Episode 12: Blow up the patriarchy, one financial plan at a time.

Feb 21

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EPISODE GUEST: PEGGY HASLACH, FINANCIAL ADVISOR AT THE FINITY GROUP

“If you can’t find who you want to help you, become that person,” says Peggy Haslach, Financial Advisor with The Finity Group. In today’s episode of Problem Performers, Peggy discusses difficulties faced by women and LGBT employees in the financial service field.

The financial service industry is heavily male-dominated with outdated stigmas that can cause women and LGBT employees to feel uncomfortable speaking up. The majority of LGBT employees still choose to hide their identity at work due to fear of marginalization. Financial planning heavily revolves around the nuclear family which bypasses the needs of anyone with a less traditional family structure. To dismantle the patriarchy, the definition of family must be broadened to truly work for each individual’s needs.

Tune into this week’s episode of Problem Performers for a conversation with Peggy Haslach and host Rebecca Weaver about the impacts of the patriarchy on financial planning. Learn what changes are needed to make the financial services sector more inclusive of LGBT and female employees.

QUOTES

“If you can’t find who you want to help you, become that person.” (3:08-3:13)
“A majority of LGBT cover their identity at work. And actually, now it’s gotten worse, especially in financial services and in those male-dominated fields where you feel if you talk about your own situation, you will become marginalized or you’ll become otherized in the workplace.” (4:48-5:16)
“There’s a lot of people who think that LGBT women don’t know how to handle money. Where does that come from? I think a part of it is because they’re afraid to be honest about what their financial situation is, for fear of being judged.” (6:20-6:46)
“I think one of the most unique challenges (LGBT people face in financial services) is the family dynamics that happen a lot of time in the LGBT (community)... When your family doesn’t understand your situation, or in many cases you’re estranged from your family, you feel that (you’re) being discounted.” (7:35-8:03)
“Financial services was built on transactional relationships. So in other words, you sold somebody something. But what I’m finding with women and LGBT and small business owners is they want more collaboration. They want more conversation. The real planning is listening to their needs and saying, ‘OK, how can we do that?’ So how we blow up the family is saying, ‘There is no fixed answer. Let’s really try to help these individuals get to their goals.’” (13:36-14:25)
“There’s a concept in our field, ‘fake it till you make it,’ which drives me nuts. Here I am sitting on the DEI committee and I remember turning to some of the leaders of the firm and saying to them, ‘do you still have that policy fake it til you make it?’ And they said ‘Yeah, we do. That’s how we train everybody.’ I said, ‘Can I ask you a question? How does a 56 year old LGBT female fake it? Who does she emulize?’ I never got an answer to the question. I handed in my resignation letter the next day.” (38:10-39:00)