Tag Archive for: Leaders

Interdependent Leadership: We Need More than Independent Leaders

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Interdependence“Human life is interdependent!” says Dr. Stephen Covey. “Interdependent people combine their own efforts with the efforts of others to achieve their greatest success.”

As citizens of the Western patriarchal world that idealizes individualism, we are conditioned to strive for independence as the bastion of strength.

But as Covey touched on in the Maturity Continuum back in the classic The 7 Habits of Highly Effective People, independence is not the ultimate arrival point.

Evolving from independence to interdependence is a pre-requisite of stepping into being a true leader and creating human fulfillment in all of our relationships.

Personal Development Journey to Interdependence

First of all, interdependence is neither dependence nor codependence. Only independent people can evolve to be and choose to be interdependent.

Our culture idealizes independence as the ultimate success, when it’s not. Consider the self-made man or do-it-yourself or the exalted lone hero’s journey.    

      Dependence (You)

When we become caught at the dependence state of maturation, we rely on others or the situation to meet our needs for safety and pleasure, to take care of us, and to take charge or create changes we want.

We abdicate responsibility for our lives to others to develop a victim mentality. It can be insidious, too.

As Dr. Michele Brennan writes, “Evidence of this is seen in individuals who cannot make decisions for themselves, they are afraid to speak their minds, or to advocate for themselves because they need someone to lead them.”

      Independence (I)

When we individuate towards independence, we take responsibility for the thoughts and actions required to meet our needs and wants as we’ve identified them. We are self-sufficient and self-reliant.

While we must arrive here to break our dependence, remaining as an island in an interconnected world is not the highest expression of success, consciousness or fulfillment.

Independence focuses only on your needs and desires, can quickly fall into scarcity mindset, and does not place supporting others and being supported as core.

At the independence mindset, we’re also prepared for others to lose so we can win. We’re more likely to feel others are in competition or detractive to our goals.

A recent meme emphasis has been “Ultra-independence is a trauma response”—and that could be seen as an individual, national and cultural wound.

      Interdependence (We)

Interdependence “comes with the self actualization that we are strong to stand on our own but we are wise enough to understand there is even greater strength in developing a community,” writes Brennan.

At the level of interdependence, we realize that our personal growth and fulfillment is not distinct from, or at odds with, lifting others up, but rather in accord with it.

As Michael Timms writes, “Interdependence is the understanding that your welfare and ultimate success is inextricably connected to the welfare and success of those around you.”

Beyond accountability for yourself, you take accountability for our inherent interdependence and your personal impact on the greater whole.

This is the “we” phase – as written in PM Today – “where the independent adult chooses to increase their circle of concern beyond themselves, to include ever widening groups of people.”

Individuals and organizations that come from this place view themselves as one part of a system of many interconnected parts, all impacting on each other.

How We See Ourselves and the World

Research shows that people with a self-construal as an independent entity will view internal attributes as core to who they are—their “traits, abilities, values and attitudes.”

Whereas people with an interdependent self-construal will view “close relationships, social roles and group members“ as central to their sense of self—personal meaning is contingent upon belonging to the interrelated whole.

Independence mindsets are overall associated with Western European and North American cultures and interdependence mindsets with East Asian and Latin American cultures.

When it comes to perceptual tendencies, people with independent mindsets pay more attention to the focal element of a scene (a bridge in a forest). People with interdependent mindsets pay attention to the context of the whole scene (forest with bridge).

In research, this means that a Westerner will notice small changes to the focal element (bridge) faster. Those from East Asian cultures will notice changes to the context faster (forest). The changes we don’t notice are called our change blindness.

Breaking from strict cultural divides, researchers found that it’s possible to nudge our perception to view the world more interdependently. Even by attuning to the interdependent pronouns “we” and “our” and “us” rather than “you” or “I” or “me” in articles, Westerners became more sensitive to detect the changes in the bigger picture.

The frames through which we think and think of ourselves impact how we perceive the world. The more we focus on our interconnection, the more attention we pay to context and the bigger picture.

Leading From Interdependence

Independent level leadership may refuse to take responsibility for problems or try to shoulder it all alone, may focus on being the solo hero, may raise executive salaries to exorbitant levels, may focus on the organizational win without considering the true ripple effect of the means.

“At best, independent people who choose not to progress to the next level of maturity will be valuable individual contributors,” according to The Ghannad Group, “and at worst, they will contribute to the counterproductive creation and maintenance of silos that prevent effective collaboration.”

“The moment you step from independence into interdependence in any capacity, you step into a leadership role,” wrote Covey.

Ghannad Group writes that “achieving interdependence requires intentionality and insight, courage and humility”—and embodying an interdependent, transformative leader mindset requires “abundance mentality”, “empathy and understanding”, and a “servant’s heart.”

At the interdependent leader level, you grow to adopt some of Covey’s approaches: Your philosophy of human interaction is win/win, seeing life as “cooperative not competitive”— seeking solutions and agreements that offer mutual benefit for all stakeholders concerned, because it’s always the most effective approach.

You seek to understand a situation before seeking to be understood and demonstrate real emotional intelligence. You foster synergistic group collaboration, which allows the collective whole to be greater than the sum of the independent parts and gives birth to new creativity and paradigms.

You seek solution-space for problems which are not your direct responsibility such as crisis, because they are impacting upon the whole.

Interdependent leaders come from a place of acceptance, curiosity and abundance mindset rather than judgement, fear and scarcity thinking.

You have confidence in “being enough” so that you can humbly call on the unique gifts and talents from everyone without judgment, raising everyone up as you rise in your leadership acumen to create the most synergistic, creative and expansive solutions.

You’re dependable, but it’s not about you. Being interdependent as a leader means the strength of knowing your own talents and embracing the vulnerability that nobody can be or do it all themselves.

We need each other and embracing the accountability of that interdependence is the most effective, fulfilling and mature path for humanity—and leadership.

By Aimee Hansen

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Kacy J. Gambles, SVP Regional Manager of Investment and Fiduciary Services for the East Bay and San Jose California Regions, Wells Fargo Private Bank

Kacy J Gambles“Be bold, be brave and just be you. Don’t shrink to please the people around you,” says Wells Fargo Private Bank’s Kacy J. Gambles.

Kacy always had an interest in two things: people and numbers.  When she thought about career choices she wanted to marry these two interests together.  The discussion of finances was not exactly dinner table conversation, however through the perseverance and ‘scrappiness’ of her mother, Kacy was exposed to different job functions within the financial industry.  Ultimately she was led to wealth management when she stumbled upon an advertisement to study for the CERTIFIED FINANCIAL PLANNERTM designation.

Kacy started her career at PNC Bank in Pittsburgh, PA in 2003 and held a number of positions in the company’s wealth management division, from an associate trust advisor & portfolio manager to a product manager covering the separately managed accounts and alternative investments platforms.  Ultimately, she knew she enjoyed the client-facing side of the business and made the decision to obtain her MBA at The Tuck School of Business, Dartmouth College.  In 2009 while finishing her MBA at Tuck, and attending the National Black MBA Association (NBMBAA) annual conference, she crossed paths with one of Wells Fargo’s senior leaders who invited her to join his California based team in the Private Bank in an investment management development program. She has served as an investment strategist managing high-net-worth clients’ portfolios and then moved into management as a regional investment manager.  This path led to her 2017 promotion and her present day role as SVP leading a team of experienced financial professionals who help clients work toward their unique goals by providing investment management, trust and estate services, as well as specialized wealth services including legacy planning, real estate asset management, philanthropic, and business advisory services.

Being an African American executive, Kacy discusses her journey in the financial services industry and how proud she is to be navigating the journey as a woman of color every day, and acknowledges the power of sponsors who have advocated for her along the way.

“There aren’t many individuals who look like me and I have been able to navigate this industry with the support of great individuals of all types who took an interest in my career and my success.”

Gambles is keen to distinguish the difference between mentors and sponsors and urges people to understand the power of a sponsor who can truly advocate for you at the table where you are not seated. She believes more courageous conversations are the key to seeing change in the industry and in the need to advocate for hiring people with non-traditional backgrounds. And, that people should raise their hands to be matched with mentors and sponsors. She opines that Wells Fargo has a great programmatic approach to supporting women in the firm that she feels she has benefited from along the way.

“There is so much value in mentoring as it is a two directional relationship where both sides get to learn and address unconscious biases.”

She recounts recently going to a Tesla showroom and servicing shop and finding herself surprised at the number of female engineers; an example whereby we can all be caught unaware of the unconscious bias that can lurk in our brains if we are honest with ourselves in recognizing it.

Being a good manager is important to her and creating a team where people can be themselves is a continual goal of hers and she works to create space for all people to be themselves.

“When someone says thank you for listening and letting me be my authentic self and to be visible, I feel very proud. Diversity and ultimately inclusion means people can come to the table and feel like they are heard and this goes for ethnicity, gender, sexual orientation and even mental health diversity which is increasingly recognized.”

Change Agent

Inspiring and humble, Kacy is clearly motivated by being “the voice and the change” as she puts it “within the community and internally within the team”. She explains that a village helped raise her and she believes that coaching, inspiring, mentoring, developing and giving back is important to her in the work that she does inside and outside the firm.

“I am excited to be a change agent as how we (Wells Fargo) are seen in the community is important both in doing the best work to meet the wealth management goals of clients, and in solidifying an organization with great team members so that people can continue to believe in the organization.”

Kacy energetically talks about the increase of women owned businesses and within that the number of African American and Latinx women who are changing the lending culture by virtue of being the job creators and the product leaders in communities. She is excited by millennials and how they approach their careers and what their wealth needs will be in the future.

Tenacity on the Journey

Kacy reiterates tenacity as a trait that is helpful in building a career recounting that she got a lot of “no’s” but she chose to hear these as “not now” instead. She emphasizes the importance of being the owner of your career and figuring out the pathways to get more “yeses”. She believes that some barriers are organizational and can change with processes such as panel-based decisions in hiring but is forthright that individuals can self- impose their own limitations and believes that a “can do” attitude is crucial for success.

Kacy relays her advice that she would give to her younger self, “I tended to be quieter in meetings and I wish I had taken more chances.  I was once advised that  when someone thinks you are ready for an opportunity don’t insult them by saying you can’t. Now I realize that my advice to others is that you always can. You have the skills, resources, and examples.  If you don’t see it then you can become the light for the people behind you.”

Outside of work she offers that her spiritual side is her foundation and that she was raised by strong women who remind her where she came from and keep her humble and that she has to “pull people up with me”.

Kacy enjoys travel with a philanthropic twist as a volunteer for Habitat for Humanity.

“I always leave feeling that the people building the houses get more than we give on these trips as it is the human side of connecting that matters and love still abounds and we as humans are resilient. It is very humbling.”

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Voice of Experience: Lisa Hutter, Senior Director of Planning for the Southwest Region, Wells Fargo Private Bank

Lisa Hutter has been well served by the advice to take time to listen, but then also reflect, in order to figure out how you want to respond.

“If you are listening solely to respond, you won’t hear everything you should,” she cautions. “Focusing, being present and then taking time to be thoughtful will always lead you to a better answer,” she says.

These skills have been especially pertinent in her career, particularly in her current role where she has a hand in helping both her clients and her internal team.

Helping Clients Achieve the Best

Hutter went right from college to law school but always knew she wanted to focus on estate planning. She joined a major accounting firm for four years, then moved into the banking arena and even had her own law firm for a short time before finding her home in the trust industry. Her first role was as a trust officer focusing on estate planning, and then she joined Wells Fargo as a team leader, where she manages a team of planners who include attorneys, CFPs and accountants who offer a collaborative approach to advising private clients.

Three years ago she was offered her current position as senior director of planning for the southwest region and moved to Austin, Texas, where she has added strategy to her responsibilities. In addition she is closely involved with the firm’s diversity and inclusion efforts, helping to continue education and awareness and has been gratified at the strides they have made in moving the needle.

As she thinks back over her career, one of the accomplishments she’s been proud of is her focus on building teams—focusing not only on supporting one another and promoting trust, but also offering her employees a clear path forward in their career. She has been pleased with the way she has been able to manage a cultural shift in her region, leading to stronger teams who can better serve clients.

And that’s the cornerstone of everything she does, noting how rewarding it is to work with clients and see the positive difference she can nurture in the family unit. In fact, Hutter is excited about advances Wells Fargo is making with a more recent offering in the Private Bank called Family Dynamics.

Statistics show that when families of wealth fail, 70 percent of the time it’s because of a breakdown in communication. In that way, this offering is ideal to help bolster communication for any family contemplating their future.

Another growing trend that is inspiring her work is the “graying” of the business owner; Hutter finds there are many in her region who are nearing retirement age and exploring their options. “The best way to create a smooth transition is to start three to five years out, which also pulls in the family dynamics element,” she notes.

Confidence Will Take You Far

Hutter has always admired Sheryl Sandberg’s advice, particularly the reality that a lot of times we second guess ourselves and think we have to be perfect for a certain role or project before we throw our hat in the ring. “It’s important to realize that job descriptions shouldn’t be read as prescriptive around every single element where if you don’t have a few items on the list you shouldn’t bother applying; instead rely on the right skills you already have to succeed and be confident in yourself, apply for the role and through the course of interviews you and the folks making the hiring decision will determine if you are the right fit for the role. In the end, you might surprise yourself.”

Confidence is vitally important in her industry, when it’s not uncommon to walk into a senior leadership meeting and be outnumbered, sometimes even as the only woman. “You have to get comfortable with leaning forward and making your voice heard,” she says, adding that she has helped her teammates understand this perspective by encouraging them to put themselves in those shoes.

At the same time that you should always strive for new paths, Hutter believes that young women who are entering this industry would be well-served by being patient and taking the time to really master their job. “You can get involved in so many projects and therefore find opportunities to be challenged, even while you sit in your current job and make a name for yourself there,” she points out.

In fact, she finds that a lot of success has to do with getting to know people all over the organization and at all levels and learning more about their day-to-day jobs. “That can help you identify another area where your skills might be transferable but is more interesting to you, and you don’t want to miss out on that by not seeking new opportunities.”

It’s one of the reasons she served in the role of regional leader for the firm’s Women’s Team Network while she has continued to serve in similar roles. She urges all her colleagues to take advantage of the development programs available in person as well as on the internal site—both to boost specific skills as well as to expand networking by meeting others with whom they don’t interact on a day-to-day basis.

“Be Kind To Yourself”

Hutter’s advice for women at her level will resonate with anyone in a fast-paced field. “Be kind to yourself,” she says. “We are not perfect and so we need to believe that what we are doing is enough. Take the time to be present and focus on what matters, like your family, and shut down if you need to because that’s okay.”

She herself takes that advice to heart with her own family. In addition, she has an excellent outlet through regular workouts at her husband’s CrossFit box, appropriately named “Third Element.”

“It’s my community and home away from home, and it helps us model a healthy lifestyle for our kids,” Hutter says. In addition to mitigating stress, achieving a new goal in her workout has another important byproduct—transferring those feelings of success to the workplace.

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Voice of Experience: Tracie McMillion, Head of Global Asset Allocation; Wells Fargo Investment Institute

Tracie McMillionEarn opportunities by, working hard, taking a deep interest in your work and realizing results, which will give you the confidence to ask for even more, says Tracie McMillion.

“I often find that women underestimate how much they already know,” she says. “We want to feel like we know everything; but it’s ok to learn as we go.”

Advice and Strategy Create the Ideal Career

McMillion began her finance career with a smaller bank in Richmond, Va., as a research assistant to four portfolio managers. At the time, the chief investment officer suggested she pursue her MBA and CFA; she decided to pursue the CFA first and soon found it was a hard-earned designation as she spent the next several years pursuing “head down studying” during the majority of her non-work hours.

During that time McMillion was promoted to portfolio manager, taking on clients and gradually tackling more complex situations with individual families to create customized investment portfolios. After earning her CFA, she decided to pursue her MBA, during which she got “reacquainted” with her economics major and decided a move into investment strategy was a great next step.

McMillion was able to move over to that discipline at the same bank—a Wells Fargo predecessor. After nearly a decade of developing investment strategy, she was hired as the Head of Global Asset Allocation Strategy for the newly-formed Wells Fargo Investment Institute, a role which she continues today.

To McMillion it represents coming full circle, as she now leads a team that develops investment advice for clients of the Wealth and Investment Management division of the firm. “I understand what it’s like to sit across the table and work with clients, so it’s easier to put myself in our advisors’ shoes,” she says. “The focus of our team is sharing our best thinking with those who are working directly with the clients to help them achieve their goals.”

That group effort is the professional achievement of which she is most proud—in her current role she leads a virtual team in several locations around the country, who each have individual strengths and goals and yet work cohesively together. “I have a passion for helping people achieve their goals—whether it’s my team, peers or clients,” she says.

Women as Savvy Investors and Advisors

Another passion of McMillion’s is to inspire women to take charge of their financial lives. Over the years McMillion has found that women investors sometimes lack confidence in their abilty to invest—and yet shouldn’t. Her team has conducted research and reviewed extensive surveys revealing that the best-performing accounts are repeatedly those headed by females—the top spot goes to those with single females and the second best were those with married females. The most interesting part, she says, is that they outperformed, while also assuming less risk.

“Women tend to show a number of positive traits including sticking to their plans more often, trading judiciously and making very planful decisions.” In addition, women are twice as likely to say that they need education from their advisor, which allows the Wells Fargo team to do what they do best. “We encourage women to get involved with their family’s investments; they play an integral role in the conversation, as they typically add bigger picture elements about what they want to achieve as a family.”

And just as some women might be more hesitant about their skills as investors, she finds they also have been reluctant to join the wealth management field.

“I often wonder why other fields that also require education and time commitment, such as law and medicine, have so many more women,” McMillion says. “Wealth management makes the most of skills that women typically naturally have, such as listening astutely and putting together pieces of information to make decisions. While there is competition, there are so many rewarding aspects,” she says.

She urges her peers to support one another. “We get challenged a lot about the decisions we make, which makes it particularly important to connect on a regular basis and to understand how we can help strengthen each other,” she says.

To that end, she appreciates the mentorship program within the Wells Fargo Investment Institute that helps women connect with one another. McMillion herself has served regularly as a mentor and has found it incredibly rewarding to see how her mentees have progressed.

She also notes her involvement in the Early Talent Development program—geared to attracting,recruiting, and retaining exceptional recent college graduates—which introduces them to the field and provides training and education to help them succeed. Her broader strategy team has been fortunate to have two young women join them from the group of summer interns.

Enjoying Family Life

McMillion is quick to praise her husband, who is a stay-at-home dad. “Having him there gives me confidence that our family is well cared for when I put in long hours and travel,” she says. In her spare time, she is typically with the family and enjoying the activities of her kids. Her 13-year-old daughter loves performing arts, and her 11-year-old son plays sports of all types.

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Voice of Experience: Karen Shane, Wells Fargo Advisors

By Cathie Ericson

Karen Shane, a Charlotte, NC-based financial advisor with Wells Fargo Advisors, believes that if you are driven and passionate about your career, the sky’s the limit—no matter the industry.

She concedes that having support is an important component to one’s success. “I always tell my daughter to find what she is passionate about and then work like crazy to rise to the top. You’ll find that you won’t mind working hard if you feel you are doing what you are meant to do,” she adds.

Rising Through the Ranks

Shane started her career in 2004 as a trading assistant on an institutional fixed income desk servicing bonds for large banks. The job entailed sitting at a huge desk with 10 other people, each of them assigned a computer and a phone getting bids on bonds. She earned both experience and her Series 7 license, but after a few years decided to pivot to a client-facing role. She joined AG Edwards as a client associate and through subsequent mergers is now with Wells Fargo Advisors. In 2010 she moved to Charlotte, N.C., with her family where she became the registered associate of her current partner, Susan Brown.

The two women went through a coaching program offered through their firm called DELTA, part of which was envisioning a 10-year goal which led them to the decision to partner –their client ethos and focus on holistic advice complementing each other.

In 2014, the pilot program of Wells Fargo Advisor’s Associate Financial Advisor (AFA) program launched, so Brown encouraged Shane to enroll in the program to transition to a financial advisor role and ultimately create a partnership.

Shane is also proud of the commitment she gave to pursuing her Certified Financial Planner™ designation – having studied at 4 a.m. before her family got up and spending hours at the library on the weekend –encouraged throughout by Brown on their Sunday morning runs.

Finding Opportunities in Wells Fargo Advisors’ Next Generation Talent Program

Right now, Shane is enjoying the challenge of developing more meaningful relationships with clients and finding new ways to build their practice, with a specialization that focuses on female executives. This pivot has helped build her confidence as she has enjoyed making recommendations and seeing her ideas come to fruition.

Shane credits both the AFA program and the support she receives from Brown as helping her develop that confidence. “Most client associates are women, and without the proper support they can feel stuck in that role. The Next Generation Talent Program is very empowering, not just for me, but the many others like me who were looking for a path to transition and enhance their careers.”

She sees the value that comes from women supporting each other, and the game-changing benefits that can arise from mentoring relationships with more seasoned female leaders. Shane looks forward to paying it forward, and is currently helping encourage one of her peers from the AFA class who’s taking the CFP exam.

Outside of work, Shane stays busy with her family – a 13-year-old daughter who’s immersed in the world of theater, both performing and volunteering at the local theater, and a nine-year-old son who plays soccer and golf.

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Voice of Experience: Diane Gabriel, Wells Fargo Advisors

Diane Gabriel“Say yes,” recommends Wells Fargo Advisors’ Diane Gabriel.

“There will be lots of risks and challenges, but embracing them brings opportunities and rewards.”

She finds that women tend to be more risk adverse and turn down opportunities because they don’t think they’re ready for them, but that can be counterproductive. “If you turn something down, you might not get the chance again.”

In fact, one of her favorite sayings is “Leap, and the net will appear.”

Words she lives by herself, based on her career trajectory.

Succeeding as a Woman in a Man’s World

Gabriel launched her career in 1982 – a time when only 10 percent of advisors were female – as a 21-year-old only female advisor at a branch full of men. Having grown up with older brothers and a supportive family, she was undaunted by the male-dominated, competitive environment, and in fact, thrived.

She became the company’s youngest officer at age 25 and then was asked to open a branch at 26. They sold the branch to a predecessor firm to her current organization, and she continued as a producing branch manager. Based on her success, she was tapped to help launch the firm’s independent broker-dealer. From there, she managed the online brokerage channel, and their phone-based advisor teams.

Seeing the Opportunities in the Next Generation

In 2017 Gabriel was asked to lead Wells Fargo Advisors’ Next Generation Talent Program, overseeing four financial advisor programs and one branch manager leadership program.

Being part of this groundbreaking effort is the professional achievement she is most proud of so far, parlaying her passion into having a hand in attracting almost 1,000 talented financial advisors to the brokerage industry.

“Leading our efforts across the Next Gen advisor and manager programs means ensuring that we are truly changing the face of the financial advisor workforce and ensuring its diversity,” she says. She is proud that today the program is about 40 percent “diverse,” not only in ethnicity and gender, but encompassing different ages, abilities and experiences.

The reason the program has been able to attract such a diverse group is because it takes an industry standard – a variable based compensation model — and modifies it to allow for a longer runway with salary and bonus-based compensation, while advisors learn about the industry. That, combined with the program philosophy of teaming and mentoring, has resulted in an overwhelming 82 percent retention rate.

“Because we eliminated the sink-or-swim mentality the industry embraced for so many years, our program is encouraging a wider swath of those who can bring a myriad of advice and viewpoints to clients,” Gabriel says. “It also allows us to address client needs too; for example, it will allow our team to nurture the next generation of clients, as surveys have found that an overwhelming number of children of existing clients prefer a financial advisor closer to their age.”

It also allows the transfer of clients from seasoned advisors whose book of business has grown too large to adequately service them to a newer advisor with more capacity for developing the relationships needed for ongoing success.

In addition, the firm continues to expand its use of technology. “It enhances how we interact with clients and specifically attracts that younger generation who wants to work with us in a different way.” And by bringing in younger advisors, the firm have the chance to reverse-mentor the more mature advisors and help them embrace this technology too, she notes.

Attracting younger advisors is a key goal of the program, and Gabriel says outreach to the next generation must start early. She has recently started the Community Champion program as a new means to create and maintain a pipeline of talented and diverse prospects for the Next Generation Talent roles. This program encourages financial advisors and leaders to engage with diverse organizations in their communities in an effort to educate diverse job seekers about Next Gen talent opportunities.

Although the industry has changed, it is still largely male-dominated, and women who are going to succeed have to be ready to stand shoulder to shoulder in an environment of men. However, Gabriel adds, “Studies show that the majority of women have said they would prefer to work with a female advisor so gender could be advantageous in this instance.”

Gabriel recommends finding mentors of both genders, identifying professionals you admire, creating your own “board of advisors” and then spending time with them to help build the qualities and standards you want to emulate.

Additional Programs Focused on Women’s Needs

In adding to the Next Generation Talent efforts, Gabriel has been active with Wells Fargo Advisor’s multiple programs designed to reach women. Eleven years ago, she started and has since served as co-chair of the National Women’s Summit, where between 300 and 500 top female financial advisors and managers from around the country are invited for personal and professional development. It’s a breath of fresh air for many of the women who are the only females in their office, yet male “allies” are also invited to the event.

She also helps to spearhead the firm’s Best Practice Forum where its leaders visit 10 -12 markets annually for all-day events for local advisors and managers, along with clients and prospects, that feature meaningful presentations and provides other networking opportunities.

Another program is the Women’s Business Exchange, which consists of monthly phone calls in which female team members share about a variety of topics and best practices.

And finally, Gabriel is also involved in the Women’s Team Member Network, which features speakers from across Wells Fargo’s enterprise and also includes mentoring and community service activities.

Outside of work, Gabriel continues to share her passion for the industry by acting as an executive sponsor of a program at Harris-Stowe State University, a historically black college in St. Louis with mostly first-generation students who may not have had exposure to job searching and interview skills. “I help students with everything from formatting a resume to cultivating a firm handshake,” she says. “If we want a more diverse and younger generation to join the industry, we have to help them be prepared.”

A passionate animal lover, she also spends time at shelters helping get pets ready for adoption.

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Think Sustainable and Ethical Returns, Think Female Leaders

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Latina

Guest Contributed by Lawler Kang, CEO, League of Allies

Socially responsible and impact investing models have been around for decades (centuries, in fact).

What has changed is the amount of money that is being managed to these ends. CalPERS and CalSTRS, two pension funds for the State of California employees that manage upwards of $550 billion, are on the forefront of integrating ESG factors into their investments and the NYC and NY State pension funds, worth roughly $350 billion combined, are nipping at their heels. And European pension and sovereign wealth funds, some with a trillion in the bank, are considerably ahead of the United States.

Larry Fink, CEO of Blackrock’s recent clarion call to capitalism that managing “environmental, social, and governance [ESG] matters demonstrates the leadership and good governance that is so essential to sustainable growth” should not fall on CEO deaf ears. The proxy shareholder voting power in those companies in which it actively or passively invests (with $6 trillion under management) means companies who don’t make concerted and palpable efforts to service their communities as well as their stakeholders they could find themselves with a new board, and management team, who will.

What is behind this shift in thinking? Doing the “right thing” aside, immense amounts of research from organizations such as Sustainable Accounting Standards Board (SASB) reveal that proactively coming up with ways to either minimize or mitigate businesses’ impacts related to ESG issues can have material positive effects on financial performance, traced down to the level of income statements, balance sheets, and costs of capital. And while there are a few frameworks companies can use to measure and report, leveraging women and talent appear across the board in the mix of proscriptions companies should use to deliver these performances.

What has this got to do with women at work?

In the returns context, McKinsey estimates a $12 trillion bump in global GDP by 2025 if management gender parity were realized. A Credit Suisse study of 3,000 listed firms reports companies with 50% senior front office management who are female outperformed the growth of the market index from 2008 to 2016 by upwards of 60%. A MSCI review of 1,600+ public firms has correlated companies with three women on their boards in 2011 as outperforming those with none by median gains of 37% EPS and 10% ROE over the last five years. Certain prescient asset managers, such as Boston Common Asset Management, founded by a woman, have been generating market-beating returns for 15 years.

It can be argued that there is no other singular factor can have such a pronounced impact on company performance, again irrespective of industry, as gender parity. And what’s more, women are not only accretive to financial performance, they are at the core of the sustainable and ethical part of the equation.

A study by the UC Berkeley Haas School of Business of 1,500+ traded firms concludes that companies with women on their boards are more likely to address a litany of ESG factors. A research paper coming from The University of Toronto’s Rotman School of Management found that women bring six important skills that have been lacking in board composition and that are vital to decision-making: corporate governance, an eye for regulatory/compliance issues, human resources, sustainability, politics/government relations, and risk management. Of note, the last four are presently the least represented of all skills on boards. Another report from MSCI cross-referenced gender board composition with a likelihood of “fewer instances of governance-related controversies such as cases of bribery, corruption, fraud and shareholder battles” and general overall reductions in risk. Dealing with these issues, many of which result in fines, can be distracting and expensive, in both outlays and reputation/brand. Findings published in the Journal of Financial Economics noted that female directors have better attendance, can actually increase men’s attendance, and are more likely to be assigned to committees that monitor performance. The same study found that boards with more gender diversity are more likely to hold CEOs’ feet to the fire for sub-par execution.

Where are the women going to come from?

A recent Lean In/McKinsey report reveals that while 45% of the entry level workforce is female, only 37% are Manager level, 27% are Vice Presidents, 17% occupy C-level positions, and the vast majority of these roles are in Administrative functions: Human Resources, Legal, etc. Women run only 5% of the S&P 500 and represent 22% of those companies’ Board seats. To say that opportunities for advancement aren’t abundant is akin to postulating our climate is not changing. The problem is the pipeline: the entire system, from recruiting to manager training to development and succession planning, is institutionally biased in a variety of unconscious and conscious ways. Expanding and re-weighting our definition of leadership and the skill sets required to succeed, per the afore-mentioned Board study, is a great example of a change that will have profound ripple-down effects on the entire system’s mechanics. And there are many more dials that can be turned, levers pulled, that will increase the flow of diverse talent that increase profit and valuations.

In his February letter Mr. Fink stressed the importance of diverse boards, and in that same month BlackRock requested all companies on the Russell 1000 in which it has positions and that have less than three female board members to share their rationale. State Street, with $2 trillion in assets under management, made similar Board-related waves when it unveiled its Fearless Girl statue last year and a similar call to action. And organizations such as The 30% Coalition and Paradigm 4 Parity are making great strides in signing up backers from both the investment and corporate communities who are taking the pledge to increase female representation in executive and director ranks. The stage is being set.

Mainstream momentum for sustainable and ethical business is growing. PE shops and hedge funds are now donning ESG garments and are flaunting them to both investors and the general public. Mutual funds and ETFs with organic flavors are flooding the market; Barron’s recently had a cover article on the top 200 sustainable funds, though marketing and reality must be further examined.

We must let women lead, because if parity is left untested, we have much to lose financially and otherwise.

Disclaimer: The opinions and views of guest contributors are not necessarily those of theglasshammer.com

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Op-ed: If We Want LGBT+ Talent to Succeed, Leaders and Allies Need to Stand Up and Be Counted

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LGBT flag featured

By Jon Terry, Diversity and Inclusion Consulting Leader, PwC UK

Growing up in multicultural London, I saw how diversity can enrich our communities.

My childhood experiences helped to inspire my passion for strengthening diversity and inclusion in the workplace and focus on doing so within my internal and client-facing roles at PwC. From fresh perspectives to stronger engagement and motivation, the power of inclusion is something I see right across my work with colleagues and clients.

What’s also clear to me is that businesses prosper in an environment that enables all their talent to thrive. For LGBT+ talent, as with all employees, this means ensuring that they can realize their full potential without barriers and bias. It also means creating an environment where LGBT+ talent can feel safe to be their true selves and fully participate in the workplace. Just as I can talk openly about my wife and what I did at the weekend, my LGBT+ colleagues should be able to engage with their colleagues without feeling the need to be guarded or closeted.

Are businesses around the world creating an environment where LGBT+ talent can thrive? Are businesses realizing the full benefits? These are some of the key questions addressed in Out to Succeed: Realising the full potential of LGBT+ talent, a survey of corporate leaders and high performing LGBT+ talent, which was carried out earlier in the year by PwC in conjunction with Out Leadership, the global LGBT+ business network.

The case for inclusion

The business case for LGBT+ inclusion comes through loud and clear from the survey findings. Around two-thirds of the LGBT+ employees taking part believe that having a supportive focus on LGBT+ talent has given their organization a better understanding of customers’ wants and needs. Employers are even more emphatic, with nearly 90% believing that a supportive LGBT+ focus has enabled them to gain a better understanding of customer demands.

In a competitive labor market, inclusion is also a talent differentiator – more than 80% of employees believe that having an openly supportive focus on LGBT+ has provided their organization with wider access to the best talent. Almost all the employers we asked agree.

Being your true self

Yet, while progress on inclusion is being made – more than 80% of the LGBT+ employees in our survey feel comfortable being out at work – support for LGBT+ talent is still falling short in many organizations.

One of the most telling findings is the two-year gap between the median age when gay male participants came out to family and friends (age 21) and when they come out at work (age 23). Among women, the gap between coming out in their personal and professional lives is an even wider at five years with the average age of coming out at work then being 26. This reluctance to be their true selves at work should be a cause for concern for companies that think they’re doing enough to create a safe and supportive environment.

It’s also telling that even among the openly LGBT+ talent in our survey, a high proportion prefer to cover aspects of their lives and behave in a guarded way in the workplace. Two in five avoid mentioning their life outside work. One in three have kept quiet when they’ve heard negative comments about LGBT+ people. The fact that so many LGBT+ professionals remain guarded not only hinders organizations in recruitment and retention, but, more importantly, this hinders the careers of LGBT+ professionals.

Realizing potential

And this uncertainty extends to opportunities for advancement. Career progression is the number one priority for the LGBT+ developing leaders in our survey. The majority according to the survey, see LGBT+ specific training and development programs as important elements in making them want to work for an organization. Yet, less than 30% of the businesses we surveyed have programs specifically focused on the retention, development and progression of LGBT+ talent. Many of the LGBT+ employees who do have access to such programs aren’t even aware that they exist.

It is our belief that if LGBT+ employees don’t feel they can realize their full potential within their current organization, they will vote with their feet by looking for opportunities elsewhere. In turn, businesses will miss out – only 35% of the LGBT+ employees in our survey believe that their company leverages LGBT+ inclusion for business advantage.

True inclusion

So how can businesses give LGBT+ talent the confidence they can succeed within their organizations? Drawing on the survey findings, the Out to Succeed report sets out five key recommendations for promoting real equality and opening up the full business benefits of LGBT+ inclusion:

1. Set the right tone from the top and engage with CEOs
2. Create clear pathways for career progression
3. Stand up and advocate for LGBT+ equality
4. Build and empower LGBT+ ally networks
5. Create inclusive communications

What comes through most strongly for me is how important it is for leaders to be active advocates for LGBT+ equality and inclusion. When the LGBT+ talent in our survey were asked about their priorities for creating an inclusive organization, more than 90% pointed to a leader who is prepared to be a visible and vocal LGBT+ ally. This includes both LGBT+ and non-LGBT+ executives. Leaders set the tone from the top and ensure that inclusion for all minority groups, including LGBT+ employees, is an organization-wide priority. They can also help give LGBT+ employees the confidence that they can be themselves and succeed within the organization.

Sometimes, however, speaking out and being an active ally creates challenges. There are many countries where homophobia and discriminatory laws are still prevalent. Even in relatively liberal societies I know of colleagues who’ve received online abuse for supporting developments such as equal marriage. In turn, some leaders may be nervous about saying anything about LGBT+ issues in case they say the wrong thing. Yet this can be the worst thing to do, as LGBT+ employees may assume that the silence signifies a lack of real support. Leaders can’t hide or ignore these issues – they should stand up and be counted.

My own experiences as an LGBT+ ally and support for groups such as our GLEE network have been both eye-opening and life-affirming. It’s fun to take part in network events and if people hear me speaking or see me at these events, they’ll know I’m on their side and that they can come to me if they need my support or have an issue at work.

So, everyone has a part to play in creating genuinely inclusive organizations. And leaders should be at the forefront as allies and role models. If you as a leader stand shoulder to shoulder with your LGBT+ employees, they can deliver their full potential in support of your organization.

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Behaviors of the Incumbent Leaders and Their Effects on the Rest of Us.

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By Nicki Gilmour, Executive Coach and Organizational Psychologist

The CEO Genome Project states that there are four behaviors that show up for senior leaders to set them apart.

A Genome project on anything is fascinating to me as it of course only can replicate on what went before and I am interested in futurism in conjunction with historical trends. Why? because otherwise from day dot until the end of time, we are going to have to live in denial that the legacy masculine trait data is skewing the potential of women and ironically modern evolved man. Why no one has really dwelled on this is a bit of mystery to me, or is it a conscious or unconscious omission? If we only talk about how old testosterone straight white American men have led, how do we expect women or other men who naturally are or aspire to not fit the mould of the stereotype?

The effect of us bowing to the patriarchy is serious. Lewinian Theory ( the foundation of organizational psychology and systems thinking) suggests that behavior is a function of our personality and the environment we are operating in. In real life, just about all of us can point to a female leader who has assimilated to what I like to call “Jack Welsh in a skirt” mode and with disastrous results for her and most who have to be part of that team. Yet, to punish that individual is to misunderstand the systemic forces and rewards that are real and active as long as the masculine trait pattern of leadership is considered the only one, or the superior one.

I have zero interest in stereotyping men into one group. I think there are amazing men out there but they too are subject to systemic forces that make them behaviorally choose (albeit consciously) to be people that given other conditions, they might not be.

This work is the key to Diversity. Diversity is culture work, it is not Noah’s Ark and until companies truly view it this way, there are only strategies to provide not real change to achieve.

So, in the meantime, if you want to navigate your career optimally and authentically, consider working with a coach who can help you.

Contact nicki@theglasshammer.com or nicki@evolvedpeople.com for a free 15 mins exploratory session.

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Why Leaders Need More than Mirror Reflections

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female-leaders-looking-in-her-mirror-reflection-featuredBy Aimee Hansen

Amidst increasing access to a broader worldview, we are paradoxically retreating into narrowing, amplified, separated tunnels of perspective.

One of the clearest examples is the side-by-side blue feed, red feed posted by The Wall Street Journal. These views are never side-by-side but rather constructions of completely different realities.

Social media (with Facebook at top) is a news source for 62% of U.S. adults, and when our Facebook newsfeed is increasingly a tunnel lined with mirrors, the sum reflection is silos of distortion.

Diversity of thought is a muscle that is essential to leadership, and one that we may be getting weaker at flexing when it comes to developing our worldview in our personal and societal lives. Whatever we practice, we become better at. So arguably, we are getting better at listening to people who think like we already do.

To be effective leaders, we have to increasingly be more vigilant about the practice of inviting diversity of thought in, even when it’s difficult to do so.

How Facebook Is Narrowing Our Feedback Loop

As highlighted in the The New York Times, it’s our interaction with social media that both biases and narrows our exposure to different viewpoints and different stories.

Frank Bruni writes, “The Internet isn’t rigged to give us right or left, conservative or liberal — at least not until we rig it that way. It’s designed to give us more of the same, whatever that same is: one sustained note from the vast and varied music that it holds, one redundant fragrance from a garden of infinite possibility.”

When our ideas and perspectives are not challenged, but only reinforced by our customized curation of news through interaction with social media,“we retreat into enclaves of the like-minded” with increased speed and depth, while missing out on a breadth of perspectives.

According to the NYT, “Technology makes it much easier for us to connect to people who share some single common interest,” said author Marc Dunkelman (“The Vanishing Neighbor”), and easier to avoid “face-to-face interactions with diverse ideas.”

According to network scientist, Vyacheslav Polonski writing for the World Economic Forum, previous research has shown that increased contact with people who share our previously held beliefs makes those beliefs more extreme.

We become more confident, vigorous, and emboldened as we begin to adopt a new group identity. At the same time, we becoming increasingly ignorant to the dynamics of alternative world views. There is both power and peril.

Confirming Our Own Biases

According to The Guardian, “Since online content is often curated to fit our preferences, interests and personality, the internet can even enhance our existing biases and undermine our motivation to learn new things.”

One bias that is supported by echo chambers is confirmation bias, where we look to see our own preconceptions confirmed rather than fully taking facts, data, or opposing viewpoints into consideration. We are drawn to prove ourselves right by consuming information that matches our opinions even though “being exposed to conflicting views tends to reduce prejudice and enhance creative thinking.”

As Warren Buffet said, “What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.” With too much information to deal with, it’s a survival strategy to ignore most of it, but we tend to selectively ignore what does not agree with us.

The Boardroom Echo Chamber

If we want to know more about the dangers of decision-making inside of a (digital) echo chamber, we can look to the corporate boardroom, because that has existed mostly as an echo chamber for decades.

In 2015, Fortune 500 companies filled 399 vacant or newly created seats, the highest number of seats since Heidrick & Struggles began tracking. But when faced with a record opportunity to increase diversity, the Fortune 500 boardroom stuck to its own kind.

Tapping from the “usual suspects” (73% of appointments were current and former CEOs and CFOs), the range of industry backgrounds narrowed, women appointments stalled, Latino appointments remained flat, and Asian-American appointments fell. The only improvements in diversity were African-American (1% point) and international experience (32.2% points).

In sum, older white male seats or new seats were filled with older white males with international experience. From the perspective of social diversity, boards elected more mirrors to reflect similar viewpoints, not more windows to bring in diverse perspectives.

Diversity Makes Us Smarter

According to the Harvard Business Review, the key differentiator of leadership (and the career arc of a leader) is a process of inclusiveness in decision making, the ability to take into account a 360 degree context.

Underlining the importance of gathering multiple perspectives, Associate Professor Laurence Minksy and Julia Tang Peters write, “Habitual outreach prevents insular thinking, opens doors to ideas and collaborative relationships, expands problem-solving perspectives, and increases the range of resources for implementation.”

As reiterated by Scientific American, social diversity enhances creativity, encourages the search for novel perspectives, and leads to better decision-making and problem solving. Katherine W. Phillips, a Paul Calello Professor of Leadership and Ethics, writes, “Simply interacting with individuals who are different forces group members to prepare better, to anticipate alternative viewpoints and to expect that reaching consensus will take effort.”

“Being with similar others leads us to think we all hold the same information and share the same perspective,” writes Phillips. This keeps us from effectively processing information, and hinders creativity and innovation. Whereas in a context of diversity, we are less complacent with our perspectives and begin to consider alternatives even before personal interaction takes place.

“Simply adding social diversity to a group makes people believe that differences of perspective might exist among them and that belief makes people change their behavior,” writes Phillips. We work harder on both a cognitive and social level, become more diligent, and more open-minded because we anticipate it will take more to come to a consensus.

Also, disagreement with those who are socially different to us also does more to spark our consideration.

“When we hear dissent from someone who is different from us (eg. by race or political party), it provokes more thought than when it comes from someone who looks like us,“ writes Phillips. “When disagreement comes from a socially different person, we are prompted to work harder. Diversity jolts us into cognitive action in ways that homogeneity simply does not.”

Your Diversity Muscle

As Phillips points out, diversity of thought is a muscle we have to exercise. “You have to push yourself to grow your muscles.”

So as a leader, ask yourself where are you allowing yourself to be drawn into an echo chamber? Are you being inclusive in your own decision-making?

And, where in your workplace do you see a tunnel of mirrors in need of some windows?

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