Mentoring can be an effective way to get more women into financial services jobs, which will ultimately benefit all, says Annabelle Bryde, head of private bank wealth management UK and Crown Dependencies at Barclays Private Bank.
Bryde says she herself has benefitted from mentoring and sponsorship in her career journey and now acts as a mentor to others to help them overcome any barriers they may face.
She is a firm believer in the benefits of creating an inclusive environment where people of all ethnic and socioeconomic backgrounds feel confident and valued.
In a Q&A with FT Adviser In Focus, Bryde outlines what effects equal representation would have on the industry and why it is important for both men and women to strive to achieve it.
FTA: Bringing more women into financial services has long been on the industry's agenda. Has it been a success?
AB: The financial services industry has in many ways made significant strides in bringing more women into the fold, but there is still much progress to be made on the inclusion of women as decision-making employees in financial institutions.
While we see increasing numbers of women in various roles, female representation in leadership and advisory positions remains much lower than we need.
According to a report from McKinsey in 2023, women occupy only 28 per cent of C-suite roles globally. Although there’s still plenty of work to be done, that representation creates opportunities for employees.
FTA: Why aren't there more women in financial advice?
AB: There are several factors that contribute to the underrepresentation of women in the financial advisory space.
Cultural and institutional biases within families and the financial services sector more broadly often exclude women from wealth conversations.
Addressing these challenges requires targeted efforts in education, mentorship, and creating supportive networks that can help women navigate and succeed in this field.
From my experience male senior leaders play a vital role in supporting future female leaders in the financial services sector.
Ultimately, fostering an inclusive workplace culture is crucial for the success of attracting more females into the financial services.
FTA: Why does the industry need more female advisers, is it mainly to serve more female clients?
AB: Being client centric in our approach, our clients want to talk to likeminded advisers.
Female advisers bring diverse perspectives and approaches to risk and investment, which can enhance decision-making processes and lead to more balanced and effective financial strategies.
Moreover, female advisers can better understand and relate to the unique financial challenges and goals that female clients face, fostering stronger, more meaningful relationships, which stand the test of time and continue through many different life stages.
This inclusivity ensures that all clients feel represented and heard, which is not only crucial for client retention, but for the industry's growth as a whole.
