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5 Things You Need To Know About Women In Finance

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According to the 2017 World Economic Forum’s Global Gender Gap Report, “Female talent remains one of the most underutilized business resources.” In some industries, like finance, this is especially clear.

In finance, as career level rises, female representation declines. Although 46 percent of financial services employees are women, at the executive level, it’s only 15 percent.

We interviewed seven members of Forbes Finance Council who, as female finance executives, are breaking those barriers. They offered an inside look into their experiences and advice for others who want to make it to the top. Here are their insights — the five things you need to know about women in finance.

1. The Gender Gap In Finance Is Both A Challenge And An Opportunity

“It’s no secret that this industry is very male dominated,” said Francesca Federico, co-founder and principal of Twelve Points Wealth Management.  “It’s pretty much an ‘old boys club’ and most men have gotten into this industry because their father or golf buddy or college alumni was in it. I think women have a hard time breaking in because there have never been that many to begin with.”

Twelve Points provides financial planning for families, individuals and small business owners, creating a “personal planning index” honed specifically for each client’s goals and values. Francesca is passionate about her work and acknowledges the challenges women face today.

“Breaking the mold of having to be a middle-aged or older man to get some credibility has been one of my biggest professional challenges,” she said.

However, with the right outlook, any challenge can present an opportunity.

Keri Gohman, president of Xero Americas, a cloud-based accounting and payroll SaaS provider for small business, has seen all too many women, including herself, waste energy on trying to fit into male-dominated environments. Keri decided to redirect her focus entirely into doing great work, and doing it her way.

“When you take all of the energy spent on fitting into a narrow box and unleash that on your work — magic happens,” she said. “When I allowed myself to be the boldest version of myself, I realized I was more willing to take risks, to be more powerful —  and my true capacity was unleashed.”

This empowered outlook has enabled Keri to build a thriving career that spans insurance, investing, accounting and banking.

2. Finance Is About More Than Just Money … It’s About Making A Difference

For the women we interviewed, a career in finance is not just a way to pay the bills.

Francesca said, “I wake up every day with a fire in my belly because I know I am making a difference in the lives of people and families around me.”

These financial leaders do what they do because their work positively impacts individuals, families and businesses. It’s a support system that’s needed, as nearly three quarters of Americans reportedly have difficulty saving money.

“What I love most today about my industry is the opportunity to

educate thousands of people every year, said Danielle Kunkle, CEO of Boomer Benefits, a licensed insurance agency specializing in Medicare-insurance related products and serving thousands of clients across 47 states.

“Our most exciting project to date has been offering free, no-obligation Medicare 101 webinars to the public,” said Danielle. The dozens of grateful thank-you emails she receives after each webinar are the “warm fuzzy” that reminds her how many people she is helping.

Jade Sullivan, co-founder and experience designer for Pogo Insurance, is also making a difference — in her case, for small business owners. Jade’s work at Pogo involves directing small businesses to the right insurance at the best price via a simple online process. She describes it as “a commercial insurance aggregator that helps small self-employed businesses find the best insurance with just one form.”

Of course, the process is only simple for the clients because Jade and her team make it so. Jade said she enjoys the ability to “help other entrepreneurs with one of the more frustrating aspects of having a business.”

3. A Finance Professional Never Stops Learning

In addition to altruism, the women of Forbes Finance Council reported intellectual stimulation as a motivating factor in their careers.

Elle Kaplan, founder and principal of LexION Capital, is driven by the the opportunity to constantly learn new things, citing her “deep-seated intellectual curiosity.” LexION Capital manages money for individuals and families, as well as mission-driven nonprofits and institutions; its services include goal-based retirement planning and investment management.

“The markets are impacted by everything, from climate change to politics; no two days are ever alike,” Elle said. “It's always changing and evolving, and it never fails to galvanize me to do my best.”

Kayce Hunt, CFO of Vishion, a personal shopping app arranged around color choices, also revels in cultivating knowledge. Kayce said her work leading the finance team at Vishion has been exciting precisely because it affords opportunities to learn. “I love the ability to analyze and model data to predict the outcome,” she said.

Kayce encouraged women who might be interested in a finance career to “gain a broad understanding of the different functions available … so that they can go down the path that interests them most,” as she has done. “I cannot wait for how much I will continue to learn as we grow Vishion,” she said.

4. Women Are Creating The Future Of Finance

The enterprising women of Forbes Finance Council are not content to live with the status quo. They are founding their own businesses, supporting new initiatives and developing a new business culture that works for them. As Francesca said, “we get to create our own brand and do it our way.”

Binna Kim, president and co-founder of Vested, is one of the innovators working to change the industry overall. Vested is an integrated communications company, helping financial companies raise their profile via marketing, PR and social media.

“With the rise of fintech, both financial institutions and fintech companies were embracing new narratives — and we started a company focused on helping better communicate these stories,” Binna said.

Meanwhile, Keri focuses on shaping the attitudes and culture at her firm.  

“It's been impactful creating a culture for my teams where they can be free to bring their unique gifts to the table and be themselves,” she said. “We're having a lot more fun — and doing beautiful work.”

Jade offered encouraging advice for women who would like to make their mark in finance. “Just understand that it takes a lot to change things or to develop a new idea,” she said. “But it's worth it.”

5. The Future Is Bright For Women In Finance

Yes, there is a gender gap in the finance industry. But the women of Forbes Finance Council are blazing a trail, and things are getting better. Binna encouraged women to “be unapologetic in fighting for what you deserve. You can have a family and grow your career — don't feel that you have to choose one or the other.”

Danielle summed up her very positive experience as a woman in finance. “I've been able to start as a solopreneur and grow this agency into a business that helps consumers in 47 states and employs over 30 people,” she said. “Female producers are some of the highest achievers in this industry. You can go get your license tomorrow and be welcomed with open arms by employers and carriers alike. The future is bright here for women.”

Find out more about Forbes Finance Council and determine whether you are eligible here.