Spotlight on the FWA Membership Committee

Founded in 1956, the Financial Women’s Association (FWA) is among the oldest, most well-established organizations for women in the financial services industry. No other women's organization offers extensive networking, programming and skill development opportunities like the FWA. Moreover, it’s an important pipeline for financial institutions and other firms to develop, engage and retain talent.

Erin Preston, chair of the FWA’s Membership & Engagement Committee, is passionate about the organization’s mission. In a Q&A session with Sherree DeCovny, co-chair of the Marketing & Strategic Communications Committee, Erin explains her professional background, why she joined the FWA and how she has benefited from her membership. She talks about the Committee’s goals and provides advice on getting the most out of an FWA membership.

Sherree: Erin, to start off, please tell us about your professional background and why you love what you do.

Erin: Sure. Over the last 17 years, I’ve held several senior compliance roles in sell-side and buy-side institutions. My current role is chief compliance officer at Wedbush Securities, one of the nation’s leading wealth management, brokerage and advisory firms. Headquartered in Los Angeles, CA, we have over 100 registered offices and nearly 900 colleagues focusing on wealth management and brokerage services.

Honestly, I didn’t know what I wanted to do when I graduated college, but I knew what I was interested in. My first job was in compliance, and I loved it so much that I decided to pursue a law degree part time to strengthen and expand my knowledge and skills. After I finished my degree, I landed a role as in-house counsel.

My law degree changed the way I think and approach problems. That’s important because my job is about problem solving and partnering with the business to achieve strategic objectives.

Sherree: How long have you been a member of the FWA, and why did you decide to join?

Erin: I’ve been a member of the FWA since 2016. I had just started in my first chief compliance officer role, and I wanted to network with high-caliber women in senior roles outside of my workplace and enhance my knowledge through educational programming. I joined the FWA because the organization has so much to offer in both areas.

I became actively involved in the FWA immediately, and it’s been a great experience. I participated as a mentee in Member2Member Mentorship Program, where members are paired with FWA senior members who can provide career advice. Then I became a mentor in the FWA’s partnership program with Baruch College, and I’m now in my sixth year of mentoring through that program. I’ve also been involved in the FWA’s Wall Street Exchange summer program, which is a career development program for rising college seniors who are working as interns in financial services.

Sherree: What excited you about taking a leadership role in the FWA?

Erin: Last spring, I was approached about taking on a leadership role in the FWA, specifically heading up the Membership & Engagement Committee, which is a board position. Previously, I sat on the board of Women in Listed Derivatives, so I understand what a board role entails.

I was excited about this opportunity because I’m passionate about the FWA’s mission to promote the professional development and advancement of all women through education, mentorship, networking, alliances and advocacy across the financial sector. What sets this organization apart is inclusivity. We welcome women from all professions within our industry and at any level of their career.

I’ve had such a good experience at the FWA that I want to get that message out. I want to ensure that our current members get the most out of the organization, but I also want to attract new members – from students and entry level workers to mid-level managers and senior executives. There are opportunities everyone to become engaged in this dynamic organization.

Sherree: What do you think is the essential ingredient for the success of the Committee?

Erin: I think it’s all about personal touch and outreach.

I’ve been in leadership roles in Junior League in Greenwich, CT and I’m in the process of re-joining the Westchester on the Sound chapter.  Junior League is a private, nonprofit volunteer organization whose mission is to advance women’s leadership for meaningful community impact through volunteerism, collaboration and training. I’ve been involved in various initiatives from fundraising to gathering essential supplies for victims of domestic violence. 

Junior League has been a great model for me because of its strong governance and its personal touch. When you join, the chapter president will write to thank you for your interest and invite you to meet in person to learn more about the organization and how you can become engaged.

That approach impressed me and made me feel valued, and that’s what I’m looking to impart at the FWA. I want our committee to personally reach out to new members to help them take advantage of the FWA’s resources and become engaged in our various committees and programs. I also think it’s so important to get members’ feedback on our content and educational programming so we know what’s working and what we can do differently.

Sherree: So please tell us more about the Membership & Engagement Committee and your goals for the coming year. 

Erin: Currently, we have four members, and we meet twice per month, but I’m actively looking for more members because we have an ambitious agenda this year.

Our first goal is to increase individual memberships by at least 20% within 3-4 months. We see an opportunity to build relationships particularly in a couple sectors. One is fintech because so much innovation is happening in that space, and the other is private markets, which are becoming more open to a broader group of investors.

Another important goal is to deepen our relationships with graduate schools at Columbia, NYU, Fordham and other universities. We believe we can provide valuable tools and educational programming to support part-time graduate students who are currently working as well as full-time graduate students who are looking to reenter the workforce.

If you love meeting new people, reaching out to institutions and following up with members, please come join our committee. For instance, we need people to:

• monitor and provide insight into data on converting non-members to members
• partner with the Programming Committee to ensure our events are interesting and educational
• ensure members have access to the many resources the FWA has to offer
• …and more.

Sherree: What would you say to people who are thinking about joining the FWA? How would encourage them to take the plunge?

Erin: I think that the FWA provides excellent value for money. I would invite everyone to come to an event and see what we’re about. By joining the FWA, you’ll be able to engage in meaningful dialog, build your network, learn new skills and enhance your knowledge of the industry. I’m confident that your FWA membership will be enriching and contribute to your career success.

Sherree: Just one last question. What would you advise women to do to get the most out of their FWA membership?

Erin: I encourage everyone to join a committee that dovetails with their interests, skillset and availability. Some committees only require limited engagement. For example, you might only have to contribute an hour per week for five weeks based on a particular program. Our standing committees require year-round participation. That group comprises Audit, Development, Finance, Marketing & Strategic Communications, Membership & Engagement, Nominating, Operations Resource and President’s Circle/Corporate Sponsorship. In addition, we have a few committees focused on mentoring at various levels.

The Membership & Engagement Committee would be delighted to connect you with committee chairs and start you off on what we believe will be an exciting and meaningful experience at the FWA.