Ahead of International Women's Day tomorrow, it was disheartening to read this hugely insightful article by the Financial Times. Financial Services has seen some changes occur, yet the top levels of US finance are still significantly male dominated. Considering that as many as 45% of the financial companies in the S&P 500 have no women among their "named executive officers", there is evidently a lot of work to do. Selby Jennings, a Phaidon International brand, partners with many market-leading financial services firms who do put an emphasis on gender diverse talent but across the industry this obviously isn't translating to enough women being offered senior level roles. JPMorgan Chase & Co. has helped move things in the right direction by building up almost half of their 16-member management committee with women but the counterargument is that they have an unparalleled access to talent and that they benefit from having large commercial banking and asset management divisions. I would love to hear people's thoughts as we continue to consult and support organizations improve their selection process and identify the right talent. What is the solution and what can the industry do to continue offering better opportunities to the incredibly talent women that work in it?
Jamie Remp’s Post
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The wealth management firms with the most women in their ranks of financial advisors stand out for following through more than their peers on a constantly stated goal for the industry. But they stick out from the general population of the U.S. for falling far below reflecting a population that is more than 50% women. Here’s a look at the top-ranking firms in FP’s 2024 IBD Elite study according to the percentage of their advisors who are women, with insights from Sheryl Hickerson of Females and Finance Community. #financialadvisors #wealthmanagement #brokerages
IBD Elite 2024: The 12 firms with the largest percentage of women advisors
financial-planning.com
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Reading that almost 50% of women now make up the UK Banking & Finance sector certainly feels like quite a progression for the industry. However, to see that only 28% of senior roles are filled by women and not one leading UK bank has a female CEO seems quite shocking in a time where it has felt like the imbalance was shifting. Also the fact that not a single woman made it on to the list of top 30 M&A dealmakers in Europe last year! Interesting read from Lynne Colgate and Jess Harvey. I particularly feel the imposter syndrome part will resonate with many. These statistics emphasise that there is still work to be done which is what makes networks like March Women - Women in M&A so great! I know I shout about it a lot but Laura Brunnen is doing great things to reverse these trends and I would highly recommend trying a guest event! #mergersandacquisitions #womeninfinance
Ascending the career ladder: why aren’t there more female leaders in the finance sector?
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For decades, women have been making their mark on the business world, overcoming struggles and adversity to be able to get the same recognition as their male counterparts. In the world of finance, the process has been slow, but the pioneering efforts of many women throughout history have helped to change that, allowing women to take top positions in finance around the world. Read more here for a few of the most well-known financial female pioneers who helped to pave the way. https://hubs.ly/Q02nhffq0
Women's History Month: 4 Female Financial Pioneers
sassonadvisorygroup.com
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Women are underrepresented in the financial advisory industry in the United States. Here are some statistics on the number of women financial advisors in the industry: Personal financial advisors: In 2022, 30.7% of personal financial advisors were women, while 69.3% were men. Certified financial planners (CFPs): As of September 2024, 23.8% of CFPs were women, while 76.2% were men. The lack of diversity in the financial advisory industry has a number of implications, including: - Missed opportunities for tailored advice to clients - Perpetuating the wealth gap - Settlements in the industry that have cost firms hundreds of millions of dollars in recent years *data provided by google. I’m proud to be apart of a team that is fostering opportunities to help grow the number of women advisors in the industry. #TeamOsiac #Inclusion #FinancialPlanning #FinancialAdvice #WealthManagement #TheFutureIsFemale
We're proud to be named amongst Financial Planning's top firms with the highest percentage of women advisors! (𝘔𝘦𝘮𝘣𝘦𝘳𝘴𝘩𝘪𝘱 𝘳𝘦𝘲𝘶𝘪𝘳𝘦𝘥 𝘵𝘰 𝘳𝘦𝘢𝘥 𝘧𝘶𝘭𝘭 𝘢𝘳𝘵𝘪𝘤𝘭𝘦) https://ow.ly/2hev50T4VtL
IBD Elite 2024: The 12 firms with the largest percentage of women advisors
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It was late one night when I received a phone call from someone at Goldman Sachs that I realized my colleague Andrea Fuller and I would stay the course on a story we had been working on about the lack of women partners' advancement further up the ranks at the Wall Street giant. A very successful woman partner at Goldman was questioning whether she had been wrong to invest many years of her life working at the firm. This woman, who like many others I spoke with isn't mentioned in the article, had learned that a high-level executive who wasn't her boss was speaking negatively of her. I asked: Why does that bother you? It's just talk. The woman answered: He's one of the most senior executives here and will likely ascend further. She wondered whether it was time to look for a job somewhere else. When David Solomon became CEO of Goldman Sachs just over five years ago, he made promoting women to senior levels of the firm a priority. It hasn't worked out, and many women and some men partners who I spoke with argued that the firm has moved backwards on this front. One data point out of many in the The Wall Street Journal story https://lnkd.in/ePmmgqvu that my colleague Andrea played a critical role in crunching data for: Roughly two-thirds of the women who were partners at the end of 2018 have left the firm or no longer have the title. The same can be said of just under half of male partners at the time. On the firm's 25-person management committee, there are 2 women partners in revenue-producing roles: Beth Hammack, whose retirement Goldman announced last month, and Stephanie Cohen, who is not expected to return to Goldman after going on leave for personal reasons last year. Partner is one of the highest levels executives at Goldman can reach. For many men and women, this occurs after years of hard work and sacrifices. And it's at this level where it has been very hard to impossible for women to move further up into Goldman's highest levels, whether it's running a major division, becoming CFO, or being in line to succeed the CEO. Few firms on Wall Street have mastered moving women up to their highest ranks, but some Goldman peers appear to have made more progress. At JPMorgan Chase & Co., two leading contenders to replace its CEO are women. Citi's CEO and Morgan Stanley's CFO are women. This story came to be after a highly respected executive first shared concerns about a high-level male executive's behavior towards women. I began placing calls and realized the issues went beyond just one person. Some sources said: Crunch the numbers and you'll find this is an institutional problem. My colleague Andrea and I set out to see where the reporting and numbers would lead us. What's your take on the lack of women in Goldman's highest levels? Remember to follow The Wall Street Journal on LinkedIn.
WSJ News Exclusive | Women Aren’t Getting the Big Jobs at Goldman Sachs, and They’re Heading for the Exits
wsj.com
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CEO at Nickerson Cos, GlobeSt.com/RE Forum Woman of Influence 2022, CMO/CRO at Infinityy, passionate about women's leadership, real estate, proptech, and smart marketing that drives business goals
➡️ We will only have more women in leadership roles when we make the hard choices to leave (or not support) companies that don’t reflect our values. And, CHOOSE the companies that DO reflect our values. 🌟 At the end of this post AnnaMaria Andriotis asks “What's your take on the lack of women in Goldman Sachs’ highest levels?” And I thought… there’s nothing special or unique about Goldman here… I can think of 100 more companies that could be the center of the same story. Cheers to AnnaMaria Andriotis and Andrea Fuller for digging into this story, and sharing the backstory on LinkedIn! Notably, I first heard about this article on Bloomberg News this morning… and knew it was a must-read! #womenchangemakers #womenledbusiness #womenleadership #womenleadingchange
It was late one night when I received a phone call from someone at Goldman Sachs that I realized my colleague Andrea Fuller and I would stay the course on a story we had been working on about the lack of women partners' advancement further up the ranks at the Wall Street giant. A very successful woman partner at Goldman was questioning whether she had been wrong to invest many years of her life working at the firm. This woman, who like many others I spoke with isn't mentioned in the article, had learned that a high-level executive who wasn't her boss was speaking negatively of her. I asked: Why does that bother you? It's just talk. The woman answered: He's one of the most senior executives here and will likely ascend further. She wondered whether it was time to look for a job somewhere else. When David Solomon became CEO of Goldman Sachs just over five years ago, he made promoting women to senior levels of the firm a priority. It hasn't worked out, and many women and some men partners who I spoke with argued that the firm has moved backwards on this front. One data point out of many in the The Wall Street Journal story https://lnkd.in/ePmmgqvu that my colleague Andrea played a critical role in crunching data for: Roughly two-thirds of the women who were partners at the end of 2018 have left the firm or no longer have the title. The same can be said of just under half of male partners at the time. On the firm's 25-person management committee, there are 2 women partners in revenue-producing roles: Beth Hammack, whose retirement Goldman announced last month, and Stephanie Cohen, who is not expected to return to Goldman after going on leave for personal reasons last year. Partner is one of the highest levels executives at Goldman can reach. For many men and women, this occurs after years of hard work and sacrifices. And it's at this level where it has been very hard to impossible for women to move further up into Goldman's highest levels, whether it's running a major division, becoming CFO, or being in line to succeed the CEO. Few firms on Wall Street have mastered moving women up to their highest ranks, but some Goldman peers appear to have made more progress. At JPMorgan Chase & Co., two leading contenders to replace its CEO are women. Citi's CEO and Morgan Stanley's CFO are women. This story came to be after a highly respected executive first shared concerns about a high-level male executive's behavior towards women. I began placing calls and realized the issues went beyond just one person. Some sources said: Crunch the numbers and you'll find this is an institutional problem. My colleague Andrea and I set out to see where the reporting and numbers would lead us. What's your take on the lack of women in Goldman's highest levels? Remember to follow The Wall Street Journal on LinkedIn.
WSJ News Exclusive | Women Aren’t Getting the Big Jobs at Goldman Sachs, and They’re Heading for the Exits
wsj.com
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This is the ongoing issue for American women in any “nontrad” role. We are seeing major push back in the actual power sharing/ revenue distribution at the top of male dominated high net worth industries. This must be addressed by all stakeholders. Going back to the “50’s” ( pick a century) is not an option.
It was late one night when I received a phone call from someone at Goldman Sachs that I realized my colleague Andrea Fuller and I would stay the course on a story we had been working on about the lack of women partners' advancement further up the ranks at the Wall Street giant. A very successful woman partner at Goldman was questioning whether she had been wrong to invest many years of her life working at the firm. This woman, who like many others I spoke with isn't mentioned in the article, had learned that a high-level executive who wasn't her boss was speaking negatively of her. I asked: Why does that bother you? It's just talk. The woman answered: He's one of the most senior executives here and will likely ascend further. She wondered whether it was time to look for a job somewhere else. When David Solomon became CEO of Goldman Sachs just over five years ago, he made promoting women to senior levels of the firm a priority. It hasn't worked out, and many women and some men partners who I spoke with argued that the firm has moved backwards on this front. One data point out of many in the The Wall Street Journal story https://lnkd.in/ePmmgqvu that my colleague Andrea played a critical role in crunching data for: Roughly two-thirds of the women who were partners at the end of 2018 have left the firm or no longer have the title. The same can be said of just under half of male partners at the time. On the firm's 25-person management committee, there are 2 women partners in revenue-producing roles: Beth Hammack, whose retirement Goldman announced last month, and Stephanie Cohen, who is not expected to return to Goldman after going on leave for personal reasons last year. Partner is one of the highest levels executives at Goldman can reach. For many men and women, this occurs after years of hard work and sacrifices. And it's at this level where it has been very hard to impossible for women to move further up into Goldman's highest levels, whether it's running a major division, becoming CFO, or being in line to succeed the CEO. Few firms on Wall Street have mastered moving women up to their highest ranks, but some Goldman peers appear to have made more progress. At JPMorgan Chase & Co., two leading contenders to replace its CEO are women. Citi's CEO and Morgan Stanley's CFO are women. This story came to be after a highly respected executive first shared concerns about a high-level male executive's behavior towards women. I began placing calls and realized the issues went beyond just one person. Some sources said: Crunch the numbers and you'll find this is an institutional problem. My colleague Andrea and I set out to see where the reporting and numbers would lead us. What's your take on the lack of women in Goldman's highest levels? Remember to follow The Wall Street Journal on LinkedIn.
WSJ News Exclusive | Women Aren’t Getting the Big Jobs at Goldman Sachs, and They’re Heading for the Exits
wsj.com
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As we celebrate Women’s History Month, I wanted to recognize my Florida team of passionate, experienced and extremely knowledgeable female financial advisors. These women are bringing a unique perspective and skill set to the table, providing their clients with valuable insights and guidance. They are a crucial part of our team and we are very proud of all they do to serve our clients and communities. This also got me thinking about the benefits of using a female advisor. We have seen studies around this topic in our business for years and here are few that stand out to me. Empathy and Understanding: Female advisors often excel in empathy, actively listening to client’s unique needs and concerns. Their understanding fosters a deeper connection, ensuring your financial plan aligns perfectly with your life goals. Enhanced Communication Skills: Communication is key in any advisory relationship, and female advisors typically excel in this domain. Their transparent and open communication style can build trust and confidence, empowering clients to make informed decisions about their financial future. Diverse Perspectives: Diversity breeds innovation, and female advisors bring unique viewpoints to the table. Their diverse perspectives enrich the advisory process, leading to more creative solutions and better outcomes for clients. Role Modeling and Mentorship: Female advisors serve as inspiring role models for aspiring professionals, particularly women entering the finance industry. Their mentorship and support foster a more inclusive and supportive culture, empowering future generations of advisors. If your advisor is really focused on putting the needs of their clients first, gender aside, you are likely in a good position. However, it is completely ok to have a preference around how your team of advisors is built to provide you with the best advice available. Thanks again to all of the strong, successful female advisors here at Truist. We admire and appreciate all you do! #FinancialEmpowerment #DiversityInFinance #FemaleAdvisorsRock #truist #truistwealth #truistspecialty Karen Cole, CFP Adriana Williams Karen Kunis Georgette Suarez Veronica Montoya, CRPC Diane Kulp My thoughts above were derived from the opinions in the following web sites: https://bit.ly/4c5ou4e https://bit.ly/49KwbLF https://bit.ly/43bMrTb
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Senior Sales Vice President at Fidelity Investments - Fidelity Institutional Wealth Management Services
Did you know that according to Fidelity research, advisors interacted with women 24%* less than they did with men over the course of a year? As the nation's wealth continues to shift to women, it's more important than ever for financial advisors to close the communication gap with women investors. Discover how Fidelity's three E's can help you build a more inclusive—and successful—firm: https://bit.ly/49whqvz
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Did you know that according to Fidelity research, advisors interacted with women 24%* less than they did with men over the course of a year? As the nation's wealth continues to shift to women, it's more important than ever for financial advisors to close the communication gap with women investors. Discover how Fidelity's three E's can help you build a more inclusive—and successful—firm: https://bit.ly/49LqOvc
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Head of The Southeast Recruitment at Phaidon International (Charlotte & Tampa)
7moWell said Jamie, an initiative we all feel passionate about!