Women's History Month: Female advisors discuss financial industry strides

Slow and steady?

Yes, that correctly characterizes the recent advancement of women on Wall Street.

Winning the race?

Nope, still far from it.

The industry-wide percentage for women on Wall Street remains difficult to nail down. Surveys suggests that women make up around 20 to 30 percent of the financial services industry’s workforce, with representation narrowing as one moves up the career ladder.

Put it all together and it’s easy to applaud the improvement when it comes to female representation on Wall Street relative to history. Nevertheless, it’s hard not to bemoan the fact that despite all their progress, women still have a long way to go until they have a proportionate part of the pie.

With that in mind, and this being “Women’s History Month,” InvestmentNews reached out to four female financial advisors to gain their perspectives on being a woman in wealth management.

Deatra Vales, partner and chief operating officer at TritonPoint Wealth:

“In the finance industry, there are not many women, and even fewer black women, which makes my presence here quite trailblazing. Pursuing a career in wealth management was a challenge for me, as it was completely different from my previous industry. I saw it as an entry point due to the lack of women and diversity, and I found it interesting. I joined a company that needed a service I could provide, and my career grew from there.”

“What keeps me motivated is the constant change and growth within the industry. I love seeing more women and diversity, even if the progress is slow. It feels rewarding to be part of that change. To support and mentor the next generation of females in this industry, it's important not just to mentor them but to highlight and push them forward, giving them the confidence they need, which I felt I lacked.”

“My motivation comes from seeing the fruits of my labor, lifting others up, and helping them realize their power and passions. Support from male executives can be as simple as letting women speak and genuinely listening to their female counterparts. Being an ally means making sure women know they can come to you for support and guidance without condescension.”

“My advice to young women aspiring to become trailblazers is to never stop. Don't let anything deter you from pursuing what you know you can achieve. It will be tough, and you will question your decisions, but continue to believe in yourself and keep going.”

Allyson Mangine, wealth advisor at Amplius Wealth Advisors:

“To me, a trailblazer is someone who is comfortable with being uncomfortable, often being the only woman in the room, but having the confidence and ability to bring other women into those spaces. It's about creating new opportunities, setting new standards, and driving transformation.”

“What inspired me to pursue a career in wealth management is the human side of it. I love being able to share in a family's big life moments and support them during difficult times. It's incredibly rewarding when a client tells me that I've given them peace of mind and helped them feel secure with a plan.”

“What keeps me motivated in this career is the connection with my clients. Sharing their life moments and helping them find a path to success is what truly fills my cup. The unique qualities that women bring to the wealth management industry include a certain level of empathy, allowing us to connect deeply with clients and understand their needs.”

“Seasoned professionals can support young women in the industry by lending a listening ear and providing encouragement. It's important to remind them that they are capable, even when they might not see it themselves. My advice to women becoming trailblazers is to know your capabilities, be confident, and don't be afraid to ask for help from both men and women in your workplace and life.”

Fei Xue, vice president at ABL Wealth, part of Abacus Life:

“Being a trailblazer is more than just blazing trails or paving the way, it's about building new ones, setting new standards, and driving transformation. From a leadership perspective, it's not just about business success but also about building inclusivity and bringing people along through mentoring, advocating, and sponsoring. No one person can push all the boundaries and break all the barriers alone. The journey of trailblazing is about who you bring along with you, and together, we can push all the boundaries and break all barriers.”

“My mother inspired me to have a career of my own. How I ended up in the asset management or wealth management world was a combination of luck and timing. Ever since I got into this field, it's been an exciting ride, and I'm thrilled about everything I've learned and the experiences I've had. What motivates me to stay in this field is my curiosity to learn new things and my love of connecting with people, educating, and learning from them to better myself.”

“Women are often noted for having better emotional intelligence, being better listeners, and communicators. Women are generally aware of their strengths and weaknesses and seek collaboration in areas where they need support. This collaboration brings diverse perspectives, making managing a team or interacting with clients a better experience for everyone.”

“Seasoned professionals can help mentor the next generation of young female leaders through intentional mentoring, sharing stories of successes, failures, and challenges, and encouraging them to take risks and bigger roles. My former boss and mentor, a male, encouraged me to take on a bigger role, move to a new city, and build a team, which was one of the most exciting and rewarding experiences in my career.”

“For young women entering this industry, essential skills are more on the emotional side. Analytical skills can be learned, but emotional skills are crucial. Allowing yourself to fail and giving yourself time to stand back up is important. I was laid off when I was five months pregnant with my second child, and although it was initially hard, it turned out to be the best two years of my life, spending time with my children. This experience made me a better person, mother, and professional.”

Maggie Bilby, vice president at Cyndeo Wealth Partners:

“When I started in the industry I was surrounded by a lot of my peers who were women. I started on the service side of wealth management. And one day my manager came up to me and said, ‘We either need you to move across the country to keep your job, or I need you to go up to the sales floor and be an advisor.’ And my heart dropped. I said to myself, ‘I can't be an advisor, what do you mean?’ But I didn't want to move across the country either. And so I said, ‘Alright, I'm going up to the floor!’ I remember getting there and not feeling like it was my space and that I didn't know how to do that job.”

“But I had already been in the industry for five years. So I looked at the situation and I said, ‘Okay, these are my clients. These are their needs. This is how I can fit that need.’ And I also said, ‘I'm going to do it in the way that I do things best, which is: Listen first, then provide the solution.’ Fast forward six months, I was one of the top salespeople in the nation.”

“That’s not to say there were not a lot of tears along the way. I remember driving to work and crying and driving home from work crying too. And then all of a sudden to get the numbers and to get the stellar results was really something.”

“I think there's such a great opportunity for seasoned financial professionals and mentors to support young women professionals in this field. I think there is a lot of knowledge that goes into being an expert in wealth management, and a lot of that is experience based.”

“I think women have the opportunity to uplift each other and say, ‘Hey, let's do better. Let's help each other. Let's knowledge-share, let's not gate-keep.’ I feel that in our industry, and I feel it coming, and it's going to be great.”