thewealthnet

Editor’s corner: In a world of Dashers be more Rudolph

Katie Royals, 17/12/2021

It would be amiss not to mention Santa Claus and his reindeer at this time of year. But, with the exception of Rudolph, how many of the other eight reindeer can you name? I would guess not many. Dasher, Dancer, Prancer, Vixen, Comet, Cupid, Donner, and Blitzen often fade into the background.

The story goes that Rudolph’s bright red nose was the reason the other reindeer made fun of her. Rudolph became embarrassed and upset about this characteristic that made her difference. However, it was this very difference that eventually made her such an asset to Santa Clause. 

Within the wealth management sector, a similar issue exists. Too many firms will share the “right” post on LinkedIn or circulate a press release talking about their commitments to diversity and inclusion (D&I). But, how many truly stand out and embrace their differences?

It was not surprising that yet another survey found the financial services industry is falling short on D&I this week. These issues cannot be fixed overnight. It will take time. But, steps are starting to be made.

Earlier this month, Weatherbys Private Bank hired Shirley Coe as a senior private banker. She is a vocal advocate for empowering women in finance. One hire may seem insignificant in the scheme of things, but role models are key to encouraging and inspiring younger employees. You can’t be what you can’t see.

The red nose is not the only reason Rudolph is a festive diversity champion.

Two professors at Edinburgh University - Gerald Lincoln and David Baird – have made a compelling case that Rudolph defies gender stereotypes and is in fact female, not male, as many presume. The argument is very simple. Male reindeer shed their antlers before mid-December, but female reindeer will still have their antlers at Christmas. Therefore, Rudolph must be female.

The private wealth industry is lucky to have some wonderful female role models of its own. Anna Lane, chief executive of the Wisdom Council, is also the president of Women in Banking and Finance, a not for profit membership network that champions women in financial services.

Caroline Connellan made headlines this year, as she left Brooks Macdonald – where she was chief executive – to lead abrdn’s private wealth business.

Meanwhile, on International Women’s Day, thewealthnet highlighted another 10 women helping to shape the private wealth sector. Whittling the list down to just 10 demonstrated the number of women achieving great things in the industry. However, there remains room for far more.

Perhaps this festive season we should all embrace our inner Rudolph. Those in the private wealth sector should not be afraid to stand out. Those differences are what makes both firms and employees memorable and, in many cases, successful.

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