A Structured Literature Review on Equity in the Financial Services Profession: Unpacking Gender Barriers and Advancing Women’s Participation Globally

Abstract

Women’s involvement and influence in the financial landscape have risen markedly, with a growing share of global wealth now under their control. If current projections prove accurate, women are expected to manage about 55% of the world’s wealth by 2030, fundamentally transforming the financial services and advisory industries. Alongside this shift, a more holistic, solution-focused, advice-oriented approach is emerging—departing from the historically product-centric, male-dominated financial sales industry of the past. Despite this progress, gender equity within financial services remains elusive. Women currently comprise only about 17% of financial advising professionals in Canada and the United States. Research consistently underscores the importance of gender diversity, noting that many female clients prefer advisors who understand their distinct needs. Yet systemic, cultural, and societal barriers continue to limit women’s full participation in the profession. This structured literature review examines these barriers, particularly within the realms of financial advising and planning. It also explores the implications for policymakers, practitioners, and researchers, offering strategies for employers and the broader profession to enhance organizational structures. Emphasis is placed on transparency and the development of policies and procedures that actively integrate a gendered perspective.