Elevating women in the financial security profession

By Suzy Jacobs

Women are underrepresented in a number of professions. And research has shown there are many barriers that prevent women from establishing careers in male-dominated professions. Some examples of these barriers are being excluded from male-focused networks, stereotyping women as technically incompetent, perceiving women first and foremost in terms of sexuality and appearance — and these are just a few.

However, there are women who manage to forge successful careers over many years in work environments dominated by men, and that includes the financial security profession. Although women make up more than half the U.S. population, LIMRA reports only 26% in the career channel and 17% of independent advisors are women. Barron’s reports that women make up only 15%-20% of advisors in the broader financial services profession. But the winds of change are blowing, and a transformative movement is underway.

Thanks to the leadership of so many titans in our space and their partnership with Finseca, we are creating change quickly, and we expect it to shape our profession for generations to come. The efforts to elevate female financial security professionals wouldn’t be possible, though, without the perseverance and visionary leadership of female role models like the president and CEO of Allianz Life, Jasmine Jirele; the president and CEO of Thrivent, Teresa Rasmussen; and the retired president and CEO of John Hancock, Marianne Harrison, to name a few.

These women, and so many others, have prevailed and risen to become experts in their fields. They also recognize the immense value that diverse perspectives bring to the table, and they are taking proactive steps to dismantle barriers and foster an inclusive environment — something we need more of, not less.

A community by women for women

Finseca’s Women’s Community is growing to be one of the largest groups of women in the profession. It’s a community built by women for women. Our speakers provide insights and share their expertise to help all women in this profession reach their maximum potential.

Our goal is to not only help women hone their skills but also to help facilitate connections needed to build their female networks and grow their influence. The financial security profession must focus on recruiting more women into this profession and making this profession worthy of the women who enter it.

Ultimately, if we’re to drive lasting change for women, we must lay the foundation for women to be successful in their careers, and in our world, that means expanding and growing their businesses. Intentionality and awareness will lead to a greater highlighting of success stories, break stereotypes and inspire the next generation of women.

We are living in an era of change, when success stories are emerging from every corner. Let’s celebrate the remarkable women (and men who have helped them) who have shattered glass ceilings and defied expectations. By highlighting these stories, we break stereotypes and inspire the next generation of women to fearlessly pursue careers as financial security professionals. Remember, we are not just making history; we also are paving the way to a brighter future.

Again, the financial security profession is undergoing a profound transformation, driven by the commitment of industry leaders and organizations like mine. The barriers that have hindered the progress of women in our field are being dismantled, paving the way to greater gender diversity and inclusivity. By embracing change, challenging norms and nurturing the next generation, we are creating a profession that will thrive for many generations to come.

According to Carson Group’s 2022 State of the Women in Wealth Management Report, only 16.42% of respondents agreed with the statement “Industry organizations and firms effectively promote a career as a financial advisor as attractive to female students.” More than half (52.84%) of respondents flatly disagreed with the statement, indicating an industrywide self-awareness that the profession does a poor job promoting itself to new entrants — particularly young women.

Women, however, were significantly more pessimistic than men, with 57% strongly disagreeing or disagreeing with the statement above, as opposed to 39% of male respondents. So Finseca is committed to making that change, celebrating the progress we have made and continuing to work to shape a future when women in the financial security profession excel and flourish.