Leaders in finance talk about bringing more women into the industry

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According to the Deloitte Center for Financial Services, only six of the 107 largest financial institutions in the United States were run by female CEOs in 2019. As of 2023, women accounted for only 8.2 percent of the CEOs of S&P 500 companies. And although the gender gap is shrinking in MBA programs, women account for only about one-quarter of finance faculty at top business schools.

Given those numbers, going into finance can look like a dicey proposition for women. So when entering a male-heavy field such as finance, the right mentor can make all the difference. But how to go about it?

We talked to three veteran women in the local finance business about how important it is to support women when it comes to both personal and professional financial matters.

• Why is mentoring and supporting other women in the finance industry important?

Kelly Elkin, commercial banking executive at Alerus (formerly of Old National Bank): In commercial lending in particular, the percentages of females in that role, depending on what survey you look at, is dismal — somewhere between 20% and 35%. It’s important for women in that industry to mentor other women to try to increase that base.

Having more female commercial lenders adds so much value. You have diverse perspectives, you have better customer relationships. When an organization comes in and wants to borrow money, there’s a point where commercial lenders go to credit committees to get financing approved. If you have female lenders or females on one of those committees, you bring that breadth of experience that a group of traditional white male bankers doesn’t have.

Kristin Brandli Printon, co-founder and vice president at Moxie Wealth Management: Mentoring and supporting other women in the finance industry is important to me because it’s still a male-dominated profession, yet so many women in our society are primary wage earners or primary financial decision-makers, and they’re looking to work with others like them.

Bringing more women into the finance industry means more women will seek out and get the valuable advice they need to further their own financial futures.

Lauri Salverda, founding principal at Castle Rock Financial Planning: Most women don’t know about all the different options in the finance world. We do financial planning here, and a lot of women look at that and go, Oh, a brokerage buying and selling stocks. It doesn’t sound interesting to them.

I talk to women at the graduate school at the University of Minnesota, and they’re into corporate analysis — getting a job in investment banking or at a mutual fund researching stocks.

• What specific programs or efforts have you undertaken to support women in the finance industry?

Printon: For several years I helped with my parent company’s intern program. Part of this role was being interviewed by prospective advisors, so they could get real-world answers from someone actively building a book of business. Then two years ago, I intentionally sought out another woman to join my practice, and have been mentoring and partnering with her since then.

Elkin: I’ve done everything from starting and serving on DEI programs to working with H.R. departments to source diverse candidates, developing affinity groups. In any area where the majority of the leadership is men – banking, accounting, legal, lending – bringing those women together helps us help them and helps them help each other.

At the end of the day, where I see great value is women like myself truly assisting one-on-one, and working internally with women to see to it that they move to the next level. Also, it’s about talking to senior managers about professional women — getting them to look at something different than what they might be used to.

Salverda: There’s a mentoring program through the Financial Planning Association, and whenever I get the opportunity I speak at their events. I also write articles on different possibilities for women in this field.

• Have you seen your efforts culminate into success for someone?

Salverda: I’ve mentored quite a few women and had different successes. It usually comes down to sharing what I do in my business and how I work with clients. I also talk about what it takes to run a business.

Printon: I’ve shared my journey with multiple women who are now in the finance industry, and I believe hearing from another woman helped them take the leap. I’ve found men and women are generally motivated differently and each have their own visions for their version of work-life balance, so it’s helpful to hear from someone else who has built what you are hoping to create for your own life.

I’m most proud of my current associate advisor, Amanda Charles. She’s building a practice that will not only help her client’s live a life of intention, but her as well.

Elkin: Years ago I was introduced to a young professional a few years into her career. I saw her taking on non-promotable tasks — things that others didn’t want to do and that men would never do. She was doing those things thinking someone would notice and promote her. I decided to jump in and show her the difference between promotable and non-promotable tasks. She thanked me later for helping me see her worth. She’s had a successful career over 20 years, and she’s been able to use her skills not only in her job but also in providing for her family.

• What does financial literacy mean to you and why should the average woman have some wherewithal to manage her own finances?

Printon: Financial literacy means freedom. Money is a tool, and one that many people don’t understand. However, when you learn how to use your finances to best serve you, that’s when you’re able to design a life you love.

Elkin: With it, you have freedom and empowerment. You don’t have to rely on someone else. More women with more money will always help the community. If you have money and you understand the value of it and how to increase your wealth, it brings phenomenal freedom for yourself and for the people around you.

Salverda: I think it’s vital. First of all, there are more women in the workforce than ever. If you’re getting that income, you need to be responsible for what’s happening with that money. You also have to know that you’re going to be protected when you retire. Things happen, and you need to make sure you have enough money.