Ahead of International Women’s Day on Sunday, we continue our coverage examining gender balance in financial services by spotlighting practical lessons for women building careers in advice. While the profession has made progress, it remains male-dominated, prompting an ongoing conversation about how firms can better attract, retain and promote female talent.
In this guest contribution, Katie Brinsden, managing director of UK financial planning firm,Truly Independent, explores five factors she believes are critical to women succeeding in the advice profession. Drawing on insights from STEM professions, long challenged by similar gender imbalances, Katie argues the focus should shift from why women leave to why some thrive, and what the wider profession can learn from their experience.
The age-old question of why financial advice remains a male-dominated profession invariably comes to the fore on International Women’s Day. It is, of course, a question we should ponder every day.
In doing so, we might care to look for lessons elsewhere. For example, research into other industries in which women have long been underrepresented may offer a clue as to how we should approach this issue.
One striking message that emerges from numerous studies is that focusing on why so many women fail in a challenging arena might not be entirely helpful. It may instead be more productive to explore why some succeed.
With that notion in mind, below are five considerations that women with fruitful careers in the wider field of STEM – science, technology, engineering and mathematics – frequently cite in explaining how they have survived and thrived. They are presented in no particular order.
- The importance of work-life balance must be recognised
Many women continue to see family life as a major barrier to career advancement. Above all, with promotion still routinely linked to the perceived positives of “time-serving” and “ever-presence”, they expect motherhood to hold them back.
Fortunately, many businesses have developed far greater awareness of these concerns in recent years. A company’s willingness to acknowledge the significance of work-life balance is key to its female employees’ sense of belonging and their capacity to fulfil their potential.
- Networking has a role to play in career progression
Working life is seldom confined to the office. Networking can play a vital part in building relationships, raising profiles and identifying opportunities.
Historically, many women have struggled in this respect. After-hours networking might be especially impractical in some cases, while in others it may constitute an uncomfortable prospect. Yet women increasingly appreciate social interaction can be a good way of proving themselves “team players”, highlighting their own accomplishments and gaining valuable insights.
- It pays to make clear that you intend to persevere
For many women, rightly or wrongly, ploughing on in the face of adversity may not be enough to “cut it”. It is one thing merely to have resolve, but it is quite another to show it.
What does this mean in practice? Not least in a male-dominated environment, it is principally a matter of visibility. Research indicates women are more likely to make their mark if they are willing to put in long hours, embrace the toughest tasks and generally give the impression that they are absolutely determined to get ahead.
- Mentors can make a massive difference
As I know from my own experience, having a boss or senior colleague who exhibits a genuine interest in your career can be a tremendous boon. There may be no better way of getting to grips with how an organisation works and becoming familiar with the people within it.
For many women, understandably, the ideal mentor, sponsor or role model is female. It would be ridiculous, though, to suggest men cannot fit the bill. It might be tempting to paint men as complicit in the absence of gender parity in our industry, but the reality is that they can also help bring it about – and many are only too happy to do so.
- Meritocracy and competence beat box-ticking
There are plenty of well-rehearsed arguments for quotas and other forms of “positive discrimination”. Such initiatives have undoubtedly contributed to a more equitable gender balance in our industry – and many others – over time.
Yet many women prefer meritocracy. They want to move up the career ladder on the strength of their own demonstrable competence and capabilities rather than as a result of a desire to tick boxes. They ask only for a chance to show what they can do.
Some final thoughts
As I have written in the past, I am fortunate to work for a company that is committed to the cause of diversity, equality and inclusion. Women hold a number of senior positions in our business, and our overall structure is rooted in fairness and meritocracy.
We would never claim to be perfect, and we accept there are all sorts of ways in which we can still improve. But it is fair to say I can relate to much of the ground covered above.
So does any or all of what you have just read resonate with you? Just as importantly, would any or all of it resonate with your organisation?
These, too, are questions we should ponder not just today but every day.
IFA Magazine has much more analysis and insights around the gender gap in the advice profession in our special International Women’s Day coverage today and on Sunday, March 8th.
![[UNS] celebrate](https://ifamagazine.com/wp-content/uploads/wordpress-popular-posts/801986-featured-300x200.webp)
