Mentorship boosts confidence, says CEO
The finance industry is inclusive of women, and it is encouraging to see more young females forging a career in this space, the peak body for the finance industry says.
To commemorate International Women’s Day, NZ Adviser spoke to Financial Advice New Zealand CEO Katrina Shanks (pictured above) about her experience working in banking and finance and the opportunities and choices for females within the industry.
An accountant by trade, Shanks previously worked in the banking sector. She has worked her way up to CEO of Financial Advice New Zealand and is also a qualified financial adviser.
Financial Advice New Zealand is a supporter of NZ Elite Women 2023, which Shanks said gives female mortgage brokers and other female professionals an opportunity to profile themselves, while being inspirational to other industry women.
“We are in an industry which has traditionally been heavily male dominated, and it’s great to see women coming through in this industry, especially young women,” Shanks said. “We will do everything we can to support that growth.”
Reflecting on her time working within the banking sector, Shanks said at the time, it was very male dominated, which drove her to find ways to get ahead.
With more experience, Shanks said she came to understand the importance of mentors to help both genders move their career forward whilst receiving additional support.
Reaching out to peers is something women in particular don’t do enough of, she said.
“[It’s] reaching out and supporting each other and using a mentor base to give you confidence to progress your career,” Shanks said.
Gender equity apparent within industry
Despite the finance industry traditionally being more male-dominated, Shanks said she believed the sector was inclusive of both males and females and supports gender equity.
As with women working in other sectors, equal opportunities between men and women can be hampered by women entering and exiting the sector as they adapt to different life stages and requirements, predominantly family responsibilities, she said.
“I believe that is why we don’t see as many women in leadership positions in the finance sector, as seen across many sectors, especially professional sectors,” Shanks said. “They may have taken that time out and perhaps haven’t progressed as much as their male peers.”
But Shanks said it was important that women were given the opportunity not to progress their career and know that it was OK to take some time out, whether it was to raise a family or attain more of a work/life balance.
Acquisition of young females evident
Shanks said that there was a strong cohort of young women now entering the finance and broking industry.
The use of social media and clever marketing is beneficial to women, as it helps to level the playing field, she said.
“The new tools we’ve got in the social media age are working in the benefit of the marketing and brand for women,” Shanks said. “The more that we invest in women using these tools to promote themselves, the easier it will become.”
