As we look ahead to International Women’s Day tomorrow, we’re grateful to Eloise Rouse (pictured), Investment Manager, Oakglen Wealth, for sharing her reflections on her own personal experiences in the workplace as she stresses the importance for everyone of encouraging greater diversity within financial firms.
Since the rollback of diversity, equity and inclusion policies largely led by US businesses, it is only natural to ask ourselves what the future holds for gender parity in our sector.
Research by Deloitte has found that gender in the fund management industry has scarcely changed since 2003, with the percentage of women remaining disproportionately low, at 12%. FTAdviser notes that since 2022, the number of regulated female advisers has grown a meagre 2%. Despite Trump’s recent reversal, we have all heard about firms pushing towards a more even split and previous federal policies have backed these efforts, so why does it still seem so hard to achieve within wealth management? I see this as the result of an entrenched view that roles in finance are predominantly occupied by men. It is our duty to challenge this time-honoured narrative and encourage more women to apply, develop and succeed in finance careers.
From personal experience, I know how often women in wealth management find themselves as the outlier, whether as the only female trainee amongst one’s cohort, guest at a network event, or attendee in a meeting. However, I see this ‘challenge’ as an opportunity to bring an alternative perspective to the table from those of my male counterparts, earned through a differing industry experience. Should I succumb to the fear of being the ‘odd one out’, I would self-obstruct and risk missing the potential to progress my career and develop my network. This is also a chance to inspire other women and the younger generation to recognise the advantages in their diversity.
The gender gap is not a supposition, it is a fact. It is evident that more work needs to be done to attract, empower and promote female investment talent and the responsibility is on us all (male and female) to recognise this omission and change the narrative. I hope that workplace discussions and press coverage such as this will encourage aspiring female investment managers to find self-assurance in their own capability to thrive in this industry and I aim to motivate those around me to support a working culture that bears witness to gender parity.
A Growing Female Client Base
During my career as an Investment Manager, I have observed a shift in the allocation of wealth amongst our client base. More women are earning notable salaries and female entrepreneurship appears to be growing. Consequentially, this has led to higher demand for wealth management services from female clients.
Simultaneously, increases in childcare and living costs have made buying a home and raising a family virtually unaffordable for many and the outdated standard of a single-salary household held by previous generations is no longer a viable option. Therefore, it is unsurprising that more women want to progress their careers and earn a stable income before embarking upon these life stages and bearing the ensuing financial responsibilities. Then, they look to protect this wealth to meet future financial outgoings.
Over time, the financial goals of this pioneering cohort evolve from covering childcare and education costs to preserving wealth to pass onto the next generation. With greater demand from working women for investment management services, comes the need for a deeper understanding of the evolving objectives of these clients and their families. As their investment manager, it is essential that I understand my clients’ monetary position and income fluctuations to efficiently manage their portfolios. This includes reviewing their financial objectives and reassessing their risk ability and tolerance at each life stage, making amendments to their portfolio asset allocation to ensure that their wealth continues to meet its purpose. As a young working woman myself, I understand how important this is, as growing and prolonging one’s wealth has never been more difficult than in the current environment for today’s young working population.
Nurturing Female Talent
Fostering future female talent as it enters the industry is one way to elicit change. As a newer player in the wealth management space, Oakglen Wealth is focused on promoting an inclusive environment, challenging the industry’s historical norms. This stance has already proven to disrupt the age-old perception of wealth management as a male-centric industry, as all our current trainees in the London office are women. This is not by design, but by virtue of attracting and employing the best emerging talent. Working at a smaller, independent firm means expectations to deliver are heightened, but it also allows for increased visibility and responsibility. I hope that the firm’s recognition of all employee successes, however big or small, has instilled a sense of confidence in our trainees with regards to their ability to prosper in their careers, irrelevant of gender. Their professional development will hopefully motivate others to follow suit.
Diversifying the Investment Management Pool
Fundamentally, clients want to work with an investment manager that they trust and who understands them. This does not mean clients always want an investment manager of their same gender, but rather, that having a more diverse pool of investment managers enables the industry to serve the needs of a more varied client base.
The statistics prove that more must be done to support women in wealth management and level out the gender playing field. It is promising that the opportunities for professional development and success for women are increasing. However, there is more progress to be made, and this must be endorsed from the top, with senior managers utilising their position of power to initiate structural change and promote their standpoint as advocates of female talent. It is their duty to set the example, ensuring that women are not only allowed into the room, but feel confident to flourish in these spaces amongst their male peers. It is crucial that we grant both genders equal opportunities to triumph. To do so, we must encourage one another to recognise the current gender gap and the benefits of diversity, equipping both men and women with the tools to carve out successful careers in the finance industry.
