"This is Not How It Should Be": Creating Change in Financial Services

It’s hard to be a woman in an industry that feels like an old boys’ club.

We’re taught to make our list of 100 and go door-knocking, strategies that rely on the people in your immediate network, like the industry just assumes all of us are surrounded by ideal clients. The reality is more like the opposite. . .

These strategies often exclude women and people of color by default, since they don’t have access to the same affluent networks or even the same credibility as the majority of the industry.

That’s how it is — but definitely not how it should be.

Pam Capalad, founder of Brunch & Budget, has big ideas about making the financial industry more accessible to women and minority groups, which is why I had her on the latest episode of Growing Your Financial Business… The Woman’s Way. Pam is constantly innovating her business model to not only build her own success but also reach traditionally underserved communities — people who might be scared to talk about money.

So how do you start shaking up the industry? And why now?

Time for Change

There’s a new normal in town. Instead of driving an hour through rush hour traffic to meet a prospect in their living room and talking about impersonal, pre-approved materials, you can meet for 30 minutes on Zoom and actually focus on building deep, long-lasting relationships — anywhere in the whole country.

You can share on social media, start your own podcast (*ahem*), and join a mastermind group with industry leaders. There is more opportunity now than ever to create real change and steer the industry in new, inclusive, and accessible directions.

For example, when Pam realized that a lot of people in her community were too scared to discuss their finances, she ditched the mahogany desk and talked with them over brunch (bottomless mimosas, anyone?). And when her clients expressed their frustration with over-complicated paperwork, she created an advocacy program to hold their hand through the whole process.

There is also more than enough room for change within the industry, like creating communities where female financial professionals can find mentorship and support, or where advisors of color can share new strategies for community outreach and uplift.

But what do you do once you notice something needs to change? Do you sit back and let someone else take care of it? Can you actually make an impact on the industry as a whole?

. . . And Time for Action

Pam and I answer those exact questions in this week’s episode of Growing Your Financial Business… The Woman’s Way. Beyond Pam’s empowering personal story, we also discuss what you can do to promote diversity within a broker-dealer, the benefits of going independent, and why you should never shy away from going through compliance.

Make sure to tune in here (or on your favorite podcast platform) and make sure to subscribe so you never miss an episode!

Have you ever run into something with work and thought, “This is not how it should be”? Let me know in the comments — this could be the first step toward creating positive change!