Interview | Laly Kassa | Senior Managing Director & Co-Head of Planning Group
How Women Make a Difference in Wealth Management
In this interview, Senior Managing Director and Co-Head of Planning Group Laly Kassa explains why female leadership is essential to better serving today’s clients.
Why is female leadership particularly important in wealth management?
Women make up half of the population, so we need representation in leadership across all industries. But it’s especially important in wealth management where, traditionally, the breadwinner and financial decision-maker has been seen as more of a man’s role — even though there’s no reason it should be. As women increasingly become breadwinners and heads of households, it’s crucial to have more women leaders in our field. Even women who haven’t been involved in finances in the past are interested and often want to learn more; they may feel more comfortable asking questions of another woman. Finally, we believe it’s important that we look like the clients we serve at Chevy Chase Trust because that is the best way to build relationships.
You mentioned women increasingly becoming breadwinners. What other shifts have you seen during your career?
Women have always played a role in financial discussions, although often it was a secondary role. Today, women are increasingly stepping into primary financial roles. Many of our clients are powerful, successful women, and when they see someone like them across the table during meetings, it is a major differentiator for us. Similarly, in families where women haven’t been the major financial contributors, having a woman as part of their financial team means they know their concerns will be heard and addressed. It’s all well and good to say we serve such clientele, but it reinforces our credibility when female clients see that the portfolio managers and planners across the table from them are women, too.
What inspired you to pursue a career in this field?
It was entirely by chance. When I was in graduate school looking for an internship, the only position available was at a private bank, so I took it without any intention of making finance my career. Surprisingly, I discovered that I enjoyed working with the markets and found the environment of a New York trading room in the 1980s very exciting. At that time, there weren’t many women in the field.
Decades later, I moved to Washington to join my husband. I connected with my former mentor from New York, who held a senior position locally. She didn’t have a specific role in mind; she simply wanted me to join her firm. The position available was “financial planner.” That prompted me to quickly learn about financial planning and led me back to grad school again — much later in life compared to my classmates — to study it formally. Once I was immersed in it, I realized I loved it, blending my passion for mathematics with meaningful human interactions. It wasn’t planned, but it turned out to be the perfect fit.
Did your mentor’s presence in the industry influence your decision to stay?
Private wealth management, in my experience, has always been at the forefront of promoting women. When I started, not many women held senior positions, but there were plenty of women around to create a supportive environment that helped us advance together. Private wealth management consistently offered more opportunities for women to move into significant roles than did corporate or investment banking. I’ve had excellent mentors of both genders, but having female mentors was particularly inspiring because they actively supported and encouraged women moving into senior leadership roles.
What changes have you seen with female leadership in wealth management?
I’ve noticed more women occupying top executive positions. While this progress isn’t uniform across the finance industry, it’s particularly noticeable in wealth management. There’s still work to do, but it has improved. Having more women in leadership roles helps to create environments that recognize and accommodate the unique challenges women may face — especially those balancing family responsibilities. Early in my career, I benefited greatly from women leaders who understood and supported my needs as a mother with young children. It’s something I remember and try to emulate today now that my own kids are grown.
Did you face any challenges as a woman, and if so, how did you overcome them?
I haven’t viewed challenges specifically through the lens of gender, but there was one instance in which a male manager promoted my male colleague over me. He explained that, although I was qualified, my colleague wouldn’t accept reporting to a woman, but I could accept reporting to him. He was right practically, but it wasn’t right fundamentally. My strategy was to take a step back, not react immediately, evaluate the situation carefully, and then gradually work my way out. Not feeling resentful and not creating a lot of noise served me better in the long run. It also helped that I had support from those less directly involved in the situation and brought a different perspective. Aside from that clear example, I’ve not encountered many overt challenges related to gender — even when working in a trading room with hundreds of men and very few women.
How does Chevy Chase Trust elevate and support women throughout the firm?
It comes through in every single aspect of our work at Chevy Chase Trust. Support for women is simply built into our organizational DNA. It’s not a question of whether we hire and promote women; it simply is our standard practice that we hire the best person for the job and those are often women. Women are at the table in this firm in the same way that men are. They hold numerous senior roles — chief investment officer, head of marketing, senior portfolio manager — and their presence is felt everywhere. This naturally fosters a supportive environment, encouraging more women to join and men that are comfortable working as equals with women in every division of the firm. We highly value camaraderie and teamwork, and this inclusive atmosphere has become a defining characteristic of our firm.
What advice would you give to women considering careers in wealth management?
The prospects in private wealth management are endless — you can start at entry-level and rise all the way to the top. But first, you need to make sure this is a profession you truly love because it’s a lot of hard work and long hours. If you genuinely enjoy the work, it won’t feel like a burden. This field offers so many challenges but also very interesting work because our clients come from many different backgrounds, with fascinating careers and complex family situations and dynamics that we help them navigate. It’s a rewarding career, and loving the work is essential if you want to thrive.
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