For all the conversations about workplace equality that have taken place across the industry, the financial advice sector continues to see women face slower career progression than their male counterparts.
This is due to lingering industry culture that undervalues work-life balance. And women, who still tend to take on a disproportionate share of caregiving and household responsibilities, therefore have to contend with fewer opportunities for leadership, and pay that still doesn’t reflect their contributions. This is compounded by a number of systemic and cultural barriers that continue to hold them back.
The statistics tell a clear story. For instance, while firms supporting the Women in Finance Charter are making progress, just 35% of senior management roles are held by women. The gap is even more glaring in leadership: as of 2024, only 10.4% of Fortune 500 CEOs were women.
In the financial advisory sector specifically, the industry remains overwhelmingly male-dominated. This is particularly true in senior and client-facing roles where trust and length of service seem to play a significant role in career growth. The issue isn’t a lack of talent or ambition; it’s an industry that still hasn’t adapted to support and reward women in the same way it does men.
The question now is whether firms are willing to take real action or simply let the status quo persist.
Moving beyond quotas
The status quo is undeniably better than it once was – progress has been made, and more women are stepping into leadership roles within financial advisory. But this progress is neither fast nor evenly distributed, and too many firms still treat gender diversity as a numbers game rather than a fundamental shift in culture.
But true gender equality now needs to move beyond hitting targets. It requires a cultural shift where gender isn’t a factor in career progression or leadership selection. This may seem like a bold stance, given that quotas have dominated the conversation for over a decade.
However, if we think of the industry as a ship that was once steering in the wrong direction, quotas have played a vital role in turning it around. Now, the challenge is ensuring it stays on course without relying on artificial measures that risk entrenching stereotypes or negative sentiments.
The risk is that, should quotas continue to be used as the solution rather than a stepping stone, a tick-box mentality could be installed that not only fails to address underlying cultural barriers but could create new obstacles for women to overcome.
Persistent challenges for women in financial advice
For example, we risk allowing a growing perception that women are promoted to meet equality targets to set in, undermining the talent and achievements that women demonstrate on a daily basis. When firms focus on quotas over real cultural change, female advisors often feel their expertise is undervalued, damaging confidence and morale.
For all the talk of numbers, the reality is that invisible barriers still exist, which often manifest as assumptions about leadership styles, unconscious biases in hiring, or the devaluation of women’s contributions. As a result, women in financial advisory often find themselves passed over for promotions or leadership roles despite being equally or more qualified than their male colleagues.
Additionally, women in the industry continue to bear a disproportionate share of home-life responsibilities, from childcare to caregiving for relatives, which are still frequently undervalued or dismissed in the workplace. While there have been improvements in flexibility and hybrid working patterns, much of this shift was driven by the pandemic, and the underlying attitudes toward women who take on caregiving roles have yet to evolve at the same pace.
Until this is addressed, true gender equality in financial services will remain a distant goal.
Overcoming the challenges that women face
At Davies, we’re actively addressing these challenges, and our Women’s Employee Resource Group (ERG) is a key initiative I’m particularly proud of. As senior partner and co-head of banking & markets (EMEA), I understand the crucial role equality plays in driving business success. However, I also believe leadership selections must prioritise merit and capability – rather than gender – if we are to foster true equality.
To create a more equitable industry, therefore, we must eliminate unconscious biases and unrealistic expectations that inadvertently exclude women. By ensuring that hiring and promotion processes are fair and inclusive, we can empower the cream to rise to the top.
Creating transparent career pathways
This starts by challenging the outdated perceptions of leadership or career progression that hold women back. Career advancement should not be hindered by life events such as taking time off to raise children – women don't lose their skills or experience, and we must embrace diverse backgrounds and non-linear career paths.
By building clear, accessible advancement pathways, women will better understand how to grow within their firms. These pathways should also allow women to demonstrate leadership qualities that go beyond traditional conceptions of leadership, such as collaboration and emotional intelligence.
Encouraging mentorship
As part of this, mentorship should be encouraged. As the saying goes, “you can’t be what you can’t see", so women who excel in their careers must recognise their responsibility to share their experiences, challenge outdated norms, and serve as role models, dismantling the barriers that have historically held the sector back in its quest for equality.
Implementing flexible work policies
Lastly, flexibility in work policies is critical. Whether through flexible hours or remote working options, women – especially those with caregiving responsibilities and/or who are looking to pursue further qualifications – must be given the opportunity to balance their personal and professional lives. This will not only improve talent retention but also help create a more inclusive environment where all employees can thrive, not just women.
Empowered women = a brighter future
By creating a workplace where women feel supported and valued, financial advisory firms can empower them to perform at their best and advance their careers without constraint. This not only benefits the women themselves but also boosts productivity across half the workforce, encouraging business growth.
Women are already playing a pivotal role in shaping success, but the potential for greater success is vast once gender parity is achieved.
International Women’s Day comes as an important reminder that transparent career pathways, flexible work policies, and merit-based leadership opportunities that remove unconscious bias are critical to building a truly equitable sector.
I hope that equality will no longer be just an aspirational goal or a corporate initiative – it should become an industry standard.
