Women Leading The Finance Industry: Wells Fargo’s E. Monique Evans On The 5 Things You Should Do To Increase Your Financial Literacy

…Also, seek out support from multiple trusted and reliable sources (e.g. friends/parents). Most importantly, do not enter into an agreement or sign your name to anything until you fully understand the commitment and the expected obligation on your part. Never be afraid to seek help or ask questions. I am proud to have volunteered with Junior Achievement, which is an excellent source for practical learning related to financial literacy for children.

As a part of our series about “Women Leading The Finance Industry”, I had the pleasure of interviewing E. Monique Evans.

E. Monique Evans is a financial services professional who serves as an advisor on the Gender Identity and Expression Advisory Committee, which is part of the PRIDE Executive Leadership Team at Wells Fargo. She also identifies as a Black transgender woman.

Thank you so much for joining us in this interview series. Can you tell us the “backstory” about what brought you to the finance field?

I grew up in Cincinnati, Ohio, surrounded by banks. Naturally, it was a good option to go into finance since it’s one of the largest employers in my hometown. I started in operations and I’ve loved it ever since — so many opportunities for growth and to make a real impact.

Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or take away you took out of that story?

I grew up as a shy kid, so I never envisioned myself speaking publicly, especially on behalf of a corporation. However, I quickly learned that in business, there is no room to be shy. Since, I’ve made it a point to say yes to most opportunities that come my way, even when balancing it all is challenging. A few years ago, I was asked to be on a panel for our PRIDE employee resource network — there were other panel members, but the one that stood out was one of our senior vice presidents. I shared my story of transitioning. And he shared his story of being an ally to his gay brother — now he’s my ally, and more like family. He, as well as many others, make my work life so much better.

Are you working on any exciting new projects now? How do you think that will help people?

I’m proud to be part of the PRIDE Executive Leadership Team at Wells Fargo. Employers have an important role to play in helping to eliminate anti-transgender stigma and can be key in mitigating the economic disparity and encouraging others to support the transgender community at large.

Increased barriers to employment exist: In 2019, the unemployment rate for the transgender community was 9% compared to 5% of the general U.S. population, as reported by the Lesbian, Gay, Bisexual, Transgender (LGBT) Demographic Data Interactive from The Williams Institute. Unemployment estimates are much higher for transgender individuals who are racially and ethnically diverse, averaging 20%, according to the 2015 U.S. transgender survey, which still stands as the largest poll of transgender individuals ever taken.

Employers must understand the evolving landscape faced by transgender individuals, particularly those concerning transgender people of color. For me, being a Black transgender woman has determined my actions, and inactions. It’s the first thing that people see and respond to — and it has been used as a tool for preconceived notions that fuel stereotypes.

Being part of the PRIDE leadership team, I can help implement policies that will last beyond celebratory moments like Pride Month or Spirit Day. For example, we are three years into having created a company-wide Transgender Outreach Chairperson role, which is supported by the Gender Identity and Expression Advisory Committee that I lead. The task force provided counsel on introducing optional gender-neutral pronoun policy updates (e.g. updated email signatures and business cards to include pronouns). Additionally, we collaborated with HR on toolkits to lay the groundwork for assisting employees transitioning at work and during post-transition.

What do you think makes your company stand out? Can you share a story?

Wells Fargo’s commitment and service to the Lesbian, Gay, Bisexual, Transgender and Queer (LGBTQ) community dates back more than 30 years when the company added sexual orientation to its non-discrimination policy in 1987.

Promoting equality, visibility, and representation in the workplace can have a profound impact on the experiences of transgender individuals seeking to simultaneously have successful careers and be their authentic selves.

Today, I represent Wells Fargo at several LGBTQ industry events on the topic of transgender issues and opportunities for organizations such as Out & Equal, Human Rights Campaign and PRIDE Alliance.

Let’s now jump to the main core of our interview. Wall Street and Finance used to be an “all white boys club.” This has changed a lot recently. In your opinion, what caused this change?

Generations of advocacy reached a tipping point last year after George Floyd’s death. Social justice movements also brought attention to fatal anti-transgender violence against Black transgender women — Riah Milton in Ohio and Dominique “Rem’Mie” Fells in Pennsylvania, among others.

Safety, emotional support, financial stability, and living with a purpose are commonalities we all share. For me, being transgender doesn’t change that — it adds to it. There’s a greater emphasis on the need (and command) for respect because for far too long we have lived (and still do) in constant fear of being our true authentic selves. Visibility is more than just having a seat at the table, it is about those at the table truly recognizing the struggles we, as a community, have endured to this point and how much more progress we have to make.

Of course, despite the progress, we still have a lot more work to do to achieve parity. According to this report in CNBC, less than 17 percent of senior positions in investment banks are held by women. In your opinion or experience, what three things that can be done by a)individuals b)companies and/or c) society to support this movement going forward?

Embrace intersectional identities in the workplace. The intersection of race and gender identity can create additional barriers to employment, equitable standards of living, and quality of life.

Managers can promote professional growth and leadership within the organization by encouraging employees to participate in employee resource networks as part of their employee development plans. Structured employee resource networks can be effective mechanisms to facilitate leadership and professional development from a culturally relevant perspective to improve career mobility of ethnically and racially diverse talent.

Sponsoring employee task forces or working groups with defined goals, such as introducing gender-neutral policies, helps show employees that leadership is taking an intentional approach. Doing so through a task force, for instance, can also help leadership better understand actionable steps needed to create tailored workplace culture, policies, and procedures.

Let’s now turn to a slightly new topic. According to this report in Fortune, nearly two-thirds of Americans can’t pass a basic test of financial literacy. In your opinion or experience what is the cause of these unfortunate numbers? If you had the power to make a change, what three things would you recommend to improve these numbers?

The majority of U.S. states still do not make economic and financial education a priority in our schools. When it comes to learning about money and credit, it is important to start early and form building blocks.

Individuals or families can access free, personalized, and confidential financial coaching and counseling sessions via phone, online, or video chat nationwide through AFCPE, Cities for Financial Empowerment Fund, National Disability Institute, National Foundation for Credit Counseling, and Operation Hope.

Additionally, SAGECents, is a new digital financial wellness tool, specifically geared to the estimated 3 million LGBTQ Americans currently over 50.

You are a “finance insider.” If you had to advise your adult child about five non intuitive things one should do to become more financially literate, what would you say? Can you please give a story or example for each.

I do not have kids, but I am a proud aunt to my sister’s daughter and my friends’ children. I have, and will continue to suggest that folks seek out advice from a personal banker within a branch as a starting point. Additionally, there are several social media personalities of varying expertise who routinely post videos related to financial literacy and learning about things ranging from the basics (money market accounts) to investments (home, property purchase or stocks).

Also, seek out support from multiple trusted and reliable sources (e.g. friends/parents). Most importantly, do not enter into an agreement or sign your name to anything until you fully understand the commitment and the expected obligation on your part. Never be afraid to seek help or ask questions. I am proud to have volunteered with Junior Achievement, which is an excellent source for practical learning related to financial literacy for children.

You can also explore available resources to improve financial health such as Hands on Banking , a free, noncommercial digital learning center provided by Wells Fargo that has resources and tools in English and Spanish.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

Cisgender women have been my allies wholeheartedly — Dawn Pitts of Wells Fargo introduced me to Toast Masters and Donna Davis of Wells Fargo facilitated my involvement with Junior Achievement. This and other social engagements led to me being in the room to encounter Deneen L. Garrett of AT&T who first invited me to Out & Equal as a panelist for her platform. Then, I met Cece Cox of the Dallas-based Resource Center who was integral to me becoming a member of the board of directors. They resonated with my authenticity, transparency and background — I am forever grateful for these dynamic women and I’m challenged to empower someone else as a means of paying it forward.

Can you please give us your favorite ”Life Lesson Quote?” Can you share how that was relevant to you in your life?

“This too shall pass.” This phrase and belief impacts me so strongly, especially in this milestone year — my birthday is in a few months. I’ve lived long enough to know it’s true. Just stay the course and in spite of obstacles, you can overcome them if you remember your worth, keep your sanity and surround yourself with folks who encourage and meets your needs.

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. :-)

According to a recent survey from Gallup, one in six adults in Generation Z identifies as LGBTQ. It’s the highest rate ever recorded and now is the time to further corporate inclusivity. Employees seek out and nurture a workplace culture that values and embraces authenticity while encouraging an intersectional appreciation of all employees.

Employers should be at the front line of change; advocating for representation and inclusion communicates that your company values diversity. Elevate the LGBTQ community as a whole by publicly demonstrating support through external campaigns and public initiatives that build awareness of the issues LGBTQ individuals face. Ensure your workplace inclusion of women integrates transgender women. Leadership can get started by reaching out to legacy organizations like GLAAD and Out & Equal, or researching local organizations that provide resources and guidance on how to get involved.

Thank you for the time you spent on this interview. We wish you only continued success.