A&M Holds Roundtable Discussion with Senior Leader in Wealth Management in the UK

"Women In Wealth: Moving Towards Equity," a paper by Alvarez & Marsal's (A&M), which highlighted the gender investing gap and women's underrepresentation in the wealth management workforce, was the topic of a recent roundtable discussion hosted by A&M Financial Services Industry practice with senior leaders in the wealth industry in the UK.

Despite having a larger part of the world's wealth and being generally in charge of household purchasing decisions, research reveals that women still invest much less than males. Their ability to maintain their financial independence is seriously hampered, and the so-called gender wealth gap has negative effects on their long-term financial stability, including retirement.

Nneka Orji, Senior Director and UK Wealth Management Lead at A&M moderated the roundtable, which focused on the main causes of the persistent underrepresentation of women in the workforce and among investors as well as practical steps that industry stakeholders can take to engage women in the same extent as men.

The participants, who included wealth managers and leaders in wealthtech as well as COOs and senior leaders at UK-listed companies, also shared their personal stories of navigating and succeeding in a historically male-dominated field. They also provided practical advice on how to advance inclusion throughout the wealth sector as a whole.

List of some of the main lessons learned from the session below:

• Female financial advisers and fund managers are in more demand than ever before as women's wealth rises, providing a chance for businesses and female professionals alike. Yet, obstacles like negative industry reputation are making it difficult to increase diversity in talent pipelines. One of the main barriers preventing young women from pursuing a career in money, according to the panelists, is the stereotype of "being a maths genius." They concurred that while numerical literacy is undoubtedly crucial (and that both organizations and individuals are making significant efforts in the area through a number of financial education initiatives), there is much more to the role, such as the capacity to build relationships of trust with clients and other interpersonal skills.
• The participants also talked about current corporate initiatives to support women's career advancement and increase the retention of women. Despite the fact that discussing gender diversity targets can be divisive and emotionally taxing, some attendees emphasized the value of having goals in order to concentrate minds and advance progress. The panelists emphasized that senior executives must be intimately involved in the discussion and supportive of strategic efforts in fields including recruiting, performance and development, and mentorship if organizations are to be able to effect substantial change.
• When it comes to addressing gender inequality, changes in the competitive landscape, including consolidation and the expansion of fintechs and wealthtechs, are inadvertently assisting the sector. One of the key obstacles preventing women from seeing the business as an appealing alternative for advancing their careers in the increasing but still uneven adoption of flexible working arrangements. Traditional players are being pushed to incorporate flexibility into their cultures as fintechs and other smaller, leaner businesses increasingly offer more flexible work arrangements. This is especially true in a labour market where employees still retain the majority of power.