There is much to celebrate…however, more can and should be done to cultivate young women’s interest in the financial industry.
As part of our Diversity on the Desk series, we spoke to Melissa Hinmon, director of equity trading at Glenmede Investment Management in Philadelphia, about the progress that has been made so far, the best ways to foster engagement outside of your own firm, and the crucial importance of early education.
Where are we now? To quote a colleague, Stacey Gilbert, CIO of Glenmede Investment Management: “Women were not even allowed on exchanges 60 years ago, and during Covid we had two extraordinarily strong women leading the two largest equity exchanges in the world. There is a lot to celebrate with the inclusivity of women in trading over the past several decades.” I believe she perfectly summarizes where we are today.
I also agree with Stacey that there is a lot to celebrate. The number of women in finance has increased: however, more can and should be done to cultivate young women’s interest in our industry.
One of the biggest and most positive changes I have seen are the diversity discussions taking place at conferences. These are helpful in understanding the importance and value of a diverse workforce. This past year, I had the privilege to participate on DEI panels and much to my surprise, following the presentations all of the panellists were approached by audience members thanking us for our participation and asking questions.
We have seen a series of steps forward over several years. They all have a common thread to get involved. I co-founded our first ERG (employee resource group) at Glenmede, called The Women’s Investing Network at Glenmede, or WING. Meetings were opened firmwide and I was astonished at the level of participation. Watching the next generation of women leading the WING initiative is incredibly rewarding.
Getting involved should not be limited to ‘inside the walls’ of your firm. Consider additional ways to foster engagement. One option is to partner with well-run non-profit organizations. Let me give you some examples.
Glenmede supports Girls Who Invest, (GWI) and hosts a scholar each year. The hosted scholars have worked closely with both our Small Cap and ESG portfolio management teams. Additionally, we participate in GWI’s Ambassador Program. It is designed to mentor scholars through their internship programs by having external individuals in the industry provide weekly coaching/touchpoints with scholars. We also work with local organizations such as Cristo Rey Philadelphia High School. Cristo Rey’s Work-Study Program gives motivated and talented students from underprivileged communities the ability to gain a quality education and invaluable work experience in preparation for college. Another example is Glenmede’s sponsorship of City Year Philadelphia, an organization that is working to address the lack of equitable access to educational opportunities primarily in under privileged areas.
I have the honor of being a Board Member of the National Organization of Investment Professionals, (NOIP). A group of passionate Board Members and individuals at NOIP through dedication and hard work formed the NOIP Foundation, which was granted 501(c)(3) status in 2023. The Foundation currently partners with three organizations. The Council for Economic Education (CEE), and its New Jersey chapter has partnered with New Jersey City University (NJCU) to build a program for financial literacy in the NJ/NY metro area. Another is The Greenwood Project, an organization that works to introduce talented Black and Latino scholars to careers in financial services through intensive training and internships, and last but not least, W!se, “Working in Support of Education”, a NYC-based organization providing educational programs to high school students across the US.
Partnering with non-profit organizations such as these benefits the individuals participating in programs as well as the financial industry as a whole.
I believe change starts with education, which can happen immediately. Understanding the advantages of diversity of thought, socioeconomic background, and education can add to our uniqueness and how we handle tasks. Knitting together our differences can lead to a more powerful team.
As we learn and connect with others, opportunities will naturally arise. Individuals might consider participating in their firms’ initiatives or joining the board of a non-profit. Firms can begin relationships or expand partnerships with organizations similar to the ones I mentioned.
