Gender on Wall Street : Uncovering Opportunities for Women in Financial Services

This book contains advice and direction for women who are either seeking a career or who have already embarked on a career in financial services. The book first aims to help the female reader gain clarity on her motivation in pursuing a career in finance. It then identifies potential gender-specific challenges that could create problems if she is unaware or unconscious to her surrounding work environment. Lastly, it provides insights and exercises to develop a strategy for career accomplishment. Written by a former Senior Financial Executive for several fortune 500 firms including M&M Mars, a Wealth Manager/Owner of a fee-only Registered Investment Advisory firm, and Professor of financial planning at the University of South Florida, the book will help women identify pitfalls, create game plans to transcend the limitations of their workplace cultures, and learn how to collaborate with their peers to create healthier work environments. Told through personal stories, anecdotes from other women and academic research, __Gender on Wall Street__ helps women identify the internal and external obstacles to their success. This book will also provide a means of overcoming these obstacles through conscious engagement, personal reflection and strategy-building exercises at the conclusion of each chapter. The reader will be guided into creating their own personal career plan—the STAR plan—which will help them achieve career success. Contents 6 List of Figures 8 Chapter 1 Introduction 9 Life on Mars 10 The Numbers Don’t Lie 12 Money Is Power 14 What You Will Find in This Book 15 Anecdotal Stories 15 Empirical Evidence 15 Mentor Insight 16 Exercises for Conscious Engagement to Create Your STAR Career Plan 16 The STAR Career Plan 16 Part I The Opportunity for Women 18 Chapter 2 The Rewards of a Career in Finance 19 Values Beyond Money 21 Exercise: Analyzing Your Career Values 25 Why This Career? 25 What is Important? 26 Chapter 3 The Win for Financial Services 29 The Impact of Gender Diversity: Better Results 30 Education vs. Resistance 32 Time for Inclusion 35 The Need for Female Financial Advisors 37 Women and Wealth 38 Exercise: Identifying and Utilizing Your Strengths 41 Utilizing Your Strengths 43 Chapter 4 The Power of Your Beliefs 45 Conscious Engagement 47 Personal Beliefs 49 Traditional Social Pressure 50 Self-Sabotage 52 Exercise: Examining Your Beliefs 54 Chapter 5 The Magic of Self-Confidence 59 Confidence Research 61 Being Authentic 63 Exercise: Developing Your Confidence 66 Part II The Gender-Specific Challenges 68 Chapter 6 The Prevalence of Unconscious Bias 69 Social and Gender Norms 70 Industry Efforts Are Slow 72 Behavioral Bias 73 Sex Typing 74 Affinity Bias 75 Barriers Have Consequences 76 Work–Life—Embraced Universal Culture or Reluctant Compromise 79 Perception Becomes Reality 82 Exercise: Ensuring Work–Life Balance 84 Chapter 7 The Gender Trap 85 The Double Bind 86 Different Standards 89 It Is Not About You. It Is About Your Gender 91 Set Up for Failure 91 Define Your Strengths 92 Exercise: Positioning Strengths in Your Current Environment (SWOT Analysis) 95 Chapter 8 The Pain of Isolation 97 Belongingness 98 Choose to Belong 100 Go with the Flow and Participate 101 Exercise—Identifying Your Partners for Success (Stakeholder Analysis) 103 Example Stakeholder Analysis 104 Your Stakeholder Analysis 104 Chapter 9 The Fragility of the Female Network 105 Resistance to Females in Senior Positions 106 Not All Women Are Committed to the Cause 109 Hostile and Benevolent Sexism 110 Female Bullies 111 Finding Common Ground 113 Exercise: Developing S.M.A.R.T Goals 115 S.M.A.R.T. Goal Questionnaire 116 Part III The STAR Plan 118 Chapter 10 Strategic Framework—Build Your Brand 119 The STAR Planning Process: Create a Strategic Career Plan 120 Identify Your Values 121 Develop Your Vision 123 Refine Your Goals 124 FAMILY: Allowing Time for Family 125 INFLUENCING PEOPLE: Influencing Opinions and Behaviors of Women 126 Transforming Lives 127 Your Current Situation 129 Exercise: Your Strategic Career Plan 131 Chapter 11 Technical Skills—Fortify Your Brand 134 Consumer Conundrum 135 Trust and Competency Signals 136 Your Brand and the Fiduciary Standard 138 Principal Knowledge 141 Core Skills 141 Mathematical Aptitude 142 Economic Insight 143 Critical Thinking Skills 144 Communication Skills 145 Business Development Skills 145 Senior Management 146 Other Skills 146 Employment and Technical Skills 146 Exercise: Your Brand Message 146 Chapter 12 Advocacy Circle—Develop Your Brand 150 Mentors: The Magic Bullet? 152 Peer Mentors 154 Advocacy Meetings 156 15 Ways to Be an Amazing Advocacy Circle Member 157 Closure/Reset 159 The WoMEN’s Money Empowerment Network (WoMEN) 160 WoMEN’s Credo 161 Self-Promotion Versus Promoting Other Women 162 One Last Comment—“Sexual Harassment” 163 Exercises: WoMEN’s Advocacy Circle Progress Report 165 Chapter 13 Relationships—Share Your Brand 166 How to Build Trust 167 Relationship Building 168 Case Study: Maria Bartiromo 168 Case Study: Janet Yellen 169 Case Study: Liz Ann Sonders 169 Establishing Rapport 171 Effective Negotiations 172 Assertive Communication 174 Exercise—Focusing on an Assertive Communication Style 176 Conclusion 180 Index 183 This book contains advice and direction for women who are either seeking a career or who have already embarked on a career in financial services. The book first aims to help the female reader gain clarity on her motivation in pursuing a career in finance. It then identifies potential gender-specific challenges that could create problems if she is unaware or unconscious to her surrounding work environment. Lastly, it provides insights and exercises to develop a strategy for career accomplishment. Written by a former Senior Financial Executive for several fortune 500 firms including M & M Mars, a Wealth Manager/Owner of a fee-only Registered Investment Advisory firm, and Professor of financial planning at the University of South Florida, the book will help women identify pitfalls, create game plans to transcend the limitations of their workplace cultures, and learn how to collaborate with their peers to create healthier work environments. Told through personal stories, anecdotes from other women and academic research, Gender on Wall Street helps women identify the internal and external obstacles to their success. This book will also provide a means of overcoming these obstacles through conscious engagement, personal reflection and strategy-building exercises at the conclusion of each chapter. The reader will be guided into creating their own personal career plan--the STAR plan--which will help them achieve career success Front Matter ....Pages i-ix Introduction (Laura Mattia)....Pages 1-9 Front Matter ....Pages 11-11 The Rewards of a Career in Finance (Laura Mattia)....Pages 13-22 The Win for Financial Services (Laura Mattia)....Pages 23-38 The Power of Your Beliefs (Laura Mattia)....Pages 39-52 The Magic of Self-Confidence (Laura Mattia)....Pages 53-61 Front Matter ....Pages 63-63 The Prevalence of Unconscious Bias (Laura Mattia)....Pages 65-80 The Gender Trap (Laura Mattia)....Pages 81-92 The Pain of Isolation (Laura Mattia)....Pages 93-100 The Fragility of the Female Network (Laura Mattia)....Pages 101-113 Front Matter ....Pages 115-115 Strategic Framework—Build Your Brand (Laura Mattia)....Pages 117-131 Technical Skills—Fortify Your Brand (Laura Mattia)....Pages 133-148 Advocacy Circle—Develop Your Brand (Laura Mattia)....Pages 149-164 Relationships—Share Your Brand (Laura Mattia)....Pages 165-178 Back Matter ....Pages 179-193