Female financial service leaders extol the value of mentorship

October 27, 2022 4:11 PM

Banks and other financial institutions have launched campaigns in recent years to increase the number of women occupying executive positions and build pipelines for more diverse talent across all levels. But that wasn't always the case.

During a panel discussion Wednesday at the Most Powerful Women in Banking conference hosted by American Banker's Mary Ellen Egan, female leaders spoke about how they got their start in the financial services industry and what has changed since then.

A key theme was the value of mentorship — both in their own careers and as a way to diversify the industry's senior ranks.

Penny Pennington

Managing partner at Edward Jones

Penny Pennington, managing partner at the financial advisory firm Edward Jones in St. Louis, spoke about how her perception of corporate banking was sculpted in 1985, after she finished a management training program within Wachovia Bank, by the mentorship of a female banker.

"I don't know how they knew that I needed to be under the tutelage of a strong woman corporate banker that was doing all kinds of deals in the Southeast, but that was my image of corporate banking as I was first starting out," Pennington said.

"Now, I realized that maybe that was unusual. Maybe I was lucky, but I also realized that I was hearing all kinds of things in the background conversation about what it was like to be a strong woman in corporate banking, in the 1980s in the South."

Despite exiting the banking world roughly 15 years later and jumping into the securities and wealth management markets, Pennington continued drawing from the insight she gleaned from her mentor, and "that is part of the soundtrack that I've had in my head as a strong women leader during my tenure in the industry," Pennington said.

For women leaders who occupy multifaceted roles, being able to juggle all the responsibilities associated with their titles can afford the chance for a seat at the table.

"In a multi-stakeholder world, where we as leaders have to satisfy the needs of clients and colleagues and every community where we serve … we're asked to draw on threads and put together this sort of theory of the business or theory of the future, I find that women are particularly adept at doing that," Pennington said. "If you feel like that's part of your superpower, and nobody else is thinking that way, that's exactly why you need to be at the table."

Kate Burke

Chief operating officer and chief financial officer at AllianceBernstein

Kate Burke, chief operating officer and chief financial officer at AllianceBernstein in Nashville, Tennessee, said she got her start at Bernstein Research as part of a small team of women working alongside roughly 100 men.

"I've been fortunate to always have a very strong group of women peers that I've been able to lean on during my entire career, share our experiences as well as the passion for continuing to elevate women within the firm, and work together to try to make the firm more inclusive place for all people," Burke said.

Burke said that with the support of mentors, she gained the confidence necessary to tackle challenges across the organization — in spite of her uncertainty about whether she was knowledgeable enough to do so.

"Women are particularly adept at taking pause and listening to what is being said, and then coming in and trying to provide a clarity or provide a communication of what the two points of views are … [it] is a skill that women use astutely because we've learned to do it over time," Burke said.

Doreen Woo Ho

Independent board director for the San Francisco Opera

Doreen Woo Ho, whose storied career has included roles at major banks such as Wells Fargo, Citibank and U.S. Bank, said that more companies are making purposeful efforts to increase inclusion than was the case in the past.

"What struck me between then and now is the fact that there's a lot more intentional development and more intentional opportunities. … In my case, it was more serendipity, and I was very fortunate to have mentors who were actually my bosses, who pushed me forward," said Ho, who now serves as an independent board director for the San Francisco Opera.

Throughout her career in various positions, Ho has found that situational leadership has only grown in importance, and that often it's the talent closest to an issue who possesses the greatest insight. Those in executive positions must put aside any hubris and temporarily cede their power to those most suited to address an issue, she said.

Future generations of women seeking executive positions within the financial services industry must be genuine about themselves, while "understanding what is the message you want communicated about yourself and and not only create that brand so people perceive you, but also check in and get feedback," through bosses or peers to ensure that it resonates with who they really are, Ho said.