Diversity, Equity & Inclusion Insights
Women Making History
Throughout the history of America, women have always had to fight for everything they had. It took 93 years for the first women to gain the right to vote in Wyoming. It took 192 years for the first woman to serve as a member of the Supreme Court. This country still has not seen a woman president, even 248 years after the Founding Fathers came together in Philadelphia to establish this country. Simply put, America has not always been the land of opportunity for women that it has for men.
Still, it is for this exact reason that society must appreciate the strong women that have dedicated their lives to breaking down barriers and paving the way for generations of women that follow in their footsteps. As such, The American College of Financial Services is proud to spotlight the life and accomplishments of Margaret I. Bradshaw, CLU® during this Women’s History Month. Bradshaw was the first female agent hired by the John Hancock Insurance Company in Providence, Rhode Island in the late 1920s. From there, she eventually became the first woman to earn her Chartered Life Underwriter® designation in 1931, a mere four years after the designation’s creation.
Leading the Way
This was the start of a successful and influential career for Bradshaw, who went on to found the Rhode Island Chapter of the Professional and Business Women's Association, serving as the association’s president1. She also established herself as an industry leader through her unwavering commitment to ethics throughout her lifetime until her passing in 2011 at age 106. Through the Margaret Bradshaw Lecture Series at The College and her numerous donations to the American College Center for Ethics in Financial Services, Bradshaw made it clear that the integrity of the profession was a top priority to her—a commitment she demonstrated on numerous occasions throughout her life with generous financial contributions to The College. Bradshaw sought to pass on her commitment to ethics in financial services by providing lectures and teaching courses at Brown University, demonstrating to younger generations of financial services professionals what it means to be a champion of ethics in the field.
At the President’s Dinner in November 2023, The College recognized Bradshaw by awarding her with a Huebner Gold Medal, the highest honor The College bestows to individuals who have proven their commitment to The College and its mission.
Closing the Gap
Bradshaw’s contributions are not limited to The College though. Thanks to the trailblazing of women like Bradshaw, the profession has become a far better place for women. As of 2021, 46.3% of all life insurance agents were women2, and 30.1% of all financial advisors were women3. Female life insurance agents also earn 91 cents for every $1 earned by men4, a significantly smaller wage gap than the overall American wage gap that sees women earn 82 cents for every $1 earned by men5.
It is important that these trends continue. Women are expected to inherit $30 trillion by the year 2030, representing the greatest transfer of wealth in history6. Any individual inheriting wealth should consider speaking with a financial advisor, but many people also prefer to speak with advisors that look like them or may share similar life experiences. It is for this reason that woman financial advisors will be critical to the tremendous wealth transfer taking place over the remainder of this decade.
Honoring the Legacy
In honor of Margaret Bradshaw and other trailblazers in the industry, The College continues her legacy by serving as an advocate for women in financial services as they become a larger presence in the field like never before. Through the American College Center of Women in Financial Services, the Women Working in WealthSM community, and support for women staff members, The College aims to be a champion for women in the same way Bradshaw was and continues to be, even 13 years after her passing.
And statistics would indicate progress is being made. As of November 2021, according to The College’s Diversity and Inclusion Triennial Survey, 51% of full-time staff were female, a near perfect representation of the United States population, which is 50.4% women according to the United States Census Bureau.7
Ultimately, it is the goal of The College to help shape the financial services industry to create a better future for all Americans. Through the efforts of women like Bradshaw, progress is being made toward these goals every day. So it is with great honor that The College uses this Women’s History Month to reflect on the life and legacy of Margaret Bradshaw and express a sincere hope that her works continue to grow.