What Women Financial Planners Have to Say About Equity in Their Industry
While women have made inroads in the financial services industry, there's still a gap-especially for women of color. For International Women’s Day, Investopedia asked female financial advisors what representation means to them and how the industry can improve.
From 2018 to 2021, the share of women in financial services rose 40% at the senior-vice-president level and 50% at the C-suite level, according to an assessment by McKinsey.White men comprise 64% of C-suite executives, and 23% are white women. Only 4% of C-suite executive positions are held by women of color.
Here is what six women executives had to say about the state of diversity in their industry.
«The theme for International Women’s Day 2023 is #EmbraceEquity. Each one of us has a role in changing gender biases, stereotypes, and discrimination. Advisers can help expand financial inclusion by assisting people in understanding essential concepts and developing the skills needed to reach their financial goals.
»Equity within finance means improved access to competent ethical financial advice, which is critical for building wealth, employment opportunities and the inclination to start a business. Access to money improves your financial wellness and positively changes the quality of your life.
«It’s time to help our communities expand access to financial education and improve their financial wellness, which starts by teaching our children, families, and people, young and old, the importance of smart money management.»
“In the 21st century, women are still significantly underrepresented in the financial planning industry. Yet there is a glimmer of hope as we continue to make great strides. More women are controlling the economic spending in the households, and
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