Wealth management firms continue to struggle to attract and retain female advisors and women continue to be underrepresented in the financial industry. Recently, I had an interesting discussion with Kate Healy of Advocate IQ on my podcast, Breaking Money Silence where she shares invaluable insights on this topic. Here are five strategies we discussed to help your firm attract more female talent and foster a diverse, dynamic workforce.
Increase Awareness from an Early Age
One significant barrier to attracting women into financial services is the lack of awareness about the profession. Many women in the industry didn’t initially aim for a career in finance; they stumbled upon it. To change this, firms need to start much earlier in the education pipeline. This means introducing the concept of a financial career to young girls in high school or even grammar school, similar to initiatives in STEM fields. By showcasing the benefits and opportunities in financial services early on, firms can inspire a new generation of female advisors.
Highlight Diverse Roles Beyond Advising
Often, the conversation around women in finance focuses solely on advisory roles. However, there are numerous other positions within the industry that are crucial and fulfilling. Roles in compliance, marketing, FinTech, legal, and company management are all part of the financial ecosystem. By highlighting these varied career paths, firms can appeal to women who might be interested in the financial sector but not necessarily in an advisory role. This broader approach helps in attracting a more diverse pool of candidates.
Foster an Inclusive Company Culture
Creating a truly inclusive environment goes beyond mere recruitment. Firms need to ensure that their workplace culture is welcoming and supportive for women. This involves showcasing a commitment to diversity on the company’s website and through its public image. Including photos of the entire staff, not just the leadership, can reflect the actual diversity within the firm. Additionally, firms should actively support women’s groups and other diversity-focused initiatives, demonstrating their commitment to inclusivity authentically.
Leverage Flexible Work Arrangements
Flexibility is a key factor in attracting and retaining female talent. Many women value the ability to balance work with other life responsibilities, such as raising a family. Offering flexible work hours, remote work options, and comprehensive maternity and paternity leave policies can make a significant difference. These benefits not only attract women to the firm but also contribute to higher job satisfaction and retention rates among female employees.
Tap into Non-Traditional Talent Pools
Another effective strategy is to look beyond the traditional talent pools. Women who are career changers or those returning to the workforce after a break can be excellent candidates for financial services roles. These individuals often bring a wealth of experience, dedication, and a fresh perspective. Firms can reach out to alumni groups, professional associations, and networks of former employees to find such candidates. Additionally, current clients can be a valuable resource for referrals and recommendations.
As Kate Healy suggests, being intentional about these practices is crucial for long-term success and diversity in the financial services industry.
What steps is your firm willing to take to be more inclusive and attract and retain more female talent?