How women can build a personal ‘advisory board’

Ahead of the Women in Finance Summit 2024, Finance Brokers Association of Australia (FBAA) chief development officer Joanna James said every employee could benefit from forming strategic alliances in the workplace.

It is particularly important for women who may lack confidence to find support and explore new career pathways and opportunities, she added.

“I think predominantly for women, it’s about whether they’ve had the coaching and exposure, and receiving the support so they form those alliances effectively,” James told ifa.

James’ comments preceded her panel session at the Women in Finance Summit, where she will unpack how building a board of trusted supporters could help women kick-off their career goals.

Before forming connections, James said women would need to assess who they are, their career goals, the challenges they face, and the skills they require to grow and develop before determining who to form alliances with.

“The way to think about it is if you were building an advisory board for yourself, who would you seek out to assist you?” James asked.

“Sometimes, you might need to opt for paid relationships. You might need people who can provide professional training or mentoring to support you. Others might volunteer their time and give back.”

James advised women to choose a wide range of people who have comprehensive knowledge and experience in the relevant industry.

“In the same way that a board in a company might have a CEO and someone in legal, finance, operations, and sales, your personal board of advisers also need to cover a broad spectrum,” James said.

Coaches, mentors, and trainers

Some women may seek guidance from coaches and mentors but James noted that they are two different entities.

While a coach can guide an employee and ask appropriate questions, they may not necessarily have the same experience in similar roles as the employee themselves, she said.

On the other hand, training involves bolstering an employee’s technical skills in their role, business, or general competency.

“Mentoring is about finding people who have walked the path ahead of you and delivered the results that you’re seeking. They can use their experience to guide you and fast-track your career so you could potentially avoid the challenges they faced,” James said.

“You’re probably going to have a mixture of all three in your board of advisers.”

Benefits of forming alliances

Cultivating strategic alliances in the workplace could help women unlock new opportunities, change the way they think, and alter their career trajectory, James said.

“Exposure to that team of people can help you change how you think, who you meet, and what you choose to do in your career,” she said.

Women could face some challenges along the way, including shyness, insecurity, doubt, and fear, James flagged, adding that this requires a shift in mindset.

“It’s what we tell ourselves in our own mind that sometimes holds us back,” she said.

“We tend to buy into this idea of fears in our own mind, when in reality, more than 80 per cent of what we think about is never going to happen. It’s our mindset around feeling worthy enough.”

To overcome this, James suggested recognising what women tell themselves, questioning whether it stems from fear, and changing this narrative.

“Being willing to take risks and put ourselves in uncomfortable situations can be the first step in developing confidence,” she said.

“You’ve got to take action to create things. Nothing is going to happen unless you take action. You need to be prepared to have those conversations, send emails, and put out those LinkedIn connections.”

James encouraged women to be kind to themselves throughout their journey, particularly when they do not gain their desired outcome.

“Not everybody's going to say yes. Things may not exactly turn out the way you thought they would. But if you are consistent and persistent with your application, you'll figure it out,” she said.

To hear more from Joanna James about how to cultivate strategic relationships in your industry, come along to the Women in Finance Summit 2024.

It will be held on Friday, 15 November at The Star, Sydney.

Click here to book your tickets and don’t miss out!

For more information, including agenda and speakers, click here.

This summit is produced by Captivate Events. If you need help planning your next event, email director Jim Hall at [email protected]