Women need to take on new challenges if they want to succeed in the male-dominated financial world, according to Michelle Barry, president of H. Beck, an independent boutique broker-dealer based in Rockville, Md., with more than $6 billion in AUM.
In an interview today, which is International Women’s Day, Barry said women face more challenges in the financial industry then men and should actively take steps to move up in the financial world.
Barry started on Wall Street and worked her way up through other firms before assuming the presidency of H. Beck three years ago. She has helped transition the firm from a predominantly insurance-focused organization to a financial firm poised for growth. She mentors and sponsors other female advisors at various stages in their careers.
There is a difference between a mentor and a sponsor, she said. A mentor works with the mentee to help her succeed. A sponsor takes a more active role in the other person’s career and promotes her to firm members, she said.
“I’m impressed with the progress women have made in the business world, but there are still clearly obstacles that women face,” she noted. Many men have a mindset that they need to work all the time in order to be successful. A work-life balance is something that is more important to women and “should be for men, too,” Barry said. Achieving that balance requires a shift in mindset, she said.
“I found recently that it is important for a mentor or sponsor to share their life experiences with other women, so they know they are not the only ones feeling pressure or feeling uncomfortable in some male-dominated situations,” she explained.
Women need to be able to take on “stretch roles,” which means they need the confidence to take on new jobs that they may not have tried in the past, she said. “That is how they will be given the opportunity to go farther.”