Breaking barriers in finance

Growing up in a finance-focused household, Apurva Parashar, Portfolio Manager at Alitis Investment Counsel, didn’t realize how rare it was to see women leading financial discussions. With both parents in finance, concepts like investments and market trends were common conversations. However, upon entering the professional world, she quickly saw the lack of female representation in leadership roles.

Apurva Parashar

Finance is central to the economy, yet women remain underrepresented in key roles. According to a 2023 industry survey by Sun Life Financial¹, only 15 to 20 per cent of financial advisors in Canada are women, despite Canadian women being projected to control over $4 trillion in assets by 2028. Women bring diverse perspectives, risk-aware decision-making, and a collaborative approach, and studies show that diverse leadership leads to stronger company performance. Yet, many boardrooms lack meaningful female representation.

Accessibility has been a major hurdle for women in finance. Historically, many have not been encouraged to engage in financial discussions from an early age. Apurva notes that many capable women hesitate to take control of their finances because they feel the industry wasn’t built for them.

“Women often feel like they’re asking a silly question when discussing finance, but no question is silly when it comes to your own money,” Apurva says.

And representation matters – women are 2.5 times more comfortable taking investment risks when advised by female advisors. Seeing women in finance encourages others to participate, learn, and lead.

Apurva has benefited from mentors like Nancy Bland, Joy Edwards, and Kevin Kirkwood, who recognized her abilities and provided real-world insights and opportunities, helping to guide her through the industry’s complexities.

However, Apurva emphasizes that mentorship alone isn’t enough. The industry must take actionable steps to level the playing field. Hiring and promotions should be based on skills rather than gender, and blind resume screenings can help eliminate bias. Targeted scholarships or internships can also create more entry points for women.

Alitis has two $1,500 awards for women-identifying students at Camosun College in the Bachelor of Business Administration, Accounting Degree program or the Accounting and Finance, Advanced Certificate or similar program.

Emily Hofmann presenting Carah Webster with an Alitis Investment Counsel Award at last year’s awards ceremony.

Beyond career opportunities, financial literacy for women is essential. Too often, women defer financial decisions to their spouses or family members, which can leave them vulnerable later in life. Building financial security for everyone requires encouraging women to engage actively in their financial well-being.

On April 9, Emily Hofmann, Portfolio Manager at Alitis Investment Counsel, will be at the Soroptimist Courtenay Dream It, Be It event, designed for high school girls Grade 10-12. The annual conference provides young women with professional role models, career education and tools to achieve their goals. Attendees leave feeling empowered, inspired, and ready to take charge of their futures.

Apurva’s advice for women in finance remains firm: “Trust yourself and take that leap of faith – this industry belongs to you just as much as anyone else.”

Interested in working with a female financial advisor? Emily Hofmann and Apurva Parashar bring a wealth of knowledge in investment strategies, wealth management, and financial planning, with a client-focused approach that prioritizes your goals. Learn more about their expertise, backgrounds, and commitment to helping clients navigate the complexities of investing by exploring their biographies.