Support The Ceiling Smashers
Five Lessons Financial Services Can Learn From the Rise of Vice President-elect Kamala Harris
When I was a girl, I wanted to be President. A child of the eighties, I was told by family, teachers, and the media that if I worked hard, I could be whatever I wanted. I was in elementary school when I looked at the posters on my classroom wall and realized that our President, Vice President, and all the former Presidents and Vice Presidents were all men. I realized then that I couldn’t actually be whatever I put my mind to. The Presidency was for men only; women and girls did not belong.
A couple of years into working in finance, I had a similar realization. Though there were some women in executive roles, and I eventually became one of them, we were few and far between.
Kamala Harris addressing the nation as Vice President-elect broke open more possibilities for girls and women all over the country, including me. Like many women I have spoken with, I too was in tears throughout her entire speech. I knew it would be an emotional experience but I didn’t realize how personally meaningful it would be to see a woman on stage. And a Black, Indian-American, daughter-of-immigrants woman. Representation matters.
Like politics, financial services is a field led overwhelmingly by white men. This historic moment offers lessons for our industry. In addition to my own thoughts on those lessons, I spoke to women in finance to get their thoughts on this historic moment. Their quotes are interspersed throughout.
Lesson 1: Support the Ceiling Smashers
It is hard to imagine yourself in a role that has never been available to someone with your gender, racial, or ethnic background. Few people have the vision to imagine scenarios unlike those we have seen before, and the drive to act on that vision. VP-elect Harris is one of those people.
If you have visionary and ambitious employees or colleagues, give them the resources they need to achieve that vision. If you don’t, they will leave to reach their goals without you. In my experience in financial services, women of color often have this vision-ambition combination, likely out of necessity since so few leaders look like them.
“For me, seeing Kamala rise to a role I never even dreamt of as a child makes me feel more empowered. I know women look up to me, but I have always had to look outside of financial services to find women I’d like as my role model. Having such a powerful, unforgivably female politician in one of the highest offices finally gives me the right to say, “I too can do this. I can be one of the first women in my role, and I can do it as myself instead of softly trying to be a male pleaser, which has been the case the vast majority of my career.” -Saira Rahman, VP , Finance at HMBradley
Lesson 2: Lead by Example
Marian Wright Edelman said, “you can’t be what you can’t see.” This is true for most people, especially younger people. Think of how many girls had a similar experience to mine. Today’s girls now have an example of someone like them in one of the most powerful offices in the country.
In finance, many talented women have opted out of the field because they look up the ranks and think there isn’t room for them to grow professionally. If you don’t have women well represented at the top levels of your organization, it’s likely to stay that way (and you’ll lose top talent) unless you make concerted efforts to create a more inclusive environment. We must create or revise hiring, retention, and promotion procedures to ensure our companies move rapidly towards representation at every level..
"She’s the embodiment of the American promise, that with purpose and conviction, anyone can stand up for what they believe in, and do it with integrity and gratitude. She acknowledges the struggle and sacrifice of democracy, and what bubbles out of her is joy in progress towards a better future. “We the people have the power to build a better future.” She says “I’m the first but not the last,” expressing the joy and the humility of the moment. She is the woman for this moment, and she knows that this moment is about more than just her. Her speech demonstrated her power and humility in an inseparable package. To me, it was a glimpse into a future with hope and dignity, a joyful representation of a country that itself is in many ways, the first, but not the last.” -Perth Tolle, Founder, Life + Liberty Indexes
Lesson 3: Black Women Get the Job Done
Black women often have to work twice as hard to get half the recognition or half the pay. This election showcased Black women’s skill at putting in the work and getting results. Black women and their community organizations – most notably Stacey Abrams and her organization Fair Fight’s- campaigns to register and engage voters have received credit for Biden’s victories in battleground states. I have had the opportunity to work with many Black women in my career and can tell you from personal experience- they are often the most prepared, the most precise, and have considered every detail. Because Black women are accustomed to being underestimated (by us white folks- let’s be clear about that), they show up ready to get the work done and they do a phenomenal job, despite being underappreciated and underpaid.
Let us each do all that we can do amplify the work and voices of Black women in our workplaces, and then properly compensate them for their work and value. You can do the latter with a compensation analysis of all employees; if your Black women employees are paid less than their white men counterparts, rectify that inequity immediately.
“Madame Vice President - Elect Kamala Harris showed up and showed out! Having been in financial services my entire career, and often being the only woman of color (black woman) on my team or even at my firm, I’ve always felt this personal internal pressure to show up and have zero room for error and yet still felt like it wasn’t ever going to be enough. Vice President Elect Harris represents for me the reality that Women are Enough, Black Women are Enough, I am Enough. This historic and amazing moment in history has also helped me to bring my authentic self into full focus and not be blurred by criticism and discouragement. I am hopeful and optimistic that as Madame Vice President Elect Harris works to transform the way the world thinks about women of color, we will walk beside her, lifting her up and rejoicing in the journey we are all on together.” -Danielle M. Burns, Vice President, Head of Business Development, CNote
Lesson 4: Face and Embrace the Generational Shift
The racial and ethnic makeup of the US is changing; in fact, “projections indicate that, for youth under 18–the post-millennial population–minorities will outnumber[1]” white people this year. As white people in our country come to terms with no longer being in the overwhelming majority, some white folks have dug their heels in and attempted to stay in the past. Both President-elect Biden and Vice President-elect Harris spoke to a diverse and inclusive community, specifically acknowledging or thanking Black women, Native Americans, Latinos, Asian Americans, gay and transgender folks, and people with disabilities.
For both moral and pragmatic reasons, business leaders should also embrace the cultural, racial, and ethnic variety of the American people. Specifically acknowledging that they are leading everyone – not just those that look like them- is a move that forward thinking financial leaders would be wise to adopt.
“Kamala Harris is a major reason Joe Biden was elected 46th president. She empowered and emboldened all women, especially women of color. Seeing Kamala Harris on stage resonates deeply for me because she represents the future of our nation. On my podcast, 2050 TrailBlazers, I often say that America is transitioning to become a beautiful mosaic of people from different races, ethnicities, and cultural backgrounds. That mosaic includes an increasing amount of biracial children. Kamala Harris is biracial, and so am I. Like Harris, I am a Black woman and, also like Harris, there is another layer to my identity; I am African American and Chilean. I am not one or the other; I am both. As we work with clients at 2050 Wealth Partners, we see that clients often identify with more than one culture or ethnicity. Being able to navigate the money customs and behaviors that come with varied cultural backgrounds will be a key to advisor success in the coming years.” - Rianka R. Dorsainvil, CFP® Co-CEO 2050 Wealth Partners
Lesson 5: White Men- We Need Your Help
Kamala Harris and many other women politicians have the skills to be President. Systemic inequities and barriers make fundraising and political campaigning harder for women, and especially women of color. We see the same issues play out in finance as women of color enter the financial workplace at about parity to their representation in the US, and then become less and less represented towards the top of organizations.[2]
Like Joe Biden did, with his selection of Kamala Harris as his running mate, white men can and must bring talented women into the decision making rooms in which they belong.
Now What?
Seeing images of young girls, especially girls of color watching Kamala Harris’s speech, and identifying with someone who looks like them in a position of power is moving, and an indication of what is to come. I wish I had seen the same as a young girl. But I see it today, and I can learn from it today. We all can. I hope that as we all watch Kamala Harris lead on a national stage, that it expands our imaginations of who can be in positions of power and how they get there. As Vice President-elect Harris said, she’s the first but won’t be the last. Cheers to the ceiling smashers. May we know them, may we support them, and may we learn from them.
“My kids are able to see a more inclusive future for leadership because Kamala Harris is Vice President. I think this is just as important for my 11 year old son as it is for my 7 year old daughter. On Saturday, when most networks called the election, my first grade daughter was watching a PBS cartoon show about the first woman president. And I thought, we just got one step closer. Everything came full circle for me. Thinking of my grandmother, born in 1920, just as women got the right to vote. I went with her to vote in several elections as a child. My mother sent me a note about a glass ceiling being broken this week. And, to me, having a woman in the White House sets an example for leadership that my daughter and sixth grade son will be able to see and feel and expect in the future.” - Melissa Joy, CFP®, CDFA® President, Pearl Planning
Want to hear more responses from women in finance? Read the replies and join the conversation on this Twitter post.
Footnotes:
Brookings Institute: The US will become ‘minority white’ in 2045, Census projects
McKinsey & Company: Racial equity in financial services