In each installment of the Pathfinder Awards, along with highlighting excellence among industry professionals from underrepresented groups and firms that have exemplary programs or leadership to support and empower those groups, we include a platform for the voices of winners to address the industry on key issues, including DEI.
This time, we bring you the views of four women who are winners of this year’s Pathfinder Awards for Top Women Industry Leaders.
Included are comments by Beth Lawlor, President, Private and Affluent Wealth Management at U.S. Bank; Moira Buckley, Vice President of Western Territory at Prudential Advisors; Elizabeth Pavlik, Chief Product Officer at Docupace; and Julie R. Davis, Head Of MMFA Field Recruiting & Development at MassMutual.
We asked each of them: How is the wealth management industry doing with respect to women advisors and leaders? What steps should we take to improve?
Their responses follow.
Beth Lawlor, President, Private And Affluent Wealth Management, U.S. Bank
The careers of many women in wealth management have been impacted by the Global Financial Crisis, COVID, the banking crisis and a sharp drop in labor participation for women. Many of these events have impacted women disproportionately. However, I believe we can find solutions, including:
Continuing to strengthen workplace policies, benefits and culture to offer flexibility and a sense of belonging. U.S. Bank is highly recognized by many respected industry publications for the quality of our culture and policies.
Spotlighting role models. People aspire to become the people they can see. I believe strongly in connecting people for the greater good, and I’m always looking for ways to develop talent and lift others up. I’m also passionate about empowering other women to feel confident and believe in themselves. It’s one reason why I serve on the board of Bottomless Closet, where I help women – many who are victims of domestic violence – prepare for job interviews and build confidence to get back on their feet.
Providing professional development and mentorship. I am proud to serve as a mentor for four employees in the bank’s High Impact Development Program, and I look forward to mentoring more employees in the coming months.
Moira Buckley, Vice President Of Western Territory, Prudential Advisors
Throughout my career, there has been a fair amount of positive change and I’ve seen significant strides to make it more inclusive. I think simply seeing more women in leadership positions has both attracted more young women to the industry and encouraged more women to stay and push forward in their careers, but we know women continue to be underrepresented.
The numbers don’t lie. Our industry must expand, both from a recruiting and a customer standpoint, to keep up with changing demographics and ensure its strength decades into the future. Many firms, mine included, recognize the importance of diversity and are supporting initiatives to attract women and support their career development.
I think communication is important. This means showing women who are new to the industry or at mid-career level what their path to advancement is within the organization. That transparency can go a long way to keeping talented individuals engaged and motivated.
As sponsors, we should recognize that it isn’t always about promotions. It is also about speaking up for others who aren’t in the room, advocating for individuals who would benefit from a chance to do more. Ultimately, the change we want to see is up to us!
Elizabeth Pavlik, Chief Product Officer, Docupace
Wealth management and wealthtech have made progress in increasing the presence of women professionals and leaders, but we still have a long way to go. As of 2023, women comprised only 30% of positions across fintech.
We are underrepresented in leadership roles, particularly in senior executive and decision-making positions. The pace of change is accelerating, but we need to push even harder to keep up.
To improve, firms should take deliberate actions. Foster mentorship programs, so women can advance in their careers. Leadership development initiatives tailored to women in wealthtech can provide the skills and confidence needed to step into executive roles. Firms should prioritize inclusive hiring and promotion practices. That way, women have equal opportunities for growth.
Visibility matters: Highlighting successful women leaders and showcasing their accomplishments can inspire the next generation of women. Firms that support women’s networking groups or encourage their participation at industry events are at an advantage when it comes to advancing women in financial services.
In my experience, promoting women’s careers ultimately drive innovation and better outcomes.
Julie R. Davis, Head Of MMFA Field Recruiting & Development, MassMutual
While the wealth management industry has made strides in opening its doors to more women, there collectively remains an opportunity to do more. Real and lasting change will come with consistent hiring and promotion of more women, continued change of the industry culture, ongoing breaking down of barriers and making sure women have mentors and expanded leadership opportunities.
At MassMutual, we encourage and provide support for the recruitment, retention and promotion of female financial advisors at the firms within our affiliated network by fostering a culture of collaboration and success. We cultivate an inclusive and flexible environment where women are seen, valued and respected — and our culture is a key reason why exceptional women choose to join, grow and stay associated with us.
Continuously seeking out new ways to support the well-being and professional growth of women advisors is also key. From providing training and educational resources to support career development, to delivering the work-life flexibility women frequently need to care for themselves and their loved ones, we have built a community that is very conducive for women advisors to thrive.
We also offer women advisors one-on-one coaching from experienced female advisors, peer-to-peer mentorship, opportunities for in-person collaboration, networking and best-practice sharing.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
