Bridging the Gap: Financial Literacy & Equity Fluent Leadership — Event Recap

By Emma Garcia

On October 3, 2024, the “Bridging the Gap: Financial Literacy & Equity Fluent Leadership” event brought together financial experts and leaders to explore the intersections of financial literacy, inclusion, and leadership. Moderated by Dr. Kellie McElhaney, the discussion featured insights from professionals across different sectors who shared their personal journeys and expertise in advancing equity within the finance industry.

The panel consisted of Alex Kim, Vice President of Internal Audit and Compliance at Star One Credit Union; Dianna Gonzales-Burdin, Non Executive Director for Marathon Asset Management Limited and Member of the Board of Trustees for Heartland Funds and Optimum Funds; and Mae Zheng, Investor at TA Associates. These accomplished individuals, all UC Berkeley Haas alumni, brought a range of experiences to the table, from public and private equity to compliance and venture capital.

The conversation opened with reflections on the barriers to financial literacy, especially for women and marginalized groups. Dianna highlighted how women face unique financial challenges, particularly around retirement. Drawing from her work with the Women’s Institute for Secure Retirement (WISR), she emphasized the need to educate women early on about saving and planning for their financial futures. Alex shared his experiences as a military veteran, explaining how financial institutions’ strict regulatory provisions create language barriers that make it difficult for non-native English speakers to access financial services. Mae, meanwhile, shifted the focus from literacy to inclusion, explaining that biases persist in everyday financial interactions, making it more challenging for certain groups to gain equal footing.

A recurring theme throughout the discussion was the importance of mentorship and sponsorship. Dianna shared an anecdote about a female mentor who made a lasting impact on her career by actively fostering connections and supporting other women. Alex built on this, explaining that while mentorship offers valuable insights, sponsorship — where someone advocates for you in critical spaces — provides the opportunity to act on that guidance. The panelists agreed that while mentorship is becoming more available, sponsorship remains essential for career advancement, particularly for women. This distinction resonated with the audience, as the conversation shifted to the nuanced differences between receiving guidance and being actively championed by someone in a position of power.

As the conversation turned to navigating careers in finance, Mae offered practical advice for those feeling underqualified for certain roles. She acknowledged that this feeling is common, but often unfounded. Her solution? Networking and boldness. Mae stressed the importance of reaching out to people in the industry and using creative strategies, such as cold-calling, to break into competitive spaces. Alex added that tapping into networks like the Haas alumni community and industry organizations can provide invaluable insights into various roles, helping individuals determine if they align with their goals

The panelists also underscored the growing importance of soft skills in finance, especially as careers progress. While technical skills are crucial at the start, the ability to network and communicate effectively becomes increasingly vital. Dianna remarked that relationships and soft skills ultimately dictate how far one can advance in the field. Mae highlighted how action-oriented approaches and confidence in voicing opinions are key for women in particular, who might hesitate to speak up unless they are completely certain. She encouraged women to take more risks in sharing their ideas, a sentiment echoed by Kellie McElhaney in her closing remarks.

Dr. McElhaney’s final thoughts centered on encouraging women to apply for roles even when they don’t meet all the listed qualifications — an approach men are generally more comfortable taking. She also urged women to be intentional about sharing their achievements, an often-overlooked but crucial step in career advancement.

Overall, the event provided attendees with not only practical advice on navigating the finance industry but also a deeper understanding of the role equity plays in shaping leadership. From fostering inclusive mentorship to embracing the power of soft skills, the panel highlighted the need for intentional efforts to bridge the gap between financial literacy and equitable leadership.