Via LearnVest By Alden Wicker ~
On the heels of Equal Pay Day, many commentators have been tossing around ideas on how to make gender equality in the workplace a reality.
Well maybe they could learn a thing or two from Asia.
Bloomberg News reported this week that in Asia, female private bankers managing the money of the wealthy outnumber male private bankers three to one. Meanwhile, over here in the U.S., men outnumber women in the money management field four to one.
Why Women Manage the Money
There are a few reasons why trading for wealthy clients has attracted so many women in Asia. First, as opposed to investment banking and floor trading, managing client relationships allows for better work-life balance.
And in general, it’s easier for women in Asia’s major cities to have careers. They have access to more affordable childcare assistance and traditionally more family support than in Europe or the U.S.
More importantly, women are a natural fit for the private wealth management industry. Because women often come across as sensitive and empathetic, even many men would rather speak to a woman about personal wealth matters than to another man, an executive recruiter told Bloomberg. Women are perceived be more caring, and have more cultural leeway to do things like send a personal note or a box of chocolates to clients.
And finally, women private bankers can tell when, even though the husband is doing all the talking, it’s the wife sitting next to him who makes the decisions.