I once had a client tell me in the early stages of our working relationship as her financial advisor, “Don’t run off to China with my money!”
I assured her the amount she was investing wasn’t quite enough to entice me to leave the country, but that with my help, perhaps one day it would be.
Despite her comment, we went on to become good friends and one of the last things she said to me was, “I’m glad I trusted you with my money. I love you.”
Gaining the trust of the clients we serve is not easy, but we expect that part of our jobs to be a challenge. What I find more difficult is working in a financial services industry that is still stubbornly behind the times.
A few years ago, I was at a financial services convention grabbing a drink at a sponsored event. Eager to talk shop, I said hi to a small group of women and a man. The man sized me up and said, “I’m an advisor, who are you? An eMoney honey?” He basically assumed I was not a financial advisor because I was wearing a cocktail dress.
As an Asian woman wealth advisor, I would say it’s hard to garner as much initial respect in my industry as say, a white middle-aged man. I don’t see any women or minorities in the highest ranks of my independent brokerage. On a yearly basis I get invited to more sports events, golf outings, horse tracks and cigar bars than new IPOs. I’m not saying I’m not grateful for being invited, I’m just saying it would be nice if an event was not centered around the tastes of white males.
And I am definitely not pointing fingers only at independent brokerage firms. Over my career, I’ve been at a wirehouse and bank and now am independent. The challenges are the same. Any inclusiveness has been exclusively minority or female events, such as a women’s luncheon. There is an air of segregation. I would like to instead see a top woman wealth advisor on CENTER stage, not an offshoot breakout women’s session.
When I call the backoffice and the representative hears my female voice, the representative asks the name of my advisor. My male assistant never gets asked that question. To some reps, I am an assistant because I am a woman. Their assumption shows how deep rooted the mentality that needs to be changed is and how gender training is needed to change that mentality.
What I might not get in my large firm, I have found in my family-like hybrid RIA, GoldenState Wealth Management. Even though it was not founded by a woman, almost half of the advisors are female. The RIA holds truly inclusive events, not separate events for women and minorities. Top female and minority advisors are asked to share best practices, not just top male advisors, which generates a feeling of mutual respect. I don’t feel I have an uphill battle to prove my equal value. I chose this hybrid RIA because I felt accepted and appreciated for what I bring to the table.
Perhaps this is future of the industry. My hybrid RIA represents me and as big as my book of business is, I’m stronger in a group. Hopefully one day the industry changes and no one is surprised to see me at a top producer event due to my race or gender, or both.
I would ideally like to say one day when I retire, I’m glad I banked my career with this firm and industry. I love what I do, I just think I would respect the industry more if I felt they respected me.
