decide to become mothers, can thrive.
Ladies, please be kind to yourself.
This article international advisor By Rebecca Mattingley, Wealth Planner at Kingswood Group.