Mentors, Mobility, and Embracing Failure: Wisdom on International Women’s Day
SAINT JOHN — Four women with high-profile jobs in finance gathered in Saint John, both in person and virtually, to discuss their careers on International Women’s Day.
Four Eyes Financial CEO Lori Weir hosted a panel of guests to discuss their experiences as women in corporate Canada.
As the lawyer for Four Eyes, Alanna Waberski a partner with Stewart McKelvey says it’s an important discussion to have.
“In law, specifically North America, women make up about 50 percent of all entrants into the practice of law, so 50 percent of all associates and that number is actually getting even higher in law school. More women make up the cohorts.”
“However, only 19 percent of women who enter private practice make it to partner and specifically equity partners. The attrition is much worse for women of colour, making up only 16 percent of entry-level positions and only 3 percent to partners.”
She attributes her success in the field to having a mentor who presented her with some ground-up opportunities, showing her every aspect of the field along the way. The event that kickstarted the experience was helping a tech client with an “exit” which involved six weeks of dragging and dropping documentation into a data site.
“To the credit of the partner who gave me that absolutely horrible assignment, he involved me in every single step of the transaction, including pulling up a chair letting me sit at the big table when all the documentation was signed, and the money was paid.”
“I was hooked. I loved it.”
She says the mentorship of this colleague led to her current success.
“I know day in and day out that I would never have made it without the mentorship I received from him.”
That support led her to a jumping-off place where she found her wings to fly.
“In considering what I really wanted to speak on today on International Women’s Day, I was actually doing a different type of mentorship, something that I’ve only really appreciated in the last few years. I’ve learned that my most important mentors actually, at a certain point, just like in nature, you get pushed out of the nest and you either fly or you fall.”
She says that small actions, pushing you out of your comfort zone are part of this growth.
“When the opportunity is presented to say ‘yes’, to take that leap and be the big bird and try to fly, well, say ‘yes’.”
President and CEO of PWL Capital, Brenda Bartlett, seconded that motion, calling for women to feel secure enough to take those risks, and fail, in order to ultimately learn and succeed.
“I think that comes down to creating that safe space, creating the environment where it’s okay to fail,” she says. “Fail and fail fast. You know, that’s kind of a catchphrase in, in the tech sector. But I think the issue is you need to have an environment that will allow you to fail and let you pick yourself up again and continue.”
She says that 50 percent of the senior executive team at PWL Capital are women, but despite that very equitable representation on the executive end, in the trenches there is still a lack of women filling advisory roles.
“It’s an odd dilemma that women clients state their preference that they would like to deal with women financial advisors, yet there are only 15 percent of all the advisors in Canada that are women. And that that speaks to you know, there is a fear maybe it’s not a welcoming environment. But let me tell you, anybody in the audience, anybody online, we would welcome women advisors at PWL. I think it is a missed opportunity.”
COO of Morgan Stanley Wealth Management Canada, Tracy Kennedy says there are many paths to success.
With a background in political science and African studies and dreams of joining the Peace Corps after graduation Kennedy fell into a job at Morgan Stanley quite by accident.
“I didn’t know the difference between a stock and a bond” she laughs.
During the early part of her career she says she never put herself forward for projects, saying “I always felt that I had to sit back and wait until somebody recognized me.”
She says about 5 years ago the senior executives at her firm said they were supporting an endeavor called ‘mobility’ to address the talent they were losing.
“A lot of women were leaving because they didn’t feel like they could just say they wanted to take an opportunity in another department. When the firm made that announcement at the top level, I really started to see change.”
“I actually took that opportunity and ended up making the jump into a totally different division of the firm.”
She says it totally changed how she thought about her career path.
She advises young women coming to work in the firm to ask for what they want and to be more assertive.
“I see that more in younger and younger women who are so much more assertive than I was in my 30s or 20s.”
Kennedy says she is still receiving mentorship even at her advanced position in the company, and that it’s continuing to be useful.
Her final piece of advice was to understand your firm’s culture, because it can be difficult if the culture of the firm you’re working for is not aligned with your own.
That was a sentiment that struck a chord with Weir, who was inspired to create the panel by a Four Eyes colleague, Raven Mills, who asked her what the company was going to be doing to mark International Women’s Day.
“It was the question that Raven posed, that really was the catalyst for bringing us all together today.”
Alex Graham is a Huddle reporter in Saint John. Send her your feedback and story ideas: [email protected].
Editor’s note: this story was last updated on March 9 at 10:05 am