Women share their challenges in the financial services industry

By Ayo Mseka

As women make their way up the corporate ladder in the largely male-dominated financial services industry, many have faced obstacles. Three top female financial professionals recently shared some of the challenges they have encountered as they advanced in their careers and the steps they took to overcome them.

MDRT member, Julianne Hertel, financial advisor with Dream Big Wealth Strategies LLC, said that she found out that there were challenges with being a female advisor in the earlier years of her career, but those waned with time. “In the first few years, I was mistaken for an assistant to an advisor, rather than an advisor in my own right,” she said. “This was of course both frustrating and infuriating. In time, I found that when women earn our seat at the table, we keep our seat at the table.”

Hertel’s advice to women advisors who are in the early stages of their careers is to embrace the things that make them different from many male advisors and use those attributes to propel themselves further. “Many of my clients find women to be more empathetic on the whole, compared to men, and so, I have embraced that innate nature when I develop relationships,” she said.

Another MDRT member, Elke Rubach, president of Rubach Wealth, said that as she faced challenges in building her business, she operates with the understanding that these obstacles are common for business leaders and optimistically choose to believe that it's not because she is a woman. It's known that getting financing to invest in the business is harder as a female leader. The logistics of running the family while not having family members nearby was more of a challenge when the kids were younger, and she relied heavily on their school community’s help.

Building a 'village' for support

“Even with these difficulties,” Rubach said, “I refused to let myself feel like a victim of circumstance and have built my own 'village' for support. I had to find people I could turn to when the kids were tiny; I turned to people in the industry who understood my team, model, and philosophy. Their help was supportive of my goals as a business leader.”

Another important step, Rubach pointed out, “is to find clients who not only see the value of what we do but are willing to talk about us to their friends and grow the business. Now that my kids are older and independent, they need me in a different way. This presents new challenges to tackle daily both as a parent and as a professional. You can also build your village by connecting with those who support you and your business to overcome these challenges (as well as a healthy dose of patience and a few tears along the way).”

Susan L. Combs, CEO of Combs and Company, said that Caroline Feeney, executive vice president and head of U.S. Businesses for Prudential, once shared with her a valuable insight early in her career: In the world of business, there are two types of women. Some are always reaching back to lend a hand and lift others up, while others seem to claw at your back as you ascend. “Fortunately,” Combs said, “my journey has largely been marked by the former, though I've observed both dynamics frequently.”

“Navigating this industry often feels like being on an island, even when you are a part of a larger organization,” added Combs. “The isolation is a challenge that many of us underestimate. That's why I emphasize the importance of seeking out and aligning with other strong women in our field. Building this network can be pivotal for success.”

“Having the right peer mentors is invaluable as they have a keen insight to your business,” Combs added. “They're the ones you can rely on during your toughest days, but they're also the ones who push you to elevate your performance. These women aren't your competition; they stand alongside you, celebrating your victories and helping propel you forward.”

Retaining more women in financial services

Other female financial professionals have faced challenges similar to those encountered by Hertel, Rubach, and Combs, and these challenges may be contributing to the low representation of women in the financial-services industry. According to Zippia, a jobs research and resource firm, although there are over 133,476 investment advisors in the U.S., only 27.7% of all investment advisors are women.

This under-representation of women has not gone unnoticed by the industry and has prompted many organizations and companies to implement various programs designed to attract and retain more women in the industry.

For example, The CFP Board launched the Women’s Initiative (WIN) to address the challenge of underrepresentation in the financial-planner workforce. Underpinning WIN is a comprehensive research study commissioned in 2013 to explore the causes of under-representation of women in the financial-planner workforce and outline potential solutions. This research paved the way for Making More Room for Women in the Financial Planning Profession, a white paper that presents the research and offers recommendations for attracting more women to the profession and making the profession itself more attractive to women.

Ayo Mseka has more than 30 years of experience reporting on the financial services industry. She formerly served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact her at [email protected].

Ayo Mseka has more than 30 years of experience reporting on the financial services industry. She formerly served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact her at [email protected].