Busting the myths about wealth management careers

Wealth management encompasses a diverse range of positions, making it a good place for a diverse group of jobseekers looking to start or advance their careers.

But a number of myths about wealth management careers continue to hinder diverse jobseekers from considering employment in the field. A group of women addressed some of those myths during a virtual symposium on Wednesday.

The University of Akron (Ohio) held its sixth annual Diversitas Symposium, which brought together panelists to discuss career paths in wealth management and what’s keeping women and people of color out of the industry.

One of the myths keeping a diverse employee pool from considering a wealth management career is a lack of understand of the types of jobs available, said Tonia Bottoms, managing director and senior managing counsel for BNY Mellon Pershing.

"There are so many different opportunities across financial services – the aperture is so much wider than what people assume.”Tonia Bottoms, managing director and senior managing counsel, BNY Mellon Pershing

“Not everyone needs to be a broker, on a trading desk or in some kind of sales,” said Bottoms, who has a law degree. “There are so many different opportunities across financial services – the aperture is so much wider than what people assume.”

Fanci Worthington, branch manager for Cetera Investors in Charlotte, N.C., is in a sales-related position, and said she loves the fact that she has no cap on her income. But she said wealth management is more than sales.

“If the only thing we do is sell, what are we going to sell? Product development is a big part of this business,” she said. “You don’t have to be a math genius and you don’t have to be in sales if you don’t want to.”

Wealth management “has a role for everyone,” said Becki Kariuki, a director and business development officer at BNY Mellon Pershing.

“Having a background in finance is helpful but not mandatory. For most jobs, you learn on the job. Companies are looking more for skills and less for educational background. Everyone is welcome here.”

People from underserved communities have skills that are transferable to wealth management, said Marvine Laurent, senior vice president of finance and operation with Lenox Advisors.

“There are so many roles here,” she said. “About 50% of them are client facing, but we have an army of individuals who are the product specialists, the underwriters, the asset managers, the compliance officer – all these people who do things behind the scenes.”

And you don’t have to be a graduate of the Ivy League to get hired in wealth management, busting another myth about the industry.

“it’s more about bringing a spirit of excellence and lifelong learning than it is about graduating from a particular school,” Laurent said.

Another myth is that you cannot do good if you are in business. “There’s this idea that you can’t have a positive impact from a community and culture perspective. You have to pick one or the other,” Bottoms said.

Kariuki said, “The good news is that financial institutions are uniquely positioned to have a sizable impact on many challenges. We directly impact the ability of people to create and manage wealth. This creates a ripple effect on communities.”

“All communities need the same thing – they all need protection, they all need to build wealth,” Laurent added.

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.

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