Edward Jones Diversity Series

IM Woman: The New Powerbrokers

July 2003 - A quick review of the executive roles of some of the nation’s top companies shows a shifting paradigm in the make-up of leadership. Our bosses are becoming less homogenous, and women are finally earning opportunities to lead entire organizations, not just departments.

Did you know six women head FORTUNE® 500 companies and an additional five head FORTUNE® 1000 companies? The Center for Women’s Business Research reports there are "6.2 million majority-owned, privately held women-owned firms in the U.S., employing 9.2 million people and generating $1.15 trillion in sales." Women are becoming the new powerbrokers.

What’s behind this explosion of women-owned businesses?

"Women comprise 75 percent of the American workforce. Their reasons for working may include frustrations they experienced in a traditional corporate structure, the desire for greater flexibility, or sheer necessity to support themselves and/or their families," Valerie Patton, Director, St. Louis Business Diversity Initiative. "By starting their own businesses, women have greater opportunities to control both their career and financial destinies."

What was once limited to home-based business products such as selling cosmetics door to door, women’s businesses of today cover a broad spectrum of industries from cosmetics to construction and from manufacturing to retail. Women also are joining the demanding financial services industry. The U.S. Department of Labor Bureau of Labor Statistics estimates that the industry is expected to grow faster than the average of other occupations in the next five years.

Once the bastion of male powerbrokers in navy blue pin striped suits, women are pursuing careers in the industry as a gateway to a generally lucrative career. Female financial services powerbrokers are becoming partners of major brokerage firms, managing mutual funds, huddling on the floor of the New York Stock Exchange as traders, and others are opening their own branch offices of major financial brokerage firms.

A Financial Services Trailblazer

When Emily Roberts-Pitts began working as a broker for a national financial services firm in 1984, "not many women, and especially not many black women, were breaking into the brokerage industry," she said.

Following her career at two other brokerage firms, Roberts-Pitts, based in Atlanta, became an investment representative for Edward Jones, one of the largest financial services firms based on its more than 9,000 offices in the United States, and through its affiliates in Canada and the United Kingdom.

Impressed by the company’s driving philosophy, to offer "convenience and personalized service to individual investors," Roberts-Pitts recruited more than half dozen investment representatives and has expanded her own role as a representative as well as her earnings by becoming a limited partner.

"Edward Jones has given me an opportunity to maximize my potential and to fulfill my personal goal to help others without limitations," she said.

What Makes a Powerbroker?

Emily Roberts-Pitts’ success certainly required hard work but it also required the skills of a powerbroker. What makes a powerbroker? Powerbrokers possess a fierce desire to learn and succeed, are confident, have a generally positive attitude and good communication and interpersonal skills, and an ability to pass the industry required licensing exams.

Edward Jones, selected by FORTUNE® magazine in 2002 and 2003 as the best place to work in America, is looking for powerbrokers willing to be their own boss.

"Everyone dreams about being their own boss," said John Bachman, Edward Jones Managing Partner. "As an Edward Jones Investment Representative, you have just that opportunity."

The exceptional investment representative career path offers opportunities to:

• Manage your own office with support from an organization with a long history
• Control your future
• Determine your own income

Beyond the unlimited career and income potential, the company provides extensive support to its investment representatives to help them succeed.

The success of women powerbrokers in male-dominated fields like financial services will lead to greater opportunities in other industries. What kind of impact will exist for these women who are also try to manage the demands of a household and a career? How are organizations reacting to this need? Companies are becoming increasingly more in touch with the needs of women and men to balance their work lives and aspirations and a healthy household. Successful companies have female and diversity focused initiatives to support their growing female population. The secret is collaborating on a mutually beneficial solution that meets the needs of female powerbrokers not prepared to sacrifice either their work or personal responsibilities.