This week’s guest contributor is financial advisor Carol Cho (Website | LinkedIn)
Navigating the world of financial services as an Asian American woman has been quite an experience. One of my greatest accomplishments has been simply persevering through this male-dominated industry that often lacks diversity.
In this ongoing journey, I've come to realize that reclaiming my identity as a woman in this profession is a continuous process. As we grow from little girls into women, our identity has historically been shaped for us, not by us. Showing up each day as a minority woman and having the courage to be uniquely myself despite the homogeneity of the industry is something I continue to work on and is a source of pride.
From Stereotype to Self
From the moment I stepped into the world of finance, I felt the pressure of conformity bearing down on me. My rebellious, goth girl, defiant artist side clashied against the status quo.
There were also subtle nudges to overhaul my appearance (one peer in my training class told me she charged $10,000 worth of new Brooks Brothers clothes, while another leased a brand-new BMW). I feared being left behind and felt disillusioned with who I was and wanted to be. I felt the layers of my identity being peeled away as I tried to mold myself into how I was told a financial advisor was supposed to sound, talk, and look.
Along the way, sales and marketing trainers, business coaches, and others in the industry reinforced the stereotype of a “successful” advisor. I can’t tell you how many times I’ve been told, “Fake it ‘til you make it.”
Trying to emulate that stereotype left me feeling disconnected from my true self. The expectation of adopting aggressive sales tactics, talking fast, and using technical terms and jargon only added to this sense of dissonance.
Everything felt so performative. Nothing felt genuine or compassionate.
The whole reason I got into financial services was to serve women, and to help them become active participants in their financial lives. Amidst the pressure to conform, I found myself questioning the validity of these standards and yearning to redefine how a financial advisor could show up and serve.
Breaking Generational Barriers
I read somewhere that “one of the reasons ladies couldn’t open their own bank account was because people believed they wouldn’t be able to handle the financial part. Men saw females as delicate creatures who couldn’t understand many of the things they could.” (source)
The notion that women couldn’t handle their own financial affairs was, and still is, deeply ingrained in society, shaping the very foundations of our financial world. I can’t even count how many times I’ve met with prospective female clients who say, “I’m just not good with money/math/finances.”
Men built our financial world with this underlying belief, passed down generation after generation. This notion of how the game should be played and look starts by reinforcing traditional gender roles that relegate women to subservient positions. This legacy of inequality discourages women from not only taking control of their financial lives, but from pursuing a career in finance.
Yet, with each passing generation, we challenge these stereotypes and outdated beliefs, slowly but for damn sure, paving the way for a more inclusive and equitable future. Women are undoing the layers of prejudice that have built up for hundreds of years.
The Power of Representation
It’s no secret that women are underrepresented in the financial services industry. The Bureau of Labor Statistics indicates that 31% of financial advisors are women, while Barron’s estimates only 20% and McKinsey suggests it’s as low as 15%. Just 2.9% of advisors identify as Black or African American, 5.1% as Hispanic or Latino, and 4.3% as Asian. (source)
Whenever I meet another female minority advisor, I see their journey as a testament to the resilience and determination required to thrive in this white- and male-dominated culture. By challenging stereotypes, we defy expectations and inspire future generations of women to pursue their passions fearlessly.
Rising Strong
My experience in the corporate, white-collar financial services world has been a profound lesson in persevering and in the power of authenticity. I strive to stay true to myself and embody empathy and compassion, knowing that these qualities are not only integral to my success but also essential in reshaping the narrative of women in finance.
What I've come to learn is that everything society labeled as our weaknesses are actually our superpowers. Every supposed flaw they point out only makes women stronger and more resilient. Everything they say that makes us bad at something has made us better. Every time they expect more from us, we exceed expectations.
Women are too emotional? Money is emotional. It’s the emotional depth we bring that makes us adept at handling the intricacies of money matters.
Women are not as confident? The industry has pushed us and fueled us to excel, propelling us to rise above and beyond.
Women are too indecisive? I say we’re thoughtful. In a field like finance, where decisions can have significant consequences, taking time to consider alternatives ultimately makes for more informed decisions.
The Future Is Female
As I reflect on my career so far, I am reminded of the countless women who have paved the way for me. Their courage in challenging stereotypes and embracing authenticity brings us closer to a future where diversity and inclusion are the norm.
For me, stitching myself back together to embody the kind of woman and advisor I want to see in the industry has been a messy yet rewarding process. As an Asian American woman, I am proud to stand at the forefront of this movement, knowing that my experiences have the power to inspire and empower future generations of women in finance.
I firmly believe that this industry has the potential to become a female-dominated one.
Between now and 2045, trillions in assets will be handed down to younger generations in what has been dubbed The Great Wealth Transfer. The largest portion of it—as much as the equivalent of the US GDP—will land in the hands of women. As the reins of financial power increasingly fall into our hands, I believe we will rebuild our wealth differently. We will ensure the legacy we leave behind is one of empowerment and prosperity and where every person thrives.
The future IS female, and THAT is hella exciting!
Carol Cho (she/her) is a financial advisor on a mission to get as much wealth into the hands of as many women as possible, knowing that when women have both wealth and confidence, it can have a ripple effect, creating waves of change within her life, family, and community. With a focus on behavioral finance, she’s passionate about reshaping money narratives. She firmly believes that true wealth extends beyond mere numbers; it's about cultivating a harmonious relationship with your finances and using money as a tool to fulfill your life's purpose. Website | LinkedIn