The economic might of women is large and growing. According to research by McKinsey and Company, women control a third of U.S. household financial assets — that’s more than $10 trillion. The report states, “By 2030, American women are expected to control much of the $30 trillion in financial assets that baby boomers will possess.”
Jacalyn Barens fell into the insurance industry after working in luxury hospitality for more than four years, managing reservations for wealthy customers, and becoming dissatisfied with the lack of work-life balance hospitality provided her.
Amer Geries, a first generation Egyptian American, attended the University of Maryland and studied law. He was on his way to a career in criminal law when he received a call from Northwestern Mutual. At that time, Amer had no interest in the insurance industry; however, after speaking with a recruiter and learning more about the financial sector, his interest grew. Amer initially sat on the opportunity for months, but something changed for him when he spoke with his parents about their own plans.
Your career path isn’t always as straightforward as you might think. Sometimes your family nudges you in a particular direction, sometimes your favorite movie inspires you. That’s the case for two up-and-coming financial professionals and community influencers in our Magnet Program.
While most industries will be impacted by COVID-19, the insurance industry may just offer you the stability and control over your future that you’re looking for. Follow these tips to learn how you can accelerate your career transition in the coming weeks.
With continued growth of the global financial market, the demand for financial advisors is increasing, and many ambitious professionals are considering this career path. But while opportunities at some financial firms sound alluring on paper, they’re often not structured to give you the support you need to succeed.
With a labor shortage and numerous career options at their fingertips, why would millennials want to work in insurance? On the surface, the industry may not seem to share millennials’ values – but that perception isn’t accurate. Companies like M Financial have made tremendous progress and are transforming the industry to one that millennials want to be part of.
Financial advisors seeking an environment ripe for personal and professional growth should look first into the company culture.
While the benefits of culture won’t necessarily show up on balance sheets, studies show that a financial firm’s culture is critical for setting advisors up to be leaders in the industry and more successful in their role.
The financial industry is continually changing – new technology, regulatory updates, shifting demographics – and this is great news for advisors who are internally curious and adopt a mindset of learning in all areas of their business.
If you are a woman executive in the world of insurance and financial consulting, you no doubt find yourself in the minority. In the financial industry, women make up over half of the entry-level workforce, but fewer than one in five C-suite positions are held by women, according to Closing the Gap, a study conducted by Leanin.org and McKinsey & Company.