Would it help Wall Street's business to have more women in those roles?
It certainly may help to get more women into adviser and management roles. It will also help to educate male financial advisers on how women may think about and approach money differently.
What is Wall Street doing to change?
There has been a great deal of change in how the large firms assess and hire financial advisers. Would you believe that one of the large firms used to use a questionnaire from the Marines to assess candidates' suitability for the financial adviser role? As you might imagine, they attracted a certain type of individual, but not an overwhelming number of females!
What about women in leadership roles?
Another key to attracting more females is having more females in leadership roles. There has been some progress here, but much more is needed. Many women opt out of leadership roles because they have traditionally involved moving one's family from city to city, to take on bigger and bigger office management responsibilities. These firms have to find a different way if they are serious about this issue.