There is certainly a business case for diversity and inclusion – and it has helped those advocating for cultural change in the financial services industry. Today, companies face unprecedented challenges due to the global pandemic and issues around social injustice. It is imperative now, more than ever before, to have diverse representation and inclusive practices.
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.”
M Financial’s Magnet Program, now in its second year, is a cutting-edge professional development program that guides and empowers financial professionals while allowing them to create a blueprint for entrepreneurial independence. Prudential and John Hancock recently announced their investment in the program as gold sponsor carriers.
The COVID-19 pandemic has strengthened long-standing carrier partnerships with Magnet Gold Sponsors Nationwide and Pacific Life as the program dives deeper with additional tools and trainings delivered virtually. M Financial’s Magnet Program has always been robust – and it has pivoted quickly to adapt to the climate.
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.
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.
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.
Linda Cahill, co-owner and principal of Enza Financial, challenges the notion that men are best suited for the insurance industry. When it comes to the financial services sector, she believes the market for women is huge — and hopes to see more women bring their skills and talents to the industry.
Kristi Barens, Principal at Mullin Barens Sanford Financial, says that success in the insurance industry requires preparation, mentorship, and the right mindset. Kristi is now a powerful force in the executive benefits industry and a founding partner at her firm, yet when she chose to move from a Senior Manager to an Advisor role almost 20 years ago, she had concerns about leaving a comfortable salary for a commission-only job.