PIMFA
8 March 2021
Empowering female talent through authentic leadership,
forums and career masterclasses
PIMFA celebrates International Women’s Day and some positive movement but notes the impact of COVID and say there’s more to be done as it looks towards the future
PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, is celebrating International Women’s Day by honouring the array of exciting female talent in our industry and those that are working with us to provide routes to improve personal and career development for women in financial services.
PIMFA have created various initiatives such our long-standing Women in Wealth Forum, the Authentic Leadership Programme and our Career Masterclasses to inspire, empower and educate both men and women, while also helping address and tackle the barriers to women’s careers.
At present, research from the Financial Conduct Authority (FCA) shows that diversity remains consistently low in our industry at approximately 17%, and McKinsey figures show that while representation of women in senior vice president positions has grown from 23 to 28%, and representation in the C-suite from 17% to 21%. Women still remain dramatically underrepresented—particularly women of colour – but the numbers were slowly improving.
PIMFA research has found that women with the ambition to rise to leadership positions in wealth and financial services must still overcome numerous challenges, including Imposter Syndrome, unconscious bias in the workplace, a peer group that shrinks as they assume more senior roles, and a struggle to find female role models even in the most progressive firms. The COVID-19 pandemic has intensified challenges faced by us all, but especially for women in work, particularly women of colour, who are more likely to have been made redundant or furloughed, stalling their career and jeopardising their financial wellbeing.
As the crisis caused by the pandemic begins to recede it is imperative that firms resume their efforts to increase diversity and inclusion amongst their workforce. The business case for doing so has already been proven. The OECD estimates that equalising the role of men and women in the labour market could increase GDP by 10% by 2030 and diverse firms are up to three times more likely to be profitable, innovative, have higher sales, attract better employees, and have stronger customer relations.
As the voice for the industry PIMFA aims to support members in several ways, from the Women in Wealth Forum that tackles hot topics for female talent. To the Authentic Leadership Programme that provides a CPD approved, six-month group coaching programme, endorsed by the Institute of Leadership & Management, that delivers the knowledge, skills and confidence required for female leaders and managers thrive in a rapidly changing and highly complex business environment.
PIMFA is also looking to the future of the industry and the pipeline of diverse and exciting talent that can be encouraged to consider a career in the industry by running a series of masterclasses in partnership with the social mobility charity, The Brokerage. The masterclasses have been designed specifically to encourage young women and girls from a diverse range of backgrounds to consider a career in financial services.
Liz Field Chief Executive of PIMFA commented: “As a champion for Diversity and Inclusion PIMFA celebrates International Women’s Day and is proud to offer an array of initiatives to support female talent in our industry. We also understand the importance of nurturing the talent of tomorrow and are delighted to be supporting The Brokerage with their initiatives to drive change. It is vital we encourage and support more young women into the profession and help them understand the range of careers they can access.
Katherina Rudiger, Chief Executive of The Brokerage, said: “We are delighted to partner with PIMFA and to be supporting them in their endeavours towards making the wealth management and financial advice industry more diverse and inclusive. The wealth management and finance advice profession provides an excellent career path for our talented, young people, in particular women, from disadvantaged and BAME backgrounds. Through events and masterclasses like this, we can raise awareness and provide access to opportunities, that our candidates would normally not have”.
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Notes for Editors
About PIMFA – the Personal Investment Management & Financial Advice Association
- PIMFA is the trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
- The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
- PIMFA represents both full and associate member firms. Full membersprovide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies. Associate members provide professional services to the PIMFA community.
- PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
- PIMFA has made numerous recommendations to the FCA regarding the Future of Supervisionand the FSCS levy – read more.
- PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
- Further information can be found at co.uk
Contact
For further information on this release or other press matters please contact:
- Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376 / +44 (0) 7843 903258
- Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225
