On the occasion of International Women’s Day, ifa spoke to three leading women in financial services to get their take on what it is like to leave their mark on the male-orientated industry, and the experiences that have shaped their careers.
While the trio can all agree on the value of empowerment as a tool to overcome hardships, they hold different definitions of what empowerment actually entails.
For AFA Inspire national chair and senior financial adviser at The Wealth Designers, Dawn Thomas, it’s about “being unapologetic” regarding one’s boldness, courage, fierceness, and fabulousness.
But for Camilla Love, Future Females in Finance founder and eInvest managing director, empowerment is “the ability to determine the outcome of your own path.
Whereas for Marisa Broome, Wealthadvice principal, the core aim is “self-satisfaction and contentment”, and not just the belief that one has to keep striving for the “never achievable perfection”.
Ultimately, being a woman in finance can have varying meanings for different individuals, but Ms Thomas, Ms Love, and Ms Broome have shared valuable insights on how female advisers can establish their presence and assert themselves in the industry.
Be tenacious
During her early days, Ms Thomas found herself being the only pregnant adviser in her practice who intended to return to work. Despite the fact that her pay and bonuses were impacted because her targets remained unchanged, some of her male colleagues advised her to enjoy her time off.
“My male colleagues at the time had no idea the grit and determination I had to have to show up and bring the best for my job, just because I wanted to continue growing in a role I loved as well as grow my family.”
This, Ms Thomas said, is the “spirit that women in advice have”.
“We hold a quiet tenacity and strength.”
Nevertheless, Ms Thomas maintained that much remains to be accomplished in order to establish an inclusive environment where women and diverse groups are encouraged and provided an equal opportunity to thrive in the industry.
Eradicating toxic behaviour in workplaces is the first step, she said.
“We have to stop asking women to behave differently and ask the broader profession to be receptive to the long-term value women make to our profession.
“Invest in the women in your team and the return you will get will be tenfold.”
Just as clients want to feel seen, heard, and valued, so do women in advice, Ms Thomas pointed out.
Be the cheer squad for other women
Ms Love praised the ability women have to persevere when faced with hardship, and said she uses her “added diversity” in the industry to her advantage.
“Whether that be standing out from the blue suits, utilising my voice to speak up on areas where I am passionate or just sitting at the head of the meeting table,” she said.
Importantly, Ms Love said she has witnessed a notable transformation in the industry over the last decade, particularly in terms of cross-generational support and women celebrating each other’s achievements, which she considers to be of great significance.
“There is much more lifting up, support, sponsorship, and just general ‘cheer squadding’ between generations of women within the industry.
“This is a huge factor for getting the next generation into the industry but also retaining them, especially through the more challenging times, personally and professionally.”
However Ms Love stressed that the most significant change that needs to occur on an industry-wide level is the recognition and acknowledgment of any decision-making biases that practices may still knowingly or unknowingly possess.
“Call them out and hold ourselves accountable,” she argued.
When Ms Love first began her career in finance, she described the experience of being a woman in the industry as akin to “talking to ourselves in a wind tunnel”, emphasising that diversity was not a priority for many businesses at the time.
However, she has noticed a significant shift in recent years, with more firms recognising the importance of diversity and inclusivity, and striving to align their values with those of their community and culture.
Embrace your strengths
During the early stages of her career, Ms Broome recollects the absence of female representation in the advice industry. She explained to ifa how her parents had instilled in her the importance of pursuing her interests and challenging gender norms, but she was not prepared for the frequency with which she found herself to be the only woman on her team who was not in an administrative capacity.
Yet, Ms Broome has never seen her gender as a barrier, and said that women in finance don’t just offer analytical skills, but also a keener sense of the behavioural issues that have stopped clients from making good decisions in the past.
“I know I have attracted clients because I am a woman first and then had the right skills second,” she added.
Ms Broome explained that she has seen changes in how diversity is accommodated in advice, citing COVID-19 and evolving attitudes towards shared parental responsibilities as two of the driving forces behind this transformation.
“Post COVID, I think there is greater flexibility in all workplaces and no doubt this has really benefited all those that are juggling family with a career.”
Refining her expertise over a career spanning more than three decades, Ms Broome now has the flexibility to run her practice how she has always wanted to, which is by giving “the type of advice I would want to receive”.
“I love my job,” she concluded.
