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

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

A. Certainly, the financial services industry is still reelingfrom the scandals of 2008-09. The general public maintains a degreeof distrust with banks, brokerages and insurance companies that hasyet to be overcome.

           However, to thousands of hard working professionals still in theindustry, there is reason to be proud of our careers. For thosewomen coming into the industry, and for those veterans who haveendured the last few years, WIFS stands proud as having survivedall 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 localchapters throughout the U.S. has nearly doubled to more than 30 inthree years (Florida has two chapters, Gold Coast and SouthFlorida; other groups around the state are working to formchapters). There are many professional women's networking groupsout there. What is WIFS' appeal?

A. WIFS stands out from other women's networking organizationsbecause it is the only industry-specific association addressing theunique needs of women in insurance and financial services. Whilemost of the industry claims to support women, our research tellsanother story:  There is a significant gap between whatcompanies promise new female hires and what they deliver, making itdifficult for women to succeed. WIFS provides real hands-on supportand the opportunity to network with the “best of the best” women inour industry.

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

A. Women leave many different careers and industries to startfamilies, and will continue to do so. However, I don't believe thisis the sole reason that women are leaving the financial industry.Many women leave the financial services industry simply becausethey are not supported or valued as producers. There have beenseveral multimillion-dollar sexual harassment lawsuits in the pastdecade, including the recent gender bias case against GoldmanSachs. The financial services industry has been slow to change tomeet the growing needs of women in its field force.

For many professional women, it is just not worth the trouble towork 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 inthe U.S., estimated to be $20 trillion. Some companies recognizethis and have done a great job at attracting and supporting theirfemale producers, but it is not an across-the-board phenomenon.WIFS is a resource to companies that want to attract and retain thebest female talent, who see it as a win-win for everyoneconcerned.

Q. What challenges do you see in our state for women ininsurance and other financial roles? How are self-employed womenprofessionals 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, locallywe need to do a better job of educating women about the benefits ofa career in financial services and the fact that you are anentrepreneur in your business.

Florida has been hit especially hard by this financial crisis.Many people, both men and women, have lost their jobs, with noprospects in sight. For women, this has meant a return to theentrepreneurial spirit.

I have seen many women start small businesses from their homesin order to supplement the family income. I also have seen manywomen become the sole bread winner for the family as the husbandlooks for a new job. These new female entrepreneurs will needfinancial assistance going forward.

Many of these women will turn to a financial advisor, and willlook for a woman to help them grow their business. WIFS has amission to make sure that in the future there will be enough womenadvisors 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 offamilies pass along the work. There are many insurance office signswith female names. Florida's last Chief Financial Officer, withresponsibility 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 topin our state. But unfortunately that does not filter down to thewomen on the street. In the last three years it has become muchharder to do our job with compliance and regulators breathing downour backs, especially here in Florida.

WIFS provides a network of women all going through the samechallenges on a daily basis. One of the tag lines for WIFS is “todevelop and advance women.” Because of our local chapters inFlorida, women can seek out mentors who can help them through thesetough times and put them on the road to success.

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

A. Absolutely. Women in the financial services industry do nothave to fight for equal pay. We get paid the same amount a man doesbecause we are in a commission-driven business. You can earnwhatever you want depending on how hard you work.

In terms of advancement, I know many offices that would like toadvance women, but at this point many women have turned theadvancement down. Women like the flexibility that comes with theircareers and are not looking to give that up. I believe if we wantto see more women in management, then we need to become moreflexible with the requirements of a manager. The financial serviceindustry has been around for a long time and has been very slow tochange in addressing the needs of women, especially inmanagement.

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

A. Some of this is due to the lack of awareness that young womenhave about the great career opportunities in our industry. WIFS iscommitted to attracting women to financial services, and theorganization has made outreach and education cornerstones of ourmission. We recently held our first career fair and plan toduplicate it around the country. Some of our local chapters haveformed alliances with local universities and we are welcomingstudent members. We also offer mentoring. As the word gets out andwomen get the support they need, this trend will change.

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

A. This is a great business for women who want to help guidefamilies and individuals to protect and grow assets. Women ingeneral have a desire and talent for building long-term clientrelationships. The population continues to grow and diversify andthere are fewer qualified professionals to help them with financialplanning. For someone who cares about people and has a long-termview, the opportunities are there. And WIFS will be there tocontinue to attract, develop and advance women in the insurance andfinancial services industry.