Diversity, Equity & Inclusion Insights
Five Lessons from the Investment News Events: Women to Watch Awards and Women Advisor Summit
In the ever-dynamic exploration of leadership in the world of wealth management, the Center for Women in Financial Services’ collaboration with Investment News shines a spotlight on the powerful journey of women in financial services from leadership roles to influencing critical decisions to propelling better outcomes for clients and businesses alike. Here are five key lessons that the Center learned at the Investment News Women’s Events:
- Inclusivity Drives Effective Leadership: Embracing inclusivity in decision-making is a key factor in becoming a more effective leader, as demonstrated by the experiences and transformative decisions shared by the industry executive.
- The Power of Authenticity: Authenticity emerges as a potent platform in wealth management, fostering trust with clients, enabling diverse perspectives, and serving as a catalyst for business growth—highlighting the importance of being true to oneself in the industry.
- Strategic Model Selection for Growth: Success in wealth management involves recognizing and leveraging the unique strengths of different business models, whether as a broker-dealer, independent advisor, or RIA, offering opportunities for advisors to optimize their approach and potentially reshape their professional lives. Learn more about this from our Research.
- Collaboration for Future-Proofing: Fostering collaboration within the industry is identified as a strategy for future-proofing businesses, emphasizing the collective approach to staying ahead in the evolving financial services sector and meeting the changing needs of clients.
- Harnessing Unique Perspectives for Innovation: Women advisors and clients, with their distinct perspectives and approaches, are driving innovation in wealth management, suggesting the importance of identifying and capitalizing on unique opportunities for long-term success in the ever-evolving financial landscape.
As we reflect on these lessons, one thing becomes clear: The future of wealth management is bright, driven by the innovation, collaboration, and authenticity of women leaders who continue to redefine success in this dynamic industry. The Center for Women in Financial Services will continue to collaborate with organizations to foster inclusion for the industry at large.
Diversity, Equity & Inclusion Insights
Combining Forces: Stronger Together
The American College of Financial Services is proud to announce the combining of leadership for the Center for Special Needs and the Center for Women in Financial Services. This exciting move follows the retirement of Hilary Fiorella, former executive director of the Center for Women in Financial Services. Moving forward, both centers will be led by Executive Director, Joellen Meckley.
“The Center for Women in Financial Services has made great strides over the past few years supporting the advancement of women in the industry. I am thrilled to join the team as we continue working toward a more equitable future together,”
Joellen Meckley, Executive Director.
The Center for Women in Financial Services appreciates your continued support as we undergo these exciting changes. We encourage you to take part in this journey moving forward, as we, along with the Center for Special Needs, work together to transform the landscape of financial services and create a more inclusive industry.
Diversity, Equity & Inclusion Insights
USA Cares: Bringing Stability to Military Families in Crisis
Their services improve the quality of life for veterans and their families and reduce potential factors that can contribute to veteran suicide. These services act in support of their vision to create stability for military families in crisis.
USA Cares was launched through a grassroots partnership between WAVE-3 TV in Louisville, Kentucky, the Mid-South Division of Kroger Food Stores, and the Association of the United States Army Fort Knox Chapter. The organization was dubbed Kentuckiana Cares, with a goal to raise funds to help military families in financial crises through the sale of “Support Our Troops” yard signs. In October 2003, in response to the increasing number of requests for assistance, Kentuckiana Cares evolved into what is now USA Cares, a 501(c)(3) national non-profit organization that has assisted thousands of veterans and military families facing hardships related to service.
Disclaimer: The information provided in this article is intended for general informational purposes only. It should not be considered as financial, legal, investment or other professional advice. Readers should consult with the relevant professionals for specific advice related to their situation.
We are not affiliated, associated, authorized, endorsed by, compensated or in any way officially connected with any other company, agency, or government agency in this article. All product, service and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
Before making any decisions based on the information contained in this article, you are strongly advised to refer to alternative, independent sources of information to substantiate the basis for your decision. It is your sole responsibility to satisfy yourself prior to using the information in any way and to seek appropriate advice before taking or refraining from taking any action in reliance on any information contained in this article.
Diversity, Equity & Inclusion Insights
Military Center Executive Director Message to Supporters
As we approach the end of the year, I have reflected on many of the Center’s accomplishments including
- Scholarship opportunities and career services support for those in our military community in transition
- Community building through:
- Execution of multiple thought leadership webinars
- Implementation of a military resource group providing networking and career opportunities for our scholars
- Development of military consumer financial education programs through partnerships with military financial educational foundations
- Execution of the Ninth Annual Clambake and Soldier-Citizen Award Ceremony, honoring this year’s recipient former Chairman of the Joint Chiefs of Staff Admiral Michael Mullen, USN (Ret.), and a Leadership Symposium led by Maury Stewart Lecture Marquee Speaker Colonel Nicole Malachowski, USAF (Ret.), the first female U.S. Air Force Thunderbird pilot.
These successes are only possible with your dedication to supporting our mission of assisting active-duty, guard, reserve service members, veterans, and their spouses in transition.
A special thank you to our center founding partner and sponsor Penn Mutual and Advisory Council.
With your generous support, the Center will continue expanding our offerings and opportunities for those moving from military service into their next chapter in the civilian force, as well as assisting their spouses in their careers in financial services.
I wish you and your families happy holidays and ask that you keep those currently serving our country in your thoughts and prayers during the holiday season.
Very Respectfully,
Phil Easton
Executive Director, The American College Center for Military and Veterans Affairs
Diversity, Equity & Inclusion Insights
Army Officer and Retired Veteran Thanks The Center
I want to extend the deepest feeling of gratitude for giving me this scholarship and the opportunity to learn from such an impactful organization. Everything I learn in this course will be put to work as I try to help more Active-Duty Military and Veteran families in their pursuit of financial security.
Giving back to the military community fills me with purpose and this opportunity will enhance my ability to provide families with better service as they pursue their goals.
Thank you!
Respectfully,
Jesse M. Underwood
Diversity, Equity & Inclusion Insights
Career Pathways in Financial Services: An Introduction for Black Americans
Career Pathways in Financial Services: An Introduction for Black Americans is a practical guide to career pathways in financial services. It explores the challenges and opportunities facing potential Black financial services professionals, outlines the career paths available to you, and helps you chart your personal path forward.
Challenges and Opportunities
Black Americans are underrepresented in the financial services industry. While Black Americans make up almost 13% of the US population, they make up only 5% of financial professionals.1 This underrepresentation is mirrored in the wealth gap between Black and White Americans —the median Black family’s wealth was just $24,100 in 2019, about one-eighth of the $188,200 median wealth of White families.2
These statistics point to a serious schism in the relationship between Black Americans and the financial service industry. Yet the industry offers significant opportunities for potential Black professionals. Many financial services firms have a strong sense of mission and a career in financial services can be rewarding for those who want to serve their communities. A career in finance can offer generous pay - financial services jobs pay a median wage of close to $40 an hour compared to less than $23 an hour for all jobs on average.3
Financial Services
Industry Overview
For those with the right skills, there are a range of opportunities in the various sectors of the financial services industry:
- Banking
- Insurance
- Financial Planning
- Wealth and Investment Management
- FinTech
- Brokerage
Core Skills
Financial professionals need a range of skills, including:
- Skilled in leadership and able to demonstrate accountability.
- Comfortable with numbers.
- Good at communication.
- Organized.
- Proficient at problem-solving.
- Mature and have a high degree of emotional intelligence.
- Proficient at time management.
- Good at teamwork and at working and interacting with different types of people.
Your Career Path
A career in financial services can be professionally, financially, and emotionally fulfilling. Your career will generally move through three phases.
Phase 1: Learning
- Finding your first job.
- Developing industry knowledge and practical skills.
- Building relationships within your industry/firm.
- Learning industry norms.
- Building customer contacts.
- Obtaining any necessary licenses.
Phase 2: Building
- Developing specialized skills.
- Building your network inside and outside your firm.
- Pursuing new career opportunities/promotions.
- Becoming active in industry groups and professional associations.
Phase 3: Leading
- Understanding how to manage a business/department.
- Developing leadership skills.
- Staying current on industry trends and developments.
Next Steps
- Reach out to The American College of Financial Services’ Center for Economic Empowerment and Equality® to access cutting-edge research into the financial services industry, guidance on scholarships that can support your financial services education journey, and opportunities to connect with Black financial services professionals.
- Read financial media and watching financial news, as well as following financial professionals on social media.
- Reach out to any contacts you have who work in finance or connect with financial professionals through your LinkedIn network.
- Consider your current education and whether you may benefit from additional certifications or designations.
Diversity, Equity & Inclusion Insights
VetCTAP Aims to Increase Veteran Employment Rate
The VetCTAP program concept grew out of the personal experience of Sandra Fichter (former US Army Officer), who is a Human Resources (HR) professional. In her HR role, Sandra reviewed resumes from transitioning veterans that did not accurately reflect all of their skills. Sandra could predict that they would not be selected for jobs they qualified for because they did not effectively communicate their strengths and skills. This realization led to the birth of the VetCTAP workshop series.
Sandra recruited senior learning and development expert, Janis Whitaker and other HR professionals to create a job search workshop series. The program was built around three key elements: one-on-one coaching, utilizing HR professionals as facilitators and coaches, and reaching military members before they leave the service, allowing for a smooth and successful career change.
The VetCTAP workshop series (formerly CTAP) began in 2012 successfully assisting military, veterans, and spouses through their career transition. The program has sustained a 90% success rate of graduates obtaining the career of their choice. VetCTAP’s success is not possible without HR and business professionals who volunteer to teach and coach, and donors who share in the passion of supporting veterans and spouses in transition, and helping those veterans find employment in the career of their choice, where they can comfortably provide for themselves and their families.
Disclaimer: The information provided in this article is intended for general informational purposes only. It should not be considered as financial, legal, investment or other professional advice. Readers should consult with the relevant professionals for specific advice related to their situation.
We are not affiliated, associated, authorized, endorsed by, compensated or in any way officially connected with any other company, agency, or government agency in this article. All product, service and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
Before making any decisions based on the information contained in this article, you are strongly advised to refer to alternative, independent sources of information to substantiate the basis for your decision. It is your sole responsibility to satisfy yourself prior to using the information in any way and to seek appropriate advice before taking or refraining from taking any action in reliance on any information contained in this article.