In honour of Women’s Month we asked three women at 10X who are making big strides in different parts of the industry some questions about the business of being female in the asset management industry.
Sohini Castille is head of employee benefits consulting; Shirdhi Baijnath is 10X’s legal advisor; and Emma Heap is head of the company’s retail division.
Do you feel that women in the investment industry face different challenges to men in their career paths?
Shirdhi Baijnath:
Women have come a long way in the ‘female financial revolution’. Today we see a lot more women in senior financial roles that we did 20 years ago. However, there is still a gap that needs to be bridged.
Investment manager roles are seen as traditionally male and we often see women in the financial services industry being confined to secretarial and administrative roles. This is not necessarily indicative of the company atmosphere or culture, but rather an industry-wide misconception that men make better investors, and that so-called male traits of assertiveness, aggression and authority are the right fit for the investment world.
Despite holding equivalent qualifications to men, women have to work harder to convince the industry of their capabilities. Women are constantly having to dress the part and speak ‘male language’ to be seen as credible.
Sohini Castille:
As women, we do face different challenges in our careers, especially when starting a family. Some may consider taking a break from their careers at this time. Working mothers have the challenging task of finding a balance between making enough time for their children, their jobs, their partners and themselves!
How much does the world inside asset management reflect the world outside, particularly with regard to women and equality.
Shirdhi:
Over the last decade there has been considerable progress in terms of inclusivity. Many women are increasingly advancing in the asset management type of roles. However, this is not happening at a rapid enough pace. Women are definitely under-represented in asset management, and those who decide to take up a career in the industry often face challenges of sexism.
Sohini:
The asset management industry has been male dominated for quite some time. In recent times more and more women are coming to the fore in senior positions within the industry.
This trend is sure to continue into the future, paving the way for many brilliant female investment professionals.
Are women as engaged in the investment industry as they can or should be?
Shirdhi:
Having been in the financial services industry for close to seven years, my experience has been that women as clients continue to lack the confidence to make investment decisions and often rely on their male counterparts to handle their financial affairs.
In your opinion, what are the biggest barriers to financial independence that South African women face?
Sohini:
Historically, women were not paid as well as men and this is an issue that is still evident today. Whereas our male counterparts tend to be more independent when making financial decisions, women are not as confident in doing so.
This is in spite of the fact that many women in South African society are the breadwinners of their families, carrying many responsibilities on their shoulders. This is also why the empowerment and upliftment of women in society is so crucial.
Shirdhi:
Lack of education, lack of confidence and lack of finances. Having to assume more care-taker and domestic roles – such as raising children, taking care of elderly parents and attending to household chores – there is often very little time for women to educate themselves on the world of finance.
Furthermore, men are used to attending to the finances and controlling the cash flow, which limits the financial resources that women can access to educate themselves.
Is 10X different in how it thinks about and talks to their female audience?
Sohini:
At 10X we believe in the upliftment and empowerment of women, especially when it comes to making better decisions around finances. We recognise the incredible impact that good financial behaviour can have on families and believe that women play a key role in creating financial freedom.
Shirdhi:
Having recently joined the 10X team it is refreshing to find an investment company that recognises that women are potentially better investors because they ask the right questions, research everything, are logical and calm and have a measured approach.
Who are the women who inspire you?
Sohini:
Advocate Thuli Madonsela. I believe she is an inspiration to all South Africans and especially younger women. We live in turbulent times where integrity seems to be a scarce commodity. Her strength of character has shone through and I hope that there will be many more to follow her example.
Emma:
I work with a non-profit organisation called Great Girls, which works with girls from townships such as Lavender Hill with leadership potential. It’s a small but very impactful initiative, and it’s a great example of how women can support and mentor the younger generation of girls to ensure that we have more female leaders in the future.
If there’s one bit of financial advice you have for women would it be?
Emma:
Take charge! Set aside 30 minutes this month to work through this checklist to ensure you’re on track for a good retirement:
• Look at how much you’re saving. Is it 15% of your salary? If not, can you afford to increase it?
• If you can’t afford to increase it to 15%, set small goals by considering small luxuries you can cut out, for example a cappuccino a day can add up to R500 a month (and there are less calories in Rooibos tea anyway).
• Find out who your savings are with, what type of fund they are invested in and how much you’re paying in fees. If you’re paying more than 1% in fees start shopping around. Each additional 1% you pay in fees has a significant impact on what you can afford in retirement, and can *reduce your savings by up to 20%.
• Believe that you’re capable of handling your own finances. You manage everything else better than men, why should this be any different.
Shirdhi:
Educate, participate and celebrate.
• Educate: Whether you are upskilling yourself or another female in your life, you will be a part of the female financial revolution that is necessary for female progression.
• Participate: Take charge of your finances, get involved in financial projects and make investment decisions. Often women fail to participate in financial affairs out of fear of lack of knowledge, skill or confidence.
• Celebrate: Understand and appreciate that in this changing society you have a rightful place when it comes to financial education, financial leadership and financial freedom.
* The fee impact depends on the savings term – the longer the term, the higher the impact. This calculation relates to 40 years of saving.
