The outstanding performance of women in the financial industry in general, and in financial advisory in particular, is becoming increasingly visible. Although it is still difficult to find them as the top executives of institutions, if we analyse the composition of boards of directors, Spanish companies are increasingly approaching the 40% identified as a desirable target.
In the financial sphere, breaking the famous glass ceiling has gone from being a wish to becoming the norm through the changes brought about by the concept of Sustainable Corporate Governance. As women’s presence is a variable that is not only measurable but also publishable, the need to improve it has become imperative.
In the world of financial advisory, it is increasingly common to see women leading the most important portfolios and clients and, gradually, in higher positions within institutions’ organisational hierarchies.
Financial advisory is an activity that requires extensive, highly specialised knowledge that is constantly evolving, with very high professional standards, which is why training is particularly important. Women are aware of this, and it is encouraging to see how female presence in business schools and specialised programmes is increasing, reaching parity with men.
Thus, the training gap that traditionally existed is fading, which is undoubtedly very good news. Women—not only young women, but also those with many years of experience—are making their mark, and with the example of those who have reached the very top, they know there is no ceiling that cannot be broken.
Although differences between men and women in the professional world are diminishing, we cannot overlook other realities such as those highlighted by the Bank of Spain in its study “Gender differences in financial competencies“: significant disparities in financial knowledge between men and women still exist, albeit with important nuances across autonomous communities.
At the Spanish Banking Association, we promote the “Your finances, your future” programme year after year in schools thanks to volunteer bank employees. We are driven by the firm belief that financial education helps people achieve personal and professional goals and that, together with other measures aimed at preventing inequality, it is key to ensuring women have the same economic opportunities as men. Financial education is undoubtedly a powerful tool for eliminating these differences—an endeavour that the banking sector and the authorities support wholeheartedly.
The need for financial education remains significant, not only in relation to women, but for society as a whole, given the importance that long-term financial planning will have as expected longevity increases.
From here, we reaffirm the important role that financial advisory can play by helping to design a financial plan and providing clients with knowledge that they would otherwise find difficult to acquire, at least in the short term.
If women’s progress has been possible in the financial industry, it has undoubtedly been due to the recognition of the importance of balancing family and professional life.
The terrible COVID pandemic that we have been experiencing for a year has demonstrated the need to continue improving this balance, as well as that work–life balance is possible, by forcing us to take refuge in our homes and combine professional and family activity 100% in a highly stressful market environment, without the quality standards of the service provided by financial advisory firms being affected in any way.
This pandemic has been a global wake-up call, not only in that direction, but also by highlighting the need to address changes in the economy that will lead us to a more sustainable model. This concept of sustainability, which has burst into all sectors of society and the economy and which financial advisory embraces without reservation, encompasses environmental, social and governance aspects, among which support for diversity plays a fundamental role.
If anything has become clear, it is that the future will be sustainable or it will not be at all, which implies that it will be equal or it will not be at all.
Patricia Rodriguez Fernández de Castro, Financial Markets Adviser at the Spanish Banking Association (AEB)
