Investment industry’s traditional culture remains a barrier for LGBTQ Advisors.
Updated: 7 hours ago
Original article by:
James Berkow
THE GLOBE & MAIL
June 24, 2022
📰 Read the FULL ARTICLE here.
I spoke with The Globe and Mail about how the investment industry's traditional culture can still be a barrier for 2SLGBTQ+ advisors. Here are the highlights and my contributions.
Key Takeaways
The wealth management industry has long been dominated by older white men, and its culture still prizes a buttoned-up, "stiff" style of professionalism.
Many 2SLGBTQ+ advisors still don't feel safe being open about who they are with colleagues or clients.
Firms are making progress through diversity committees, inclusion training and more inclusive benefits, but culture change is slower than policy change.
Everyday assumptions about spouses and families can turn a simple introduction into a coming-out moment.
Visible 2SLGBTQ+ leaders and role models make it easier for newer advisors to bring their whole selves to work.
My Perspective
When I entered Canada's wealth management industry in 2016, the first thing I noticed was how homogeneous it was. As a queer woman, I didn't see myself reflected in the people around me, or in the clients the industry seemed built to serve.
"It was all a bunch of older white men who didn't represent who I was or who I wanted to serve."
During my training, I was told not to give up too much of myself or connect too closely with clients, as if sharing a personal detail would make me seem less competent. That culture makes it harder for 2SLGBTQ+ advisors to be open. When I asked members of our community to share their stories through my role on the board of Advocis Toronto, no one came forward.
"I was speaking to a room of 200 people at the time and got nothing, crickets."
Mentioning my orientation isn't unprofessional or inappropriate. It's no different from a straight colleague mentioning his wife. Being open about who I am helps me build real, trusting relationships with my clients.
"It is a detail about myself that is part of my identity."
Originally published in The Globe and Mail by James Berkow on June 24, 2022. Use the link at the top of this post to read the full article.
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