Karen K. Roberts, CLU, ChFC, is a veteran financial planner/advisor and the owner of The Emerald Financial Group, which is affiliated with Lincoln Financial Advisors of Deerfield Beach. She recently assumed the presidency of the national non-profit professional organization, Women in Insurance and Financial Services (WIFS). Founded in 1936, WIFS is a national network of professionals at all stages of their careers, committed to the advancement, professional education, and support of women in the financial services sector. Headquartered in Albany, N.Y., the organization has over 1,200 members.

Q. Being the new leader of a professional support/networking organization with the words “financial services” in its title must make you a heroine to some in your field today. However, with all the recent negative headlines, do you sometimes feel that there is a target on the backs of everyone in your industry?

A. Certainly, the financial services industry is still reeling from the scandals of 2008-09. The general public maintains a degree of distrust with banks, brokerages and insurance companies that has yet to be overcome.

However, to thousands of hard working professionals still in the industry, there is reason to be proud of our careers. For those women coming into the industry, and for those veterans who have endured the last few years, WIFS stands proud as having survived all the scandal and hardship and grown in membership.

Q. As you noted, membership in WIFS has grown significantly — more than 238 percent in the past five years. The number of local chapters throughout the U.S. has nearly doubled to more than 30 in three years (Florida has two chapters, Gold Coast and South Florida; other groups around the state are working to form chapters). There are many professional women's networking groups out there. What is WIFS' appeal?

A. WIFS stands out from other women's networking organizations because it is the only industry-specific association addressing the unique needs of women in insurance and financial services. While most of the industry claims to support women, our research tells another story: There is a significant gap between what companies promise new female hires and what they deliver, making it difficult for women to succeed. WIFS provides real hands-on support and the opportunity to network with the “best of the best” women in our industry.

Q. We have seen a disproportionate number of women exiting Wall Street in recent years. A review of data from the U.S. Bureau of Labor Statistics indicates that in the past 10 years, 141,000 women (2.6 percent of female workers in finance) left the industry. Yet men's numbers rose by 389,000 (9.6 percent) in that same time period. Do you think women are leaving voluntarily to pursue other career goals or life choices, or because they don't feel “welcome” in the industry?

A. Women leave many different careers and industries to start families, and will continue to do so. However, I don't believe this is the sole reason that women are leaving the financial industry. Many women leave the financial services industry simply because they are not supported or valued as producers. There have been several multimillion-dollar sexual harassment lawsuits in the past decade, including the recent gender bias case against Goldman Sachs. The financial services industry has been slow to change to meet the growing needs of women in its field force.

For many professional women, it is just not worth the trouble to work in an industry that is still considered hostile to females. That is too bad, because according to the Harvard Business Review (September 2009), women control a significant amount of wealth in the U.S., estimated to be $20 trillion. Some companies recognize this and have done a great job at attracting and supporting their female producers, but it is not an across-the-board phenomenon. WIFS is a resource to companies that want to attract and retain the best female talent, who see it as a win-win for everyone concerned.

Q. What challenges do you see in our state for women in insurance and other financial roles? How are self-employed women professionals faring in these difficult times?

A. A lot of women have left our field, especially in Florida, because of the scandals that have occurred. Going forward, locally we need to do a better job of educating women about the benefits of a career in financial services and the fact that you are an entrepreneur in your business.

Florida has been hit especially hard by this financial crisis. Many people, both men and women, have lost their jobs, with no prospects in sight. For women, this has meant a return to the entrepreneurial spirit.

I have seen many women start small businesses from their homes in order to supplement the family income. I also have seen many women become the sole bread winner for the family as the husband looks for a new job. These new female entrepreneurs will need financial assistance going forward.

Many of these women will turn to a financial advisor, and will look for a woman to help them grow their business. WIFS has a mission to make sure that in the future there will be enough women advisors to support the female business owner.

Q. Talk about the impact and the needs of women in insurance, especially in Florida. We have offices in which generations of families pass along the work. There are many insurance office signs with female names. Florida's last Chief Financial Officer, with responsibility for the Office of Insurance Regulation, was a woman. Still, working in insurance in this state is not easy for anyone. What are your insights?

A. I think it is fantastic that we have so many women at the top in our state. But unfortunately that does not filter down to the women on the street. In the last three years it has become much harder to do our job with compliance and regulators breathing down our backs, especially here in Florida.

WIFS provides a network of women all going through the same challenges on a daily basis. One of the tag lines for WIFS is “to develop and advance women.” Because of our local chapters in Florida, women can seek out mentors who can help them through these tough times and put them on the road to success.

Q. Women seem especially dedicated to furthering their skills and education in the industry. Do you see it paying off in the workplace?

A. Absolutely. Women in the financial services industry do not have to fight for equal pay. We get paid the same amount a man does because we are in a commission-driven business. You can earn whatever you want depending on how hard you work.

In terms of advancement, I know many offices that would like to advance women, but at this point many women have turned the advancement down. Women like the flexibility that comes with their careers and are not looking to give that up. I believe if we want to see more women in management, then we need to become more flexible with the requirements of a manager. The financial service industry has been around for a long time and has been very slow to change in addressing the needs of women, especially in management.

Q. Another distressing trend is a nationwide scarcity of women between ages 20 and 35 employed at banks, brokerage houses and insurance companies. At the same time, the number of men in that age range has grown. To what do you attribute this?

A. Some of this is due to the lack of awareness that young women have about the great career opportunities in our industry. WIFS is committed to attracting women to financial services, and the organization has made outreach and education cornerstones of our mission. We recently held our first career fair and plan to duplicate it around the country. Some of our local chapters have formed alliances with local universities and we are welcoming student members. We also offer mentoring. As the word gets out and women get the support they need, this trend will change.

Q. What positive news do you have for the future? What courses should young women be taking in college to be best prepared?

A. This is a great business for women who want to help guide families and individuals to protect and grow assets. Women in general have a desire and talent for building long-term client relationships. The population continues to grow and diversify and there are fewer qualified professionals to help them with financial planning. For someone who cares about people and has a long-term view, the opportunities are there. And WIFS will be there to continue to attract, develop and advance women in the insurance and financial services industry.

Special Reports /

Karen Roberts Discusses the Future of Women in Insurance

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