This post was most recently updated on August 29th, 2023
Table of Contents
Farnoush Farsiar shares her experience as a woman in wealth management
Wealth management is a crucial service that helps people control their finances and make smarter business decisions. In this article, finance expert Farnoush Farsiar shares her perspective as a wealth manager and why it’s important to continue gender-inclusive efforts throughout the field.
Since at least the mid-1900s, women have played an essential role in the workforce. Although the wealth management industry has room for further growth and equality, Farsiar is hopeful that in the next few years, more women will start consulting individuals on their financial goals and aspirations due to the number of rising opportunities.
Farsiar says that women are key to the industry’s success, as many times women have been seen increasing teams’ creativity levels, communication strategies, and empathy. Many wealth management companies have taken this information seriously and continue to implement measures that get more women through the door.
Now, about 46% of finance employees are women. While only 15% are in executive roles, Farsiar believes this number will increase soon due to the latest trends. Some of the biggest companies in wealth management are making substantial efforts to support women’s employment, leadership, and health. This is promising for the future of a more balanced workplace environment.
Women’s roles advanced throughout history
From about 1930 to 1970, the workforce started hiring and including more women. Increasing opportunities arose to help women step out of the traditional household role, especially if they had an education. While many did not agree with this movement, the numbers kept growing.
In 1974, according to The Brookings Institution, “women gained, for the first time, the right to apply for credit in their own name without a male co-signer.” This is an example of the inclusivity that started to increase even more in the 1970s. By the 1990s, women were regularly seen in roles such as lawyers, doctors, and professors. This was a turning point.
Since the 1990s, Farsiar says that she is proud to see women continue their education and become passionate about prestigious fields such as wealth management. She explains that with the advancements, women can enter essentially any industry and come in with protections like legally required parental leave.
Industry elements that must change for inclusion purposes
Farsiar warns that despite the incredible advances for women in the workplace, “more work is to be done.” According to Zippia, 27.7% of all finance advisors are women, with men at 78.3%. Women have substantial skills to offer the industry, so more companies must make room for a more equal ratio.
Frasier says that her role as a wealth manager and financial consultant has helped those around her understand the significance of inclusion. With ample access to resources and education, there is no reason to exclude women. She has shown her industry how much value women can contribute to a team by stepping up and implementing unique ideas and solutions in her field.
Although the numbers show an increasing number of women in the workplace overall, there is an underlying conflict. There is an unspoken stigma to this day about working women, especially in managerial positions.
True equality is not only hiring women to meet quotas but simply hiring them as managers. The key element to implement is more psychological. According to the Center for Creative Leadership, “33% of women and 17% of men reported that they’ve received feedback that they’re ‘bossy’ at work.” That means women were twice as likely to be perceived as bossy at work.
Not only do companies need to hire women by the numbers, but there is also a workplace mindset that women in leadership are automatically bossier than their colleagues. Farsiar states her concern with the more emotional aspect of being a woman in the workplace. “Putting the numbers to the side, there is another level of inclusion workplaces must take into consideration.”
Why do we need more female managers and executives?
If anything is to be implemented in the industry, it should be recruiting more female managers and executives while reducing emotional stigmas. Women have roughly the same education, years of experience, and knowledge in each field. Therefore, Farsiar says, it should be the subsequent move to hire more female leaders and encourage them by supplying more decision-making opportunities.
“It’s not a matter of who can do better work,” Farsiar says, “it’s about representing half of the workforce properly, with respect to hard work and dedication, no matter the gender.” After years of experience in the field, Farsiar has a firsthand perspective on the negative implications of excluding women.
According to this article, “12.5% of American women are employed as Chief Financial Officers in Fortune 500 Companies.” Farsiar comments, saying this number must change. While there are plenty of women working in the finance field, management roles must also be considered.
This topic has not received much media attention in recent years. Perhaps with COVID-19 taking the world by storm, topics such as women’s equality in the workplace were pushed to the side. Farsiar explains that there is an inherent risk here. News outlets and social media influencers must continue fighting for female workers and entrepreneurs by relaying truthful yet shocking statistics.
While numbers continue to improve and there is still much hope, the only way to move forward is by continuing the conversation behind women in the workplace.