Staffing & Culture | 06.14.23
Women Who Lead: Success Stories and Advice in the Finance Industry
by: Carla Cicero, Nancy Almond, LeAnn Rummel & BISA Staff
When women are considering a career path, they may not see becoming a financial professional as the most obvious choice. A 2022 report from online recruiter Zippia notes that women make up only 27.7% of financial professionals.
But statistics do not tell the whole story. Working in finance can afford many opportunities, including the chance to work a flexible job with a potential for high income.
And in an age where many are seeking work that matters, finance can meet that need as well. “It’s a noble profession that helps others improve their financial circumstances, build wealth and realize their dreams,” said Carla Cicero, president and CEO at Numerica Credit Union.
As a lifelong credit union employee, Cicero has seen the industry change, especially when it comes to opportunities and the perception of women. “Today, women are regularly reaching higher levels, becoming CEO and taking board positions.
“When I was in my early twenties, I set a goal to be CEO of a credit union by age 35. At that time, I had a well-positioned person tell me not to bother because they don’t promote women to CEO. I just saw that as another obstacle to go around. I met my goal three years early. It took a lot of hard work and determination, but I never let that goal out of my sight.”
Cicero now works to help her own employees thrive. Under her leadership, Numerica Credit Union is ranked as one of the top 10 credit unions in the country with over $1 billion in assets for three consecutive years (2020, 2021, 2022).
“You work to have a happy life, not the other way around. We offer benefits that support families, and a generous tuition reimbursement so anyone can get the education they need. We also offer a flexible workplace, which is especially beneficial for parents who carry the home responsibilities and need time to take care of a sick child or attend a soccer game.”
More Roles for Women on Both Sides of the Table
Cicero is not the only woman taking the lead at Numerica. Her colleague Nancy Almond, senior vice president and program manager at Numerica Financial Services, also has a lifetime of experience in the industry and agrees that finance can be a great career option. “As a financial advisor, you get to learn about people’s lives, hopes and dreams. That natural curiosity women have is very beneficial — and it helps that most of us have our own experiences raising a family, budgeting and making ends meet.”
Almond started in the industry in high school selling six-month CDs at a 17% interest rate. Today, she leads a team of financial professionals and encourages others as a mentor, BISA speaker and participant.
During her time working in banks and credit unions, she has seen changes to how women work in the industry as well as how they interact as clients. “It used to be, when meeting with couples, the husband made all the decisions — and the wife was not allowed to ask questions. Now, we encourage both spouses to be part of the process. She is typically the one who ends up living longer and needing the most money over her lifetime, so it is critical for women to be involved in these conversations.”
Support From Inside and Outside the Institution
Also led by a female president and CEO is Cetera Investment Services. A financial institution-focused wealth firm, Cetera Investment Services partners with Numerica Financial Services and together they are focused on creating a healthy and thriving environment for clients, financial professionals and employees.
“The women executives I have worked with over the years have been very focused on education, professional development and providing guidance for success in an industry that is male-dominated,” said Almond. “It’s great to see people set goals and attain them. That’s very rewarding.”
Cetera Investment Services President and CEO LeAnn Rummel agrees. “We take pride in enabling everyone to thrive in whatever role they set their sights on. Supporting women benefits everyone in the industry, from bringing fresh ideas and perspectives, to growing and diversifying our financial professional base, and enabling deeper connections between our advisors and their female clients.”
Is There a Place for High-Ranking Women in the Finance Industry?
No matter a woman’s goals, Cicero believes it is possible to find success in finance. “Work hard and raise your hand,” she advises. “Never stop learning, go for new roles, new challenges , and new opportunities. Everything you ever wanted is on the other side of fear.”
Almond agrees that women in the finance industry can succeed at every level. “Be willing to be mentored, be proactive, ask where to start,” said Almond. “There are so many ways to grow, and putting yourself out there is one of the best ways to succeed.”
The finance industry has opportunities for employees at every level, as shown by Cicero, Almond and Rummel throughout their careers. While it may not yet be an industry dominated by women, it can be an environment where women grow and succeed.
Securities and insurance products offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Investment advisory services offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investments are offered.
Investments: • Are not FDIC/NCUSIF insured • May lose value • Are not financial institution guaranteed • Are not a deposit • Are not insured by any federal government agency.
Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.