What Women Financial Planners Have to Say About Equity in Their Industry
While women have made inroads in the financial services industry, there’s still a gap-especially for women of color. For International Women’s female financial advisors what representation means to them and how the industry can improve.From 2018 to 2021, the share of women in financial services rose 40% at the senior-vice-president level and 50% at the C-suite level, according to an assessment by McKinsey. White men comprise 64% of C-suite executives, and 23% are white women. Only 4% of C-suite executive positions are held by women of color.
Marguerita Cheng, founder and CEO, Blue Ocean Global Wealth
“The theme for International Women’s Day 2023 is #EmbraceEquity. Each one of us has a role in changing gender biases, stereotypes, and discrimination. Advisers can help expand financial inclusion by assisting people in understanding essential concepts and developing the skills needed to reach their financial goals.”Equity within finance means improved access to competent ethical financial advice, which is critical for building wealth, employment opportunities and the inclination to start a business. Access to money improves your financial wellness and positively changes the quality of your life.
“It’s time to help our communities expand access to financial education and improve their financial wellness, which starts by teaching our children, families, and people, young and old, the importance of smart money management.”
Nicole B. Simpson, Certified Financial Planner
“In the 21st century, women are still significantly underrepresented in the financial planning industry. Yet there is a glimmer of hope as we continue to make great strides. More women are controlling the economic spending in the households, and they prefer to work with female advisors. This creates a great opportunity for financial planning professionals to help families become financially free.
“The demographic of wealth is changing, and women are taking a greater interest in overall comprehensive financial planning, both as a profession and as it relates to acquiring a comfortable standard of living for their families. Women financial planning professionals continue to find great success as women clients have a great desire to work with other women.
Equity in the financial planning industry continues to remain problematic for women as the professionals have remained stagnant at approximately 23% for the last several years. Yet opportunities remain limitless as women consumers are intentionally seeking the advice or guidance of women financial planning professionals with compassion and empathy. A primary reason is because women prefer to work with other women, especially ones that can relate to the gender challenges still prevalent in society today.”
