Men as Advocates

Melissa Cowan

Given the increase in women joining the workforce, and today’s focus on diversity and inclusion, it’s more important than ever that we in the retirement industry work together to foster employing women in our firms. Women in Pensions Network (WiPN) recently launched “Men as Advocates” to give men the opportunity to get more involved in our mission: to help women succeed at all levels of the industry.

While we’ve had great support from men at the corporate and regional sponsorship levels, several of them had reached out, asking what more they could do. The WiPN board gave much thought to why hiring women, along with others in an effort to foster diversity, was important and what advocacy should mean.

Historically, the conversations have been about what women need to do to succeed when men are making the decisions about hiring, pay and promotions. But that dynamic is changing, and today it is equally important for men to understand how to better engage with their female clients, colleagues and employees. Considering that our industry has a well-known gender gap, a commitment to attracting and retaining more women can benefit us all.

In fact, numerous studies point to increased profitability when companies have a more diverse staff. This is especially relevant for financial advisers, as there is typically at least one female per household deciding whom to consult about their retirement plan. As the saying goes, know your customer.

One of the biggest challenges we all face is unconscious bias, where we make assumptions or decisions that unintentionally result in favoritism or a less inclusive culture. In terms of our industry, male advisers need to take opportunities to work with and support women in the field; doing this can help them advocate for women and overcome the gender-gap biases that preserve the status quo. Here are several ways that men can be an advocate.

1) Support and encourage women on your team to become involved in industry or firm groups focused on women or diversity. WiPN and like networks facilitate women gaining access to professional development and mentoring; through these organizations, a woman may meet women in a similar role. Especially if she’s the only woman on your team, having a network of women to discuss her work, challenges and successes with can be very meaningful.

2) Attend events focused on women or diversity. Men have several reasons to attend such events. Hearing about women’s struggles in the workplace can create understanding and help them become more effective leaders in their jobs. Additionally, most of the events focus on career advancement and professional development—topics equally of value to men. Men who can’t attend an event should take time to read studies or papers on women in the workplace such as the “Women in Financial Services 2020” report from Oliver Wyman and “Women in the Workplace 2019” from McKinsey & Co. and LeanIn.org.

3) Be open to mentoring or sponsoring, and know the difference. Mentoring can be formal or informal but should help the mentee with specific goals. It can be short term, focusing on one area, or a longer-term arrangement. In the past, both men and women typically looked to senior men for mentorship. As more women advance in their careers, men could consider having a woman mentor. While we typically think of younger employees in terms of mentees, more tenured employees may also gain from mentoring.

Being a sponsor means advocating for and helping someone advance in their career. Because, as a man, you may take part in promotion decisions and discussions, it’s critical to advocate for talented women in your organization.

4) Recruit more women. I’ve heard from advisers that they want to add women to their team but they’re struggling to find candidates. I would challenge them to think about how they’re recruiting and what bias they may have in terms of what makes a good candidate. They should keep in mind that women tend to feel they need to meet most of a job’s requirements, to even apply, whereas men may feel qualified just by meeting a few. Also, understanding job requirements that may appeal to women can help with recruiting—see my point about attending events focused on women, above.

There are so many benefits to inclusivity and diversity—not just from adding women but other minorities, too—including a happier workforce, varied perspectives on how to achieve goals, and increased sales and profitability. Think about the Monday morning staff meeting: Does the opening conversation appeal to everyone—or just a few male senior executives? Take time to learn about the backgrounds of your staff. Ask yourself: Does your team look like the clients you serve? Sometimes change can be hard, but if we partner together to change our industry, we will all benefit.

Melissa Cowan is head of service for retirement plan solutions at Morgan Stanley. She is past president of the Women in Pensions Network and currently serves on its board.