Retaining Female Wealth Managers – What's Being Done?

Shirin Aguiar

29 March 2022

While geopolitical events such as the war between Ukraine and Russia and worries about strong inflation currently dominate the world, long-term issues about how to make the wealth management industry more diverse persist. This publication has spoken to several firms about how they are trying to achieve this when it comes to the recruitment and retention of women wealth advisors. Following on from our examination of recruitment initiatives, here we highlight companies’ retention policies.

Flexible working
Initiatives by UK private bank ’s efforts to improve work-life balance for women, the Geneva-based private bank allows staff to work from home one or two days a week and operates flexitime.

In Geneva it pays for employees to use the “Chaperon Rouge” service which provides emergency childcare for sick children under twelve. And it was the first bank in Switzerland to receive EDGE certification, the global assessment methodology and business certification standard, at MOVE level (the second highest of three levels), the firm told this publication.

Lombard Odier also has a women leadership programme, launched in 2017, with forty-six women taking part so far. And its HR department ensures that the number of employees receiving promotions each year is as representative as possible in terms of gender diversity. It also undertakes an annual equal pay analysis.

London-listed wealth management house , told WealthBriefing. “Diversity and inclusion are an evolving journey, and we must all continually push ourselves and challenge one another to improve.”

Why? Because wealth managers that succeed in acquiring and retaining women will also have a replicable road map for connecting with other growing customer segments, such as Millennials and Gen Xers, the global management consultancy, McKinsey & Company, said.