wealth management

Women are underrepresented in wealth management careers, but there is good news that could change this trend.

Somers Partnership, an organisation that recruits professionals in the wealth management space has published tips from Barbara Ann King, a senior female executive who has spent more than two decades in the industry.

It may come as no surprise then that the UK launched its “Women in Finance Initiative” in the 2016 with the aim of ending this gender imbalance and achieving a 50% female workforce by 2020.

But even though such a big gender imbalance exists, a report by consultancy Boston Consulting Group shows that only 10% of female wealth management clients use a female relationship manager for investment advice.

It also shows that gender is the least important client segmentation factor for wealth managers.

King identifies 7 tips for women to succeed in wealth management.

Source: Ernst & Young

Here they are:

1. Be authentic – don’t lose the ‘you’ that was hired

“Being different, having a certain voice or even wearing a colourful suit can all buck the corporate norm.”

2. Know your client – it is not about compliance

“Keeping up to date with all your clients’ business areas, family dynamics and views in changing climates is more than what is required at a quarterly review.”

3. Soft Skills = Hard Results – keep your EQ switched on

“Instinct, ability to read expressions, seeing patterns in team performance and empathy should always rank highly in any leader.”

4. Enjoy what you do and be open with how you do it – it is contagious

“You must be enthusiastic and really interested in your role. This will be appreciated by clients and motivate others, it is good to leave a room with everyone energised.”

5. Share knowledge - take others with you

“Whether contributing to an industry panel or mentoring a colleague, do be generous with your time and knowledge.”

6. Build your Advisory Board – Your company needs input

“Every business has an independent board with skills and experience that supplement its intrinsic value. Your company is you. Spend time building this ‘network’ of minds continuously from a range of sources, your sounding board when you need to make key decisions.”

7. Embrace change and take risks – this is how opportunities are presented

““In an increasingly fast moving, regulated and complex environment, clients seek a strong combination of both technical and soft skills to maximise solutions.”

Several banks interviewed by Private Banker International (PBI) highlight a major anomaly in the number of women working in wealth management.

Asia has more female bankers than other parts of the world. In the case of BNP Paribas Wealth Management and UBS Wealth Management, they both told PBI the number of women private bankers working at the financial institutions outnumber the number of male private bankers in Asia.

The rising number of female billionaires in Asia is also worth noting.

UBS, the world’s largest private bank says the number of Asia’s female billionaires has grown by almost 13 times from 2005 to 2016 and represented 6% of the total Asian billionaire population. In contrast, the number of female billionaires in Europe grew just 2.8 times in the same time frame.