This year, the theme for International Women’s Day, “Women in leadership: Achieving an equal future in a COVID-19 world,” celebrates the tremendous efforts by women around the world in shaping a more equal future and recovery from the COVID-19 pandemic and highlights the gaps that remain.
Women’s full and effective participation and leadership in all areas of life drive progress for everyone. As we celebrate women today, and throughout the month of March, we want to acknowledge why female representation in financial services is so important.
No doubt about it, Women have been and continue to be under-represented in the financial industry. The reasons behind this are complex and the solution hard to discover, but as a result, there’s a greater need than ever to have more female representation in finance. We understand that more women in finance equal more financial stability, better risk management, stronger customer connections, and more socially conscious investing. Secure Asset Management believes that having a diverse workforce is not only the right thing to do, it’s crucial for success.
The number of women within Executive Committees and those sitting on boards of major financial services firms is on the rise. Although great progress is being made, there is still room for growth. Looking at major financial services firms globally, the number of executive committees and boards with no women representatives is quite alarming. With women making up nearly 50% of the global population, their voices are needed in every firm. The financial services industry should not be complacent with the accomplishments thus far, but instead, needs to strive for better to have more women not only into the financial services industry but into roles where their influence can more greatly serve the investing public.
Not only women in financial services leadership, but as financial advisors, how are we serving women as clients?
About two-thirds of consumer spending is controlled by women and over 40% of total global wealth is currently held by women1. However, one challenge for advisors is that women tend to invest differently than men. Women historically have gravitated more towards cash allocations than investing in the markets and we know on average that women outlive men by 6-8 years.2
Furthermore, what about your female business owner clients? Today, approximately 40% of business owners around the world are female but over 50% of them who purchase financial services products and services for their companies are dissatisfied with the gender balances of the teams they buy from3. Are you meeting your female clients’ expectations or are you part of the half that they may be unhappy with?
Secure Asset Management is here to ensure that inclusion and diversity are at the core of our business and that women and women-led practices have access to tools to develop their financial growth and to enhance their client’s future of financial wellness. We value women in finance and understand that as long you are growing, making key decisions, and discovering what you are moving toward who you are meant to be. Your journey of potential and possibility is one of becoming, of leaning into your potential.
1Catalyst, Quick Take: Buying Power (April 27, 2020).
3www.oliverwyman.com – Women In Financial Services 2020
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