As women continue to break barriers, studies paint a mixed picture for women in financial services. However, there are strong indications of progress. One recent study found that the industry is progressing the fastest in increasing the number of women in senior leadership roles since the index started in 2003. 

To support this growing trend of inclusion for women in the industry, and in honor of Women’s History Month, we asked some of our leaders to share their insights.

If you could give your younger self a piece of financial advice, what would it be?

Hayley Block, Senior Vice President, Operations Client Experience: Make challenging saving and investing goals for yourself and celebrate your financial successes before taking on the next big goal. If you accomplish a savings objective or pay off a college loan, it’s important to celebrate the victory. Take a vacation day or buy an ice cream cone to commemorate your progress. Then set another goal you wish to achieve. It’s important to always strive for more, but it’s also important to stop to acknowledge your accomplishments.

Mindy Ying, Senior Vice President & Managing Director: Start ASAP as time is power when it comes to accumulating your wealth.

Simone Devenny, Regional Vice President, Financial Advisor | Partner Programs: Figure out early how to balance what you want now with what you aspire to later in your life! Find a way to be intentional with your resources, combining spending on the experiences that bring you joy while balancing saving for your hopes for the future!

Stacy Coffey, Senior Vice President Wealth Strategies: Money isn’t a taboo topic. Don’t be afraid to ask questions and talk about investing and finances with those you trust.

Tiffany Beard, Senior Vice President Financial Advisor: There is a balance between saving and spending. Some people save so much that the money they have saved doesn't get deployed. Some people spend so much they lack security in their financial situation. Balance those two and remember the third part of the equation: sharing. There are many worthwhile causes that could use donations of time and money.

How do you think women are changing the financial services industry for the better?

Ayako Yoshioka: I believe that women in the financial services industry and female leaders in general have provided prime examples of strength and confidence, while at the same time bringing a level of empathy, service and understanding that is very natural to many women. With each generation, I believe we continue to see these attributes lead to greater equity and inclusion.

Mindy Ying: Approaching each client's situation with empathy, humility and a focus on understanding their needs is a shift for the better in financial services.   

Simone Devenny: We are able to listen empathetically, and we understand some of the challenges that are often unique to women (trying to be everything to everyone, caring for family, parents, children, friends, colleagues, etc.).

Stacy Coffey: Women tend to align their money with their values. While SRI/ESG investing continues to grow in popularity across all investors, women have been a huge catalyst in this space, frequently citing positive social and environmental impact, along with investment potential, as motives behind their investment choices. Encouraging and sometimes demanding that their investments both do well and do good is changing the landscape of investment choices and corporate responsibility.

Terri Kallsen, Chief Operating Officer: Although most women don't insist on a specific gender for their financial advisor, they do prefer an advisor who they establish a positive, personal relationship with. The opportunity to choose their advisor through diverse candidates is especially important to women. Life events such as marriage, divorce, death, and generational wealth transfer often facilitate clients to reflect on their situation and choose an advisor who best facilitates trust and ongoing proactive support. This is a trigger moment that often causes a change in the advisor relationship and potential move to a female advisor. As the asset transfer shifts to women decision makers in the next decade, wealth management firms will need to continue to attract and retain female clients. This includes offering diverse advisors and personalized financial plans and solutions.

Why do we need more women in financial services? Why should more women consider a career in financial services?

Ayako Yoshioka: I believe balance is great in all industries. More men in nursing or teaching are just as great as more women in finance or construction. It shows that all work has value and that all industries can gain from having greater diversity.

Hayley Block: Women currently control $10 trillion, which is 33% of U.S. household assets. By 2030, American women are expected to control much of the $30 trillion in financial assets that baby boomers will possess—a potential wealth transfer of such magnitude that it approaches the annual GDP of the United States. All ships rise with the tide—women helping women is a great thing! 

Simone Devenny: We are able to bring our open hearts to our clients, and to share about life experiences that contribute to providing a more holistic type of advice that goes beyond pure investment advice.

Stacy Coffey: There is so much flexibility! Whether you’re interested in finance, technology, business management, investments or being a trusted advisor, there are roles in financial services for everybody. Despite the fact that women are set to inherit a vast amount of wealth in the next 5-10 years (the majority of wealth in the U.S.), right now women only make up about 15-20% of the financial advisor population, and less than 25% of senior leadership. We need more minority and women’s voices and their diverse perspectives to best reflect, represent, and support our clients now and even more so in the future.

Tiffany Beard: We can help women feel more at ease with money and finances. If you are someone who enjoys working with numbers and with people and you want a career that's rewarding, being a financial advisor provides all those benefits.

Any tips for the next generation of leaders?

Amy Oguntala, SVP & Managing Director: Focus on building an expansive mindset and improving cognitive flexibility as this is increasingly critical in a fast-changing world. We, to date, are not collectively trained to be flexible in our thinking, in our problem-solving approach, in being able to update our beliefs when necessary upon getting new information. To navigate a more complex and interconnected world, we need to focus on more expansive thinking. We need to seek to understand others’ experiences, approaches and routines to get a better understanding of how the world works, to move beyond narrow perspectives. Sit down for coffee with someone completely ‘different’ from you and ask questions. Pursue new experiences. Challenge your ideas of certainty, especially if you feel so self-assured about something. Welcome thinking about alternative outcomes. This not only lends toward a richer personal experience, but to flexible problem solving and being able to identify a wider opportunity set when faced with a multitude of evolving business landscapes.  

Ayako Yoshioka: Leaders have a heavy burden of responsibility and accountability in this age of transparency, but those that can embrace it with characteristics that always will be valued—honesty, integrity, confidence and empathy—regardless of gender.

Hayley Block: “The way to grow your power is to give it away.” The more you help other people succeed, the better off you will be. 

Mindy Ying: Finding opportunities is just the first step. Consider how you can excel and take a leadership role in the opportunities you care about most.

Simone Devenny: Find your voice, use it and be authentic and vulnerable. Don’t feel that you have to fit the mold. Make your own uniqueness your differentiator. Don’t be afraid to bring your whole self to work. People connect with us when we are most genuine (rather than feeling that we have to play a role)..

Stacy Coffey: “You can do hard things.” – Glennon Doyle. This quote is used a lot right now, but in my opinion, it can’t be used too much.

Tiffany Beard: Give generously of your time, "Real generosity toward the future lies in giving all to the present." – Albert Camus. It is the time my mentors have spent with me that has helped me succeed.

As a woman in financial services, what are you most proud of? (i.e. personal or professional accomplishment, an observation, etc.)

Ayako Yoshioka: As a portfolio manager and portfolio consultant, I am most proud of the impact I have had on our clients’ financial lives. If I have provided a portfolio that balances their expectations for reward with their comfort level for risk and can communicate pertinent information about their portfolio that helps them understand what and why they own their investments, I am happy to have contributed to a client’s comfort level with their overall finances.

Hayley Block: I was a founding member and the first president of WIN (Women’s Initiative Network) at The Chicago Mercantile Exchange. I helped grow the group from our founding five members to over 250 members within one year.

Mindy Ying: Throughout my career, I have earned my clients' respect and truly provided peace of mind for clients and their families. I have helped many people (including myself) and organizations become better stewards of their resources. My inner strength has also improved.

Simone Devenny: I’m most proud of (and grateful for) the deep and meaningful connections I’ve made with clients, colleagues and mentors. I have had the opportunity to connect with so many different people at so many different life stages. It is a gift to experience the highs and lows of the human condition alongside clients. One day, I hope to write a book to share the universality of the human experience and to tell the stories of so many people, who, while seeming so different from each other, very much share in their triumphs and their challenges.

Stacy Coffey: My mom has been a teacher, an entrepreneur and was also in the banking industry. She was getting ready to retire from a large bank just a few years after I had earned my Certified Financial Planner designation and was running my own practice, which was focused on financial planning and investment management. I offered to go through a financial plan and review her investments for her in preparation for retirement. She had a highly concentrated position in her company’s stock, and we talked about the risk it was posing to her retirement. She was taught to always hold on to your company stock, but after talking through the risk MANY times, she finally agreed to sell a good portion of it over the next several months. She was more than a little upset with me when her last 200 shares sold under $65 per share. Within two years, the Great Recession hit, and her company’s stock went from around $70 per share to under $5 per share. Over the years, I’ve loved helping clients pursue their goals and dreams in a number of my roles. But being able to work through that advice with my mom was probably my proudest moment.

Tiffany Beard: I am most proud of the volunteer work I've done, educating on money and finances. That work has included Junior Achievement classes at our local PACE Center for Girls, teaching in my neighbor's fifth grade class and his afterschool Success Club and advocating for financial literacy coursework.

As these leaders’ have highlighted, Wealth Enhancement advisors are committed to helping you gain confidence in your financial plan and executing a vision in alignment with your goals. Contact us to meet with an advisor near you. Or, to gain more insights from our leaders and hear more team member stories, follow Wealth Enhancement on social media.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.