Successful women from across the sector share their stories
International Women’s Day is being celebrated in the mortgage industry today, with some of its most high profile - and successful - women reflecting on the progress that has been made to bring equality to the sector.
The global event - which dates way back to 1911 - has risen in prominence, recognising the social, economic, cultural, and political achievements of women, and this year takes the theme of Inspire Inclusion.
Frances Cassidy, head of mortgage intermediary partnerships at Barclays, and director of Kensington Mortgages, believes it is empowering to see others navigating the challenges which come their way.
“For me, to inspire inclusion is to lead by example,” Cassidy told Mortgage Introducer. “Telling your story can be really powerful - it could unknowingly inspire another person going through a similar experience. So, be open about what you find challenging, as showing vulnerability can be your greatest power.
“Although inclusion has greatly improving in recent times, historically speaking, our industry has been heavily male-dominated. Business leaders can inspire inclusion by being aware of the individual needs that women may have within the workplace. An example of this is having events at times of the day that allow women to participate, whilst also fulfilling childcare responsibilities.
“Typically, events are in the evening and women with childcare commitments during these times can feel that if they don’t attend they are missing out or not perceived to be as committed to their job as others. Also the choice of events is important. For example, golf remains a relatively exclusive and often male-dominated sport.”
She continued: “Having two young children I regularly get asked: “How do you do it? How do you ensure your children have everything they need? How do you put 100% into work?” At an industry event shortly after giving birth to my second child. I was asked by a shocked colleague who was looking after my baby, and did I feel guilty for being away from her while she was so young?
“That moment has stuck with me. It did make me feel guilty for not being with my baby, but several years later, on reflection, it has helped me be more conscious of others who may be in a vulnerable position. So, try to turn every experience into a positive opportunity where you can.”
How has the mortgage industry changed?
Bridging lender Somo, based in Altrincham, Greater Manchester, has a 50/50 split of male and female employees, with women making up half of its senior management team. It wants to ensure the industry feels open and accessible to all.
“From what I can see, the mortgage and wider finance industry seems to be making good progress at gender parity,” said Jade Keval, its sales director. “It has a long way to go, but looking back to when I started working in mortgages 15 years ago, it was a very male landscape. Today, there are lots more roles and leadership positions taken by women.
“I think female representation in leadership positions is really important. I honestly believe that seeing strong, intelligent women in positions of power at a young age, removed any doubt that it could be me.”
She suggested: “I think men and women are intrinsically very different. They tend to bring different skills sets to the workplace, and for a business to thrive you need a diverse set of ideas and perspectives.
“I come from a household of very strong, independent, career-driven women who were hell bent on proving they could achieve anything. They encouraged me to be ambitious and have the confidence to speak up. I owe a lot of my success to my mum. People often say I can be a little bit tenacious - they should meet my mum!”
Somo is launching a new academy to help bring more women and diverse young people into the business. Those recruits will be hoping to succeed as Keval has done. She became sales director, aged 31, while single-handedly raising her 15-year-old son.
“As women, we are under added pressure to have it all, but we are not selfish for putting our own goals first,” she reasoned. “We can be mothers, partners and sales directors all at once, and we are allowed to believe we are more than good enough.
“We are more likely to suffer from doubting ourselves but it’s important to back yourself. It’s not easy to juggle everything. Sometimes you'll drop the ball, the key is knowing which are glass - family, health - and which will bounce.”
What is Keval’s message to other women?
“Drop the guilt and leave imposter syndrome at the door, and be prepared to work hard,” she advised.
Jordanne Whiley, a broker at Hearthstone Mortgages, in Gerrards Cross, Buckinghamshire, acknowledges that financial services is seen as a male-dominated industry, but is encouraged that more women are excelling in the sector.
“The more women that enter the space and are at the forefront of things, the more that male-dominated stigma will diminish,” Whiley said. “I love working with other women in this space, whether it be BDMs, lenders or other advisers.
“There are more women in our firm than men, and we all support each other so we can better learn and grow as a collective and individually. I have never felt more supported and uplifted in any walk of life.”
Whiley, who previously won four Paralympic medals and was awarded an MBE for services to wheelchair tennis, won Rising Star (Broker or Distributor) at the Mortgage Introducer Awards 2023.
“I am only three years into the industry and I was really humbled to have won,” she shared. “I would just like to see more women celebrated in financial services. There are so many amazing, strong, successful women out there who need to be recognised.”
Whiley is focused on growing her business work and has set up a new Instagram page, to share her expertise.
“The Mortgage Mum (Sarah Tucker) really inspired me because I saw her grow in a difficult time, using the power of social media,” she explained. “What she has achieved is inspiring and all whilst being a mum, which I can relate to as I am a single mum myself.
“I would say, own what you do and don’t ever let anyone put you down. If you believe in something strongly enough then it is sure to happen because you have the power to make it so. Surround yourself with likeminded people who lift you up and watch yourself grow.”
READ MORE: How I became a broker – Samantha Bickford’s story
Why is it important to have a diverse staff?
The executive director of the trade body, the Intermediary Mortgage Lenders Association (IMLA), Kate Davies, believes it is important for the industry to be as diverse as the population it serves, to understand what its client base wants.
“When I started working in the industry, 32 years ago, there were relatively few women,” Davies recalled. “There have been huge leaps forward - there are many more women in senior positions and this will surely help the next generation to see themselves in those roles.
“There may still be a slight tendency to see women in the ‘softer’ roles - I’d like to see more becoming directors of finance, chief executives and chairs.”
IMLA has set up its own inclusivity and diversity working group.
“To be really successful, initiatives like this need a strong lead from the top,” Davies said. “I’m glad to say we have that support from many of our member firms. Their example, and the evidence of the benefits that greater inclusivity and diversity can deliver, will only help to spread the message and strengthen the impact of what we can do.”
Davies is delighted that “a lot of really effective, articulate women are coming through and making a difference”. She wants employers to make flexible working as accessible as possible for them to be able to juggle their work and parental responsibilities.
“I hope the sector is making itself a more attractive place for women to work,” Davies considered. “It will take time for the results to become evident and we need to keep chipping away to make sure we keep up the momentum and don’t slide back.”
