Salene Hitchcock-Gear has over 30 years of financial services experience and continues to be driven by a passion to educate and engage a broad spectrum of consumers on the importance of financial protection. She is currently the president of Prudential Individual Life Insurance, a business unit of Prudential that offers competitive financial solutions through a robust portfolio of life insurance products. Her leadership in the insurance industry has brought together creative teams to deliver solutions that help secure the financial futures of a diverse range of customers. 

Serving others is a core aspect of Salene’s values. She is the incoming chair of the American College of Financial Services’ board of trustees and is currently the vice chair. She is on the advisory board of directors for the Women Presidents Organization and a University of Michigan Alumni Association director. Salene is also a member of the New York State Bar.

Q: When it comes to women joining the financial services industry, what are the opportunities for growth and development that firms can provide to ensure women are not only joining, but staying in the industry?

A: We see many women join firms at entry-level positions, but as they get to senior manager roles, those numbers dwindle. While this is partly because women make different decisions with their careers, it is also because they are not always invited to stay. In financial services, we tend to think technically, but our business is relationship driven. 
One successful strategy focusing on real mentorship is to help people identify their skills and what they would really want to do, as well as the key attributes that will help them stay on track with their career goals. This approach rather than focusing on technical development will go a long way.

Q: How can financial services firms further develop and source female talent?

A: Companies need to think differently about where they source talent. A lot of career development is hierarchical; however, a lot of career success is through lateral moves and continuing to develop what you know and what you can bring from a broader perspective. Organizations need to think broadly about how to help women make those jumps and take some of the fear and uncertainty out of the process. 

When it comes to women as investors, we know women want to work with talented people, and we know women work well with people they connect with. So, the more women we have in financial services careers, the more we are helping them forge these connections. 

Q: What are the key considerations for financial services firms when advising and supporting women, especially following the pandemic during which many were forced to leave the workforce to take care of families?

A: Clearly messaging to women about the financial realities that lie ahead will be key to ensuring that they stay connected to their financial outcomes. It is important for women to understand these realities, even when they are taking time away from their career journeys. Financial services firms can continue to engage women to make sure they are looking at their  financial plans and acknowledging that these timeouts happen, and that they are natural. And in turn, it is important for firms to look at new financial products and ways to help women think a little differently about how to meet their goals.

Q: What does investment in diversity and inclusion mean to you, and how does it influence your leadership?

A: I am personally heartened to see so much interest in equity, inclusion and diversity. While it has unfortunately come to us during difficult circumstances in our country, it is the right place to focus. When we think about inclusion, it is really a simple human act of making people feel welcome, but we are honestly not always that good at it. One of the more important things we are looking at these days is a huge changing demographic in the U.S., whether we are talking about women investors, Black Americans doing better, or the racial wealth gap issues we have to confront. There is an extraordinary amount of opportunity for us to do well in financial services and inclusion and equity is right at the heart of it. The first thing is always acknowledging where you are — and a lot of financial services organizations have done a lot of soul searching in this regard.

We have seen a lot of platitudes and commitments, which is a great start because it shows that people are paying attention. The next thing is to really think about what it means in your organization and reflect on what your teams and leadership look like. And where gaps are identified, how do you make a real, active and engaged plan to bring people along and have a seat at the table? We have so much data now around the benefits of inclusion to business. It is almost irrefutable that board diversity and other big inclusion and diversity targets do enable business improvements, and that’s an important reality for all of us to acknowledge.