As the wealth management industry continues to strive for inclusivity and equality, nurturing a work environment that retains women is crucial.
By understanding the unique experiences and contributions of women, firms can unlock a wealth of talent, perspectives and innovation – leading to stronger, more resilient teams and ultimately a more prosperous industry as a whole.
In an interview with Action! magazine, Bridget Grimes, co-founder of Equita Financial Network, encourages organizations to not only attract female professionals but also provide resources and flexibility to help them stay in the field.
Click on the video below to watch the full interview.
Transcript:
One of the biggest challenges facing the financial industry right now is the retention of women. A recent survey came out which confirms what we already know: We can bring women into the industry, but we can't keep them.
With our firm, we are trying to find a solution for those women who actually want to, and are ready to, run their own firm. We're going to try to make it easy for them to have the business they want and have the flexibility they need to stay in the industry.
I think one of the solutions we have for retention in the industry is mentorship and it is sorely lacking. I'm currently working with a group of women – who are experienced like myself and have been in the industry for a long time – to provide mentorship to other women.
That can be an internship. [It's important] to reach out as a young woman to an existing firm and say, 'Hey, would you take me on as an intern for exposure?' to really work with some women who have experience, or [to join] organizations like [the Certified Financial Planning Board], but try to get mentorship because without somebody who's going to help you, we wind up losing women.