In the traditionally male-dominated world of finance and investments, women are increasingly making their mark, challenging stereotypes, and breaking down barriers. The financial landscape has long been synonymous with suits, boardrooms, and a gender gap that seemed insurmountable. While progress has been made, challenges persist. Women in finance often face gender biases, unequal pay, and a lack of representation at higher levels.

However, a model shift is underway as the once rigid gender norms that limited women’s access to these professions are gradually being dismantled, allowing women to make significant strides in an industry that has historically been exclusive. This blog explores the achievements, challenges, and the evolving role of women in the finance and investments sector.

Numerous women have risen to prominence in the finance and investments sector, becoming inspirational figures for aspiring professionals. Figures like Janet Yellen, the former Chair of the Federal Reserve, Abigail Johnson, CEO of Fidelity Investments, and Helena Morrissey, Chief Executive of Newton Investment Management and Member of the House of Lords have all broken the norm, proving that women can lead and thrive in key positions within financial institutions. These women are not only extremely successful in their roles but are also actively working to create more opportunities for women in the industry which is amazing to see.

Research consistently shows that diverse teams contribute to better financial performance. Gender-diverse companies are more likely to outperform their less diverse counterparts due to a variety of perspectives, innovation, enhanced decision-making processes and overall industry performance. As the financial industry continues to evolve, embracing diversity is not just a matter of equality; it’s a strategic advantage.

The future of women in finance and investments appears bright. The ongoing push for gender equality, coupled with the determination of talented women entering the field, is gradually reshaping the industry, where competence and capability, irrespective of gender, are the driving factors behind success. The journey is ongoing, but the contributions of women in finance are leaving an undeniable mark on an industry that is evolving for the better.

So here are some thoughts from women currently working in the industry…

Lucy Fawcett – Trainee Investment Manager at WKM Wealth Ltd

I started my career in estate agency after I finished my A-Levels in 2020. I had an interest in property development so this seemed a good fit at the time. Two years into this, I was bored stiff! Whilst considering my next career move, I came across a job advert for a Trainee Investment Manager at WKM Wealth Ltd which peaked my interest. I applied, thinking I probably wouldn’t get it with my lack of experience, but to my surprise a few weeks later, after two interviews, I received the job offer. And now here I am ten months in and completely loving it.

One thing I was somewhat surprised about though is the lack of females in the industry. I have been to quite a few events held by different investment firms now and one of the first things I do when I arrive (of course after checking out what food is on offer!) is scan the room to see how many females are in attendance, if any. I would say that its always around 10% and on a few occasions there have been none at all, meaning I am the only woman in the room. I have however seen some female speakers at these events which is always really inspirational to see.

I have also found on some occasions I seem to be observed as the ‘assistant’ rather than the investment manager by some salespeople that we have met – I remember one in particular where I had a meeting with a team from an investment firm along with three of my male colleagues and not one of them made eye contact with me, not even once! I felt completely invisible and overlooked. This is why I am writing this blog. We NEED more women in this industry. It is a truly amazing industry to be in, full of potential to expand your knowledge, meet amazing people and learn about all the weird and wonderful companies doing incredible things that can be invested in.

Working at WKM I am made to feel inspired, trusted and a valued part of the team. I am always supported and encouraged to achieve the most I can, which is what I craved for so long in my previous career. Making that big jump to a totally new industry was daunting and scary but it has been the best decision I have made.

More and more women are discovering the wonderful world of the financial services industry through education and opportunities from firms. I truly believe that in the future, women will no longer be the minority in this sector and we will have both equal representation and be viewed as equals by all in the industry, and the sooner that’s achieved the better!

So if you are thinking about whether the financial services industry is a career path for you, I would highly recommend looking into all the different careers that are on offer within this sector, as there are so many all with different types of skill and personality requirements, so I am sure there will be at least one that would suit you.

Kate Wattam – Pension Consultant at SSAS Practioner.com

I became interested in the finance industry because I worked for a large corporate healthcare provider and part of that role was to acquire new business via brokers and independent financial advisers (IFAs). After chatting to these brokers/IFAs, I became really interested in building relationships directly with clients and helping them with their financial needs and providing solutions. Client relationships are still deeply important to me today, to help clients find their way through the minefield of financial jargon, literature and opportunities.

I have enjoyed a varied career path within the industry; working my way through administration roles, middle management, paraplanning and now pension consultancy and would argue my knowledge is fairly unique and substantial for someone who isn’t an IFA. My days are varied, I get to build relationships with clients and, most importantly, I get to use my brain and challenge myself.

The hardest part for me with working in the sector, I think, is the perception that the IFA role is the top of the ‘food chain’, so to speak. Yes, they are the breadwinners of a firm, but, as anyone will tell you, client retention takes a lot more work and is much more of a team effort, which I find is where the more administrative, technical, operation, paraplanning roles are often overlooked and can be treated in a subservient manner, thus creating an unspoken hierarchy. A client experience/journey in our industry is key and I have found that it is often these aforementioned roles that enhance this experience and where the true relationship often lies. These roles are often taken by women – and we excel.

The future needs to encompass women as an equal to men in the financial services sector. Not just in terms of remuneration, but more representation and the opportunity to pursue a career path that can lead to senior roles outside of the already well trodden advisory path. A woman’s skillset is so different to a man’s, and in my view, the broader the spectrum of skills at senior level, the more chance of a company’s success.  We are getting there….

Olivia Geldenhuys – Investment Director at Schroder Investment Solutions

My career in the financial services industry began when I studied Investment Management at university in South Africa. The course provides you with the fundamentals for becoming a portfolio manager but although I found the subjects engaging, I just couldn’t see myself making investment decisions on a daily basis. I was more attracted to dealing with people over dealing in stocks. When I began interviewing at a startup investment manager, I was surprised to find that I could combine my investment management knowledge with my desire to engage and connect with people. The final round was with the CEO and I remember thinking how incredibly intelligent he was, I needed to learn from him. My first role was as a client service specialist and when the company grew, so did I. I moved into managing a team and later transferred to the UK. Working in a startup meant I was involved in nearly every part of the business. From providing training on the investment solutions to building relationships with clients, organising events and running projects. Fast forward ten years and I now work at a FTSE100 company where everything I’ve learnt so far continues to shape my career.

There are three things that stand out for me. Firstly, besides the knowledge a qualification provides, it gives you a framework for how to think and it does not limit the roles available to you. Secondly, seek out people who inspire you. This includes people who support your growth professionally and personally, and people who highlight how you might want to do things differently. Lastly, women have an important role to play in changing the dynamics of the industry. By sharing our experiences, we can empower others to step confidently into investment roles, creating synergy through diverse perspectives and a more inclusive environment.

Becca Coleman – Administrator at WKM Wealth Ltd

I got into financial services completely by accident in 1988 when I was asked to temp for a nationwide insurance company who had a branch based in Leicester city centre.  I was only there for three weeks but the branch manager asked if I would apply for the vacant position of administrator. The interview was 15 minutes long and I got the job without the need of having any previous experience.

This was a very male dominated environment with all the sales consultants and the branch manager being men. The only other female working with me at the time was the office manager although, as the branch grew bigger, we did take on one or two other female administrators.

I was there for 8 years and went on to be sales support to various sales consultants until I left to have a baby.

When I went back to full-time work after my maternity leave, I crossed over to the Independent Financial Adviser (IFA) side of financial services where I then worked for various IFA firms over the years, continuing to learn and even passing a couple of exams.

I eventually settled with my last employer, a small IFA firm based in Market Harborough, where I stayed for 20 years. Over the years, I’d been administrator, senior financial services administrator and client relationship manager. This company had a small, family-run feel and had an all-female admin team. As there was minimal staff turnover, I developed good relationships with the clients which I loved as I got to know the clients on a personal level.

During 2020 the company was sold, and the MD eventually retired but the existing all-female team stayed together for a couple of years. However, I made the decision to leave early in 2023 and joined WKM Wealth Ltd in June 2023 as an administrator and am currently supporting two of the advisers.

I’ve enjoyed my time working within financial services which has been varied and challenging at times. It seems that there are more women in administrative roles but, if you’re interested in the industry, why stop there? There are plenty of opportunities for women to get into the world of financial services and often employers will support you if you want to qualify for a particular role. So why not go for it? Aim high, the sky’s the limit and the rewards are endless, if you want them to be.

Loz Gee – Operations Manager at WKM Wealth Ltd

I started my career in the finance when I got the job as operations manager at WKM Wealth Ltd in September 2020 and I was completely unaware of what the financial services world entailed. Personally, I had several pensions from different companies I’d worked for but I didn’t really understand the scope of what a pension could offer or what they were invested in.

I didn’t specifically plan to work within financial services and had the opinion that it was complex and not my bag. And now 3 years in, I was not wrong in thinking it is complex, and the learning curve has been steep; it is like learning a new language at points – terminology and acronyms that I’d never come across. However, with the patience of a good team and time taken to learn, that comforting feeling grows when you begin to understand the world that you work in more. I will continue to take the required exams to gain a diploma in regulated financial planning as this will broaden my understanding further, as well as allowing me to enjoy my job to its full potential.

I am so glad that I found the financial services world as it’s the best industry I have worked in, and being a part of the lovely team at WKM is such a pleasure.

Conclusion

Women are not only gaining ground but are shaping the future of the industry. As more barriers are broken and opportunities continue to expand, the financial world is becoming a place where talent and merit are recognized, regardless of gender. The journey is ongoing, but the contributions of women in finance are leaving an indestructible mark on an industry that is evolving for the better.