Quotas Needed to Boost Presence of Women

The financial services sector should consider quotas for the greater involvement of women thus removing the need for them having to push and shout for attention, according to a group of female advisers.

Speaking at a panel session at the AFA Inspire Roadshow in Sydney last week, Multiforte Financial Services Director, Kate McCallum said quotas were essential as the sector needed to have different criteria to enable women to step up to leading roles in financial services and advice.

“We are dealing with a fundamental structure that has a long history of being masculine and we are not going to change that incrementally if we do not make dramatic decisions,” McCallum said.

Caboodle Financial Services Managing Director, Peita Diamantidis said women should not be forced to shout for attention but should be included naturally within the sector to broaden its voices and views.

“We are dealing with a fundamental structure that has a long history of being masculine…”

“You should not have to be the loudest voice in the room or the freak that loves getting up on stage,” Diamantidis said, adding “The reason we need quotas is to get women on the list so they get considered and …so then we get diversity and interest.”

“The point is a loud voice is not the only voice we should hear. We should hear all the voices and a quota brings that diversity for gender but also personality and approach.”

Also on the panel was former AFA President, Deborah Kent who said the increasing presence of women in senior roles changed the tone of the industry but was often hampered by selection bias.

“Having three women on a board changes the conversation and is a good strategic move for any business but part of the problem is that women don’t get on boards because they are not asked. Boards tend to fish in their own pools instead of going outside of it,” Kent said.

“Women getting on boards is a great thing, especially for own business, but to give back as well. Stepping up to a board position is good for you, as it gets you to grow and it will put you out of your comfort zone,” Kent added.