Social mobility, the ability to transition from one position to another within society, plays a crucial role in reducing wealth inequality and creating a more equitable, stable, and prosperous society. And yet, in many parts of the world, including developed nations such as the UK, it is a complex issue.

Deloitte finds that the UK has one of the poorest rates of social mobility in the developed world, while the UK government’s Social Mobility Commission states that you’re 60 per cent more likely to be in a professional job if you hail from a privileged background rather than a working-class background.

Julius Baer’s partnership in the UK with the Social Mobility Foundation (SMF) is creating opportunities for young people by breaking down barriers to a career in wealth management. One of them is Anmol.

Entering a new world

The daughter of a working-class, emigrant family from Italy, Anmol was 15 when she and her family moved to Glasgow in 2015 in search of a better life. Anmol didn’t speak English when she arrived in the west of Scotland and only had one year to master the language before sitting the Scottish school-leaving exams. Although nobody in her family had experienced higher education, she harboured ambitions to study business at university.

Anmol’s teachers encouraged her to apply to the SMF. This UK charity partners with employers, including Julius Baer, to give opportunities and networks of support to 16–17-year-olds. The bank accepted Anmol into their work placement programme in 2018 and Jonathan, Head of UK Regions at Julius Baer International, was assigned as her mentor.

Jonathan supported Anmol prior to and during her work placement, helped her with skills development, and introduced her to the world of wealth management. “I’d never spoken to a banker in my life before my first call with Jonathan. I had very little understanding of what he did,” she says. “It was totally nerve-wracking!”

Anmol gained a place to study Entrepreneurship and Finance at Strathclyde University in Glasgow in 2017 and with Jonathan’s support, she secured a two-week work placement at Julius Baer International in London in 2018. “We had regular catch ups while I was doing rotations with different departments, I felt supported at all times,” says Anmol. “I barely knew anything at all about wealth management so I would quiz him for clues to understanding what the colleagues I was working with in each department were talking about.”

Anmol says that she gradually realised she might be able to find a place in a world that had previously seemed off-limits. “Coming from a social mobility background, I had imposter syndrome times one hundred!” She says it was the people she met who changed her perspective. “Colleagues were there for me whenever I needed help. And I began to understand how wealth management could affect my finances and my own family’s circumstances.”

Tentative first steps

Julius Baer International’s Monique, who helped set up the partnership with SMF, could relate to Anmol’s early fears. “Regardless of their talent or work ethic, those born into families with low income or no history of higher education don’t have the same access to opportunities as those born into more privileged circumstances.”

The first-hand experience of work that an internship provides is a great way for students to discover their career preferences. “You can learn a lot about yourself along the way,” says Monique. “Different careers and industries involve very different ways of thinking, working, and living. It’s a great opportunity to learn whether the career is a good fit for your skill sets and interests, without any obligation to make a commitment.”

Likewise, the collaboration with SMF was also part of a ‘try it and see’ approach by Julius Baer International, at a time when it was adapting its own recruitment strategy. “In the past, we’d tended to hire experienced professionals, and we were looking to diversify our talent pool,” says Monique. “We progressed from mentoring to offering short work placements, and then, eventually, we offered two of the students the opportunity to do an internship. This step-by-step approach allowed us to find out how best to set up our internship scheme to support the students’ success.”

Remote opportunities

Following her successful work placement, Anmol began a full-time role at Julius Baer International in 2021, shortly after the Covid outbreak. She spent her first half year at the Bank working from her bedroom. “We had experienced new hires joining at that time who really struggled to get on top of things,” says Monique. “Anmol hadn’t had much exposure to the industry, and yet she was able to pick up our programmes remotely. It speaks volumes for her resilience.”

Despite research showing that the pandemic exacerbated inequality, Monique suggests that the hybrid working set-up can boost opportunities for junior hires like Anmol from different regions of the country. “In the past, the expectation would have been for Anmol to come to London. In that sense, the pandemic was an enabler for her. She was able to finish her studies in Glasgow while still connecting with her mentor and colleagues. It’s important that we use our new flexible working practices to give access to those who might not have had it in the past.”

Finding a home in risk

Since completing her studies in 2021, Anmol has undergone on-the-job training at Julius Baer, soaking up knowledge and experience in a variety of roles. After a spell as an Assistant Relationship Manager, she recently changed track to join the risk management team as an Operational Risk & Control Specialist and hopes to complete her compliance and risk qualifications soon. “Risk topics touch upon so many areas of the Bank’s operations,” she says. “They have an impact on our people and our strategy. It motivates me to know that what I am doing really makes a difference.”

She’s come a long way from the nervous student who didn’t understand a thing about banking. “I used to be more of a listener but now I’m trying to be proactive in terms of having my say and building my network across the Group. With more exposure and visibility, I can have even more impact.”

Monique, who’s followed Anmol’s development from the outset, couldn’t be prouder. “It’s been wonderful to see how Anmol has developed into a confident young woman who’s thriving in her work. I can only imagine how proud her mum and dad must be.” What do her parents make of her success? “They don’t understand much of what I tell them about my role at Julius Baer, but they’re extremely proud of me,” she says. Anmol’s success has also rubbed off on her siblings. Her younger brother has recently begun a master’s degree in Artificial Intelligence, while her teenage sister has accepted an offer to do Chemistry at St Andrews University. “We all recognise that we’re in this position to establish careers because of the sacrifices that my parents have made.”

Monique believes the partnership with SMF supports Julius Baer’s purpose in creating value beyond wealth. “We’d never have met Anmol unless we’d been introduced to her by SMF. Our participation in the programme not only helps us boost our own talent pool but also leads by our principles of giving something back to the community. As Anmol’s example shows, it’s not about where you’re from, it’s about where you’re going!”

> Want to learn more about  Diversity & Inclusion at Julius Baer?