Dolly Parton, Gloria Steinem and Mrs. Met. What this unlikely trio has to do with the future of financial services

The recent passing of Dolly Parton and Gloria Steinem, along with Mrs. Met becoming the first female mascot inducted into the Mascot Hall of Fame, got me thinking about women who have challenged expectations, opened doors and encouraged others to follow. And, more specifically, what we can do to encourage more women into financial services.

Gloria Steinem spent decades challenging the barriers that limited women's opportunities, while Dolly Parton, with her big hair, rhinestones, extraordinary talent and sharp business instincts, built a remarkable career on her own terms. Both demonstrated, in very different ways, what women could accomplish.

And then there's Mrs. Met, who has finally joined her husband in the Mascot Hall of Fame, a mere 19 years after his induction. I'm not sure what took so long, but congratulations to her!

Three very different women, three very different stories, and a reminder that there's no single way to make a difference.

A Conversation Worth Continuing

In May 2017, I wrote an article for Financial Advisor Magazine titled Women Thrive in an Environment of Support and Mentorship. At the time, I'd recently established a Women Advisors Group at The Investment Center to help women connect, learn from one another and grow their businesses.

In that article, I talked about some of the barriers women faced when considering a career in financial advice, including a lack of familiarity with the industry and access to mentors and role models. Nearly ten years later, I think many of those observations are still relevant.

Next month, I'll be getting together with some of the women from that original group. We've changed firms, taken on different roles and faced our share of challenges, but those relationships have continued. It's one of the things I value most about bringing people together.

And while I still believe strongly in creating opportunities for women to support one another, I'd like to broaden the conversation.

I don't believe women are inherently better financial advisors, nor do I believe women investors necessarily need women advising them. What I do believe is that an industry drawing on a greater diversity of thought, background and experience will be stronger for it.

That applies well beyond financial advisors. We need more women considering careers as wholesalers, investment analysts, portfolio managers, researchers, technology specialists and business leaders. Different experiences encourage us to ask different questions, challenge assumptions and consider opportunities we might otherwise overlook.

So, What Can We Actually Do?

I'm speaking primarily about the parts of financial services I know best, particularly financial advice, investment management and distribution. But I suspect these ideas apply more broadly.

If we want more women to consider careers in financial services, here are five things we can all help with.

• Get in front of the next generation. Reach out to local universities and colleges, offer to speak to students or participate in career events. And don't limit those conversations to finance majors. Some of the best people in our industry arrived here through entirely different routes.
• Develop mentoring programs. Connect students and young professionals with experienced people who can offer guidance, share experiences and help them build relationships. A few conversations with the right person can make an enormous difference.
• Let people experience the industry. Offer internships, job-shadowing opportunities or invitations to industry events. It's difficult to imagine yourself in a career when you don't really know what it involves.
• Make opportunities visible. Encourage women to speak at conferences, participate in investment discussions, take on leadership responsibilities and share their career stories.
• Be a sponsor as well as a mentor. Offer advice, but also recommend someone for an opportunity, make an introduction or encourage them to take on a challenge they might not have considered.

None of these suggestions is particularly complicated or groundbreaking, and most don't require a significant budget. They do, however, require us to make an effort.

Nine years ago, I wrote that we needed more initiatives to support women in financial advice. I still believe that, and it starts with doing more to introduce women to the opportunities available in the first place. We shouldn't expect young women to find their way into an industry they may know very little about. We have a responsibility to introduce them to it and help them see the opportunities available.

So here's my challenge. Think of one thing you could do to introduce a young woman to the opportunities in financial services. Make the university connection, offer to mentor someone or invite a student to an industry event. Imagine the difference if we all did just one thing.

Song of the Month (or Perhaps Two!) I originally had She by Green Day in mind for this month's song, and I'm keeping it. But having brought Dolly Parton into the conversation, how could I possibly leave her out? So, this month, we're having two songs: She by Green Day and Dolly's 9 to 5. Both seem rather appropriate, don't you think?

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