Paige O'Brien
When most people hear the term ‘Finance Bros,’ many may associate it with the 2013 film “The Wolf of Wall Street” and think of the lifestyle portrayed: flashy displays of wealth, networking, and a work-hard-play-harder attitude of long hours and high risks.
But, as the finance industry continues to evolve, there is a growing push to move away from this mostly unrealistic stereotype and move towards a more sustainable, responsible, and balanced business environment.
Businessmen have a unique opportunity to refine what it means to be successful in finance by breaking away from the mould. Here is how they can do it:
The first step towards breaking the finance bro stereotype is to emphasise ethical practices and transparency. New Zealand’s financial sector has an opportunity to lead by example, showcasing a commitment to honesty and integrity in all transactions. This involves clear communication with clients, avoiding jargon to ensure understanding, and prioritising ethical decision-making over quick profits.
Diversity is more than just a buzzword; it’s a chance for innovative solutions and a broader perspective on the market. By fostering a more inclusive environment, businessmen can dismantle the ‘old boys club’ mentality often associated with finance. This means actively recruiting and supporting talents from various backgrounds, genders, and ethnicities and creating policies that support a diverse workforce.
Sustainability is no longer optional but a critical component of modern business practices. By focusing on investments that offer environmental, social, and governance benefits, businessmen can challenge the finance bro image of short-term gains at any cost. Sustainable investing not only appeals to a broader range of investors but also contributes positively to the world, aligning profit with purpose.
The finance bro stereotype often includes a work-till-you-drop culture. However, a healthy work-life balance is essential for long-term success and well-being. Businesses can lead by creating policies that encourage flexible working hours, remote work options, and sufficient vacation time. Promoting
a balance between work and personal life not only increases employee satisfaction and retention but also appeals to a wider talent pool.
The financial sector is ripe for disruption. Businessmen can step away from traditional models and embrace technology and innovation. This could mean investing in tech startups, using big data to improve client services, or adopting new technologies that streamline operations to enhance customer experience. Innovation not only breaks the mould but also positions businesses as leaders in a competitive market.
Community engagement is a powerful tool for breaking the finance bro stereotype. By actively participating in community projects and supporting local initiatives, businesses demonstrate a commitment to the social good. This can range from financial literacy programs to sponsoring local events. Engagement like this not only improves the company’s image but also builds meaningful connections within the community.
In order to break the mould, the path ahead involves more than just a shift in business practices; it requires a transformation to inspire a new generation of professionals.