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Text on Screen: Naila Makhdumi, ACCOUNT MANAGER, GLOBAL WEALTH MANAGEMENT
We get a lot of questions from financial advisors in the wealth management space and they ask about how they can bring more women into their practice. Do you have any advice for them and for firms on how they can adapt their approach and bring in more female talent?
Text on Screen: Sarah Maynard, GLOBAL HEAD, EXTERNAL INCLUSION & DIVERSITY STRATEGIES AND PROGRAMS, CFA INSTITUTE
Absolutely. To link to Katherine's great goal for Girls Who Invest, looking into what's going to be happening in 2030 in the US, two two-thirds of private wealth will actually be under the control of women. So, I think that's a great place to focus minds. And also, if we think about the pipeline of young women potentially coming into the industry, we need to be very much more intentional about how we, if you like set out our stall for the industry.
Because I think that there is a lot of evidence around millennials, both men and women, but particularly women who are very much more purpose driven and values focused than perhaps previous generations have been. And so, the way in which a firm can articulate really what it's there for, what is its license to operate about? And why is it important that they do this work? And I think that doing so in a way that is actually understandable, particularly for young women who just may not have that background, because if you haven't grown up hearing, and I don't know how many people actually do grow up hearing finance discussed around the dinner table, but they're going to be quite a small cohort. And how many of those children would have been listening anyways, a moot point. But the point is, I guess that actually it matters to make this industry seem accessible to those bright, talented people who might otherwise choose to go into tech or something else.
So it behooves us to really set out our store. And one of the ways we can do that is by really surfacing the role models that we have within our organizations, making sure that their stories are very visible, whether it's on careers pages or elsewhere, or when we're sending speakers out to talk to young people in terms of how we build that pipeline. And then the other piece of course, is that hosting these internships is also a very important ingredient for firms and that there's a real benefit to those firms when they host people who would otherwise not be interested in the industry.
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Recorded 16 February 2021
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