Industry still a man’s world

The numbers are an accurate reflection of both the smallest and largest firms across Canada. At Yorkton Securities Inc., one of Canada’s smaller firms, women account for a mere 10% of the brokers. And that number isn’t a far cry from some of Canada’s biggest firms, either. Women at RBC Investments represent only 15% of the brokerage population, the equivalent of 213 women out of more than 1,400 brokers.

So is it a case of disinterest on the women’s part? Or inferior skills, or lack of aggression? “People assume women don’t want the job,” says one female broker. “But they’re dead wrong.” So wrong, in fact, that for many women in the business, making a place for themselves in the industry is a full-time job in itself.

“It’s a lack of role models in many ways,” says another woman broker in Ontario. “Right now we have three full-fledged female brokers in my office. Frankly, that’s because I’m here. If you can see another woman succeed, you can see yourself succeed.”

Several women surveyed also say they face a whole gamut of tribulations once they’re in the business. It’s recognition — or lack thereof — that’s proving to be a contentious issue among female brokers. Says one advisor in the Toronto area, “Being a woman in this business, you might as well get over the fact that you’ll never, ever get any meaningful recognition.”

It’s a sentiment shared by her fellow brokers. When asked what motivates them on the job, the choices “conferences” and “recognition” were chosen the least often by the participants in this year’s survey, particularly the women. “I’m tired of all the male-oriented recognition. That doesn’t motivate me,” laments one Ontario broker. “We have conferences at the golf course and I say, ‘Great.’ But I won’t go. Golf games don’t interest me.”

One broker describes the corporate culture at her firm as male-dominated. “They don’t support women as well as they should,” she says. When asked about the worst aspect of her firm, she cited the scarcity of women in upper management. “There’s a lack of recognition of the capabilities of women. Women are simply not in the upper ranks of this business.”

But the battle of the sexes in the brokerage world doesn’t necessarily extend to client size or assets under management. On average, women have about 341 clients, only nine less than men. And women’s average assets under management are $43.1 million, closely trailing the men’s average of $50.4 million. As well, both men’s and women’s average rating of such things as the firm’s stability, client account statements and front- and back-office technology are identical.

Still, the divide between the sexes in the industry remains glaringly evident, particularly among the women. “There’s a real bias against us,” says a female broker at TD Evergreen, who cited management’s attitude toward women among the worst things about her firm. “I was told I was an ‘emotional woman’ — well, I almost became an emotional woman after that!”

Although women have plenty to say about the inequalities in the brokerage business, their ratings don’t necessarily reflect their dissatisfaction. In fact, women routinely rated their firms more highly than men, particularly in the categories of “strategic focus” and “corporate culture.” By contrast, they felt initiatives such as technology, marketing and products and services should be higher priorities in the upcoming year.

Management is recognizing the growing number of women in the industry. “Without a doubt, more and more women are turning to the profession,” says RBC Investments spokesman Graeme Harris. “They’re becoming more entrepreneurial.”

Tim Koehl, director of sales training at Edward Jones, says firms are increasingly aware of the value women bring to the brokerage business. In fact, Working Mothers magazine recently named Edward Jones one of North America’s top places for women to work. “We have a concerted effort in place to get women into Edward Jones,” Koehl says. “We want our organization to represent the marketplace and that marketplace is 50/50, male to female.”

And if the women have anything to say about it, they’d better act fast. Says one woman broker who has made her way to the top of the industry, “I think they’re really missing out on what we have to offer.” IE