Making Progress: The State of Women in the Wealth Management Industry

Welcome to WomenShare: a marketing guide for women in financial services. On today’s episode, Joanna Ehresman and Leah Alter are zooming out to look at the big picture of the state of women in the wealth management industry.

To help us, we’re joined by the head of the Next Gen program at Carson Group, Julie Ragatz. Julie and her team at the Carson Group conducted a study that was published as the 2023 State of Women in Wealth Management Report to uncover insights that hinder women who have chosen to enter the industry and identify better ways to empower and elevate them.

Our discussion focuses on the findings of the study, including the challenges and opportunities for women in the financial industry and the issues of mentorship, sponsorship, and forced entrepreneurship. Julie shares insights from her experiences and the research study, addressing the need for advocacy, support, and equal opportunities. Or conversation also highlights the complexities of gender norms, the impact of conditioning on professional lives, and the importance of evolving masculinity.

As women who have experienced what it’s like to work in this industry, our goal for this conversation is to do our part and identify how we can take action individually and within the WomenShare community to help improve the current state of the industry.

Key takeaways:

1. The importance of advocacy and sponsorship for women in the financial industry: Julie shares insights into the challenges faced by women and the need for effective mentorship and sponsorship to advance in the industry.

2. The concept of forced entrepreneurship: The episode discusses the idea that some women feel compelled to start their own businesses to create a more positive and client-focused work environment, shedding light on the struggles and barriers women face in the financial services industry.

3. The difference between mentorship and sponsorship: We discuss the distinctions between mentorship, which involves guidance and skill development, and sponsorship, which entails advocating for material opportunities within an organization—especially important for women in wealth management.

4. Gender norms and societal conditioning: Our conversation explores the impact of gender norms on professional lives and the need for exposure to varied empathic and assertive individuals, addressing the conditioning and expectations placed on women in the industry.

5. Carson Group's commitment to progress and transparency: Carson Group's initiative to conduct a study on the state of women in wealth management reflects a commitment to transparency, collaboration, and bravery in addressing industry challenges, with the aim of advancing and inviting others into the conversation.

You can download the full report on the Carson Group website here: https://resources.carsongroup.com/women-in-wealth-report-2023

This episode was sponsored by the 994 Group.