FTA: What effect would equal representation of women have on the industry?
AB: An industry with equal representation of women would likely lead to more holistic and inclusive financial advice, incorporating diverse perspectives that can better address the needs of a varied client base.
The match between bankers and clients would be more productive and balanced.
This balanced representation would improve trust and client satisfaction, as clients often see themselves reflected in their advisers, and seek out those who are more similar in background and experiences to themselves.
Moreover, it would promote a culture of collaboration and careful risk management, potentially enhancing overall business performance and innovation within the sector.
FTA: Diversity is about more than just male/female representation. Within female representation, are there any particular groups the industry should try to attract?
AB: I am a strong believer that the industry should strive to attract women from diverse backgrounds, including different ethnicities and socioeconomic backgrounds.
As a female leader within the financial services, I believe I have a responsibility to champion other women in their wealth management and financial decision-making.
Companies with a more diverse workforce are more likely to demonstrate higher business ethics and provide better, more balanced solutions and advice for their client, while also being better at attracting and retaining talent.
Diversity isn’t simply something a business should talk about in its corporate literature, but it has value and makes sense from every perspective.
When it comes to gender equity, it is also important to remember the importance of engaging with male allies who can provide support in the efforts to empower women.
FTA: What would an ideal advice profession look like when it comes to representation?
AB: The ideal makeup of the advice profession should reflect your target clients who are able to understand clients and empathise, leading to a more client-centric approach.
It would feature an equitable mix of men and women of differing ages, with significant representation from various minority groups and a range of professional and personal experiences.
Such diversity would ensure a broad spectrum of ideas and approaches, enabling the industry to cater to the diverse needs of its clients effectively and fostering a culture of continuous improvement and innovation.
FTA: What are the distinct benefits of such a hypothetical scenario?
AB: Across the spectrum of financial services and beyond, more diverse environments offer numerous benefits.
For the advisory space in particular, I believe this makeup would significantly enhance the decision-making process by incorporating varied perspectives, while reducing the risk of biases and fostering more forward-thinking and innovation.
Furthermore, by fostering an inclusive and accountable culture, we can pave the way for a future where women play an integral role in shaping and influencing financial markets, ultimately leading to greater prosperity for all.
