Adapting to ever-changing cultural norms, balancing professional and personal goals, and figuring out how to advance into leadership roles are just a few of the challenges women must navigate to succeed in the ETF industry.
These were some of the topics discussed at the “Women in ETF” breakfast discussion at Wealth Management EDGE at The Diplomat Beach Resort in Hollywood Beach, Fla., featuring Jamie Gershkow, partner-in-charge at the law firm of Stradley Ronon; Chantal Michael, director, wealth management channel, at S&P Dow Jones Indices; and Naomi DePina, ETF sales and training at GTS.
Career Paths
All three women took different paths to get to where they are today. DePina first became interested in a career in politics. She decided to make a change and went back to school to focus on finance. She eventually ended up at GTS, a commercial trading firm.
Michael's background was in psychology. She worked as a mental health counselor and, at age 30, decided to change careers. She worked in sales as a cold caller and eventually moved to her current job at S&P, where she influences how wealth managers use ETFs.
Gershkow attended law school and, like DePina, was interested in a political career. She had a summer internship at the firm where she is now and returned there after law school. She decided to join the firm's investment management practice. She became a partner in 2021 and now leads her office in New York.
Navigation of inflection points
Panelists discussed the inflection points in their careers that allowed them to advance. Michael said that after thinking long and hard about her career path, she decided to take charge of her future and make a change. DePina realized that Excel spreadsheets were no fun. She changed jobs. In an interview, she was taken to the ETF desk. She noticed that it was mostly men who worked there, but decided to give it a try.
For Gershkow, the mentors in her life helped her decide to stay at the firm where she is now instead of moving elsewhere. She found strength and comfort in realizing she was where she wanted to be.
Future roles
DePina enjoys the human connection, being in front of customers and making friends. She said she had a difficult time during COVID when personal connections were not possible. Although she sees herself staying in a role similar to what she's doing now, DePina is aware that she may face some challenges in the future, especially if she decides to have a family and may not want to travel for periods long.
Michael has learned that taking control of her career is essential. She noted that relationships are an important part of this business. Being a woman of color in this industry, she has had a significant impact that brings her joy. She wants to pay it forward by helping and mentoring other people.
Gershkow said she's happy where she is now and doesn't foresee a major turnaround. However, she said women can have different roles in their organizations. She advises that one path is to hold various leadership roles and improve the paths of others coming into the industry.
Building your team and hiring colleagues
Gershkow acknowledges that everyone approaches things in different ways. There is no right way to do anything. She said it's good to have an open mind and not do something a certain way because that's the way you've always done it. She has learned that people of different generations can have different expectations about how things are done and what is considered acceptable.
For example, she recently discovered that some people find it rude for you to call them on the phone. It is better to schedule an appointment. This speaks of the need to constantly adapt to new norms.
DePina emphasized the importance of building a diverse and strong team. Team members can also be different in how they think. She advises to avoid being biased about one's age. Michael agreed that diversity of thought and experience is important and creates a good collaborative space.
Getting to know each other
You want people to recognize the work you do. Michael urges women to raise their hands, be proactive and let people know what they want, which is sometimes avoided.
Gershkow agreed that self-promotion can be tricky, but advised against falling into the trap of thinking that good work alone is enough. She said it's important to advocate, including emailing bosses about accomplishments.