{"id":129,"date":"2014-10-30T06:54:15","date_gmt":"2014-10-29T20:54:15","guid":{"rendered":"http:\/\/magazine.riskinfo.com.au\/17\/?p=129"},"modified":"2014-10-31T07:20:03","modified_gmt":"2014-10-30T21:20:03","slug":"why-the-advice-industry-needs-more-women","status":"publish","type":"post","link":"http:\/\/magazine.riskinfo.com.au\/17\/why-the-advice-industry-needs-more-women\/","title":{"rendered":"Why the Advice Industry Needs More Women"},"content":{"rendered":"
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Much is made of the gender gap in financial services, but why is it important to increase the number of female financial advisers? Guest journalist, Penny Pryor, talked to some of the semi-finalists in this year\u2019s AFA Female Excellence in Advice Award to get their thoughts\u2026<\/h3>\n<\/div>\n

The reason why we need to get more women working in financial advice and planning is simple.<\/p>\n

Not only do they represent less than one-fifth of the industry, at conservative estimates, but female clients often report they feel more comfortable sitting down with a woman to talk about their financial affairs.<\/p>\n

Women don\u2019t have a monopoly on empathy, but they do have qualities that help them relate well to clients.<\/p>\n

So if we want more women to seek advice, then we need more women financial planners to do business with them.<\/p>\n

And just like any profession with an overrepresentation of one particular gender, it stands to benefit from an evening out of that imbalance.<\/p>\n

The semi-finalists in the 2014 AFA Female Excellence in Advice Awards, a joint initiative of the Association of Financial Advisers and TAL, with support by Macquarie Graduate School of Management, have plenty of ideas about how to get more women into the industry.<\/p>\n

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And they are more than willing to play a role themselves, whether that be through mentoring, promoting financial literacy and education, or just taking the time out to explain the profession to career advisers.<\/p>\n

\u201cI\u2019ve got a friend who is a career adviser and she still thinks that what I do is sit down and run numbers all day,\u201d Dominique Bergel-Grant, of Leapfrog Financial, says.<\/p>\n

The industry has a responsibility to better educate the community, but it is heartening that the best women in the field are more than willing to put their hands up to encourage more females into the fold.<\/p>\n

Their suggestions cover education, career transitions, flexibility and mentoring\u2026<\/p>\n

Left to right back row: Dominique Bergel-Grant, Katherine Hann, Nadia Cassidy, Adrienne Rush, Kate McCallum, Silvia Damiano (facilitator), Shu-Yi Schulstad, Left to right front row: Sarah Riegelhuth, Julia Schortinghuis Missing: Naomi Rosenthal<\/p><\/div><\/div>\n

Education<\/h2>\n

When asked about strategies to boost female representation, Adrienne Rush of Bendigo and Adelaide Bank says that it\u2019s all about education.<\/p>\n

\u201cIt\u2019s really about educating women out there who may be interested in getting into financial planning,\u201d she says.<\/p>\n

\u201cI think raising awareness is really important, and doing that through education.\u201d<\/p>\n

Like Bergel-Grant, she doesn’t believe that many people actually understand what financial advisers do, and the qualities and skills that women can bring to the profession.<\/p>\n

Rush is a big advocate for bringing financial literacy and education into high schools and even universities. She says more students need to be made aware of it as a career option.<\/p>\n

\u201cI think it\u2019s up to all of us to get out there and to do that [education],\u201d she says.<\/p>\n

Balance is important in any career but perhaps even more so for women<\/p><\/blockquote>\n

Then there is also the need for ongoing education once you\u2019ve joined the industry and knowing that, just like any profession, you become better at it with experience.<\/p>\n

\u201cHone your skills, get to know your craft, and get to know each piece of the advice world one step at a time\u2026 it\u2019s so broad,\u201d Bergel-Grant says.<\/p>\n

And don\u2019t be afraid to ask for help, for at its base it is a collegiate industry.<\/p>\n

\u201cI\u2019ve never had anyone say, \u2018No I won\u2019t give you information,\u2019 or \u2018I won\u2019t help you\u2019,\u201d Katherine Hann of Alan Donald Financial Services, explains.<\/p>\n

Career transitions and quotas<\/h2>\n

Kate McCallum of Multiforte Financial Services came to financial planning later in her career, as did Hann.<\/p>\n

Both of them turned 40 before they joined the industry. McCallum says there is a huge opportunity to attract people from other professions and industries into financial planning and that older women may be better able to relate to an older clientele.<\/p>\n

\u201cIf we look at matching the people who are in higher need of advice, they\u2019re going to be people who are 45 plus,\u201d she says.<\/p>\n

Hann became a financial planner at 47 when she realised that a combination of her different skills, developed from a variety of professions and industries which included science, gelled perfectly into an ideal career as a planner.<\/p>\n

At the other end of the spectrum, Gen Y financial planner, Sarah Riegelhuth of Wealth Enhancers, says if we want to see more women in leadership in the profession we need quotas or recommendations at the top of companies and associations.<\/p>\n

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\u201cThis is what we need to do,\u201d she says.<\/p>\n

\u201cIt\u2019s the simplest way to normalise seeing women as leaders and then by doing that, you\u2019re creating opportunities, because you have to.\u201d<\/p>\n

Flexibility<\/h2>\n

Just like any other profession, financial planning can be as busy as you want it to be, but unlike other jobs, it can also offer flexibility. This can be particularly appealing to women who want to start a family, or already have children.<\/p>\n

\u201cThis is actually a very, very friendly industry to do all of those things in,\u201d Bergel-Grant says.<\/p>\n

And contrary to the misconceptions of Bergel-Grant\u2019s career adviser friend, it is an industry that is well suited for people who like having conversations and talking with people.<\/p>\n

Balance is important in any career but perhaps even more so for women.<\/p>\n

it\u2019s vital for you to find and be your authentic self<\/p><\/blockquote>\n

\u201cA lot of women in general feel they have to be all things to all people and it\u2019s about finding that balance between the work you love, the family you have, and the time that you need for you just to recharge,\u201d Hann says.<\/p>\n

Mentoring and support<\/h2>\n

Providing mentoring, in both formal and informal settings, is another way that the industry can continue to support women.<\/p>\n

Nadia Cassidy of Mercer Financial Advice has mentored a number of women and says it\u2019s important to be aware of the other women in your professional life.<\/p>\n

\u201cThe women that I mentor are people I\u2019ve met socially, through university, through many other different avenues, and I\u2019ve helped three of them become advisers,\u201d she says.<\/p>\n

As well as informal mentoring, there are also formal programs run by associations like the AFA.<\/p>\n

Naomi Rosenthal of Tudor Investassure credits such a program for her success.<\/p>\n

\u201cFormal mentoring programs are so essential,\u201d she says.<\/p>\n

\u201cFor me the one thing I would advise is to get a great mentor\u2026 you need people around you to help support you and to help you grow.\u201d<\/p>\n

And men have a role to play too.<\/p>\n

\u201cWe can\u2019t ignore that there are so many men out there who are so passionate and so willing to want to see women grow in this industry,\u201d Rosethal says.<\/p>\n

Julia Schortinghius of Lighthouse Capital says that it\u2019s important to look at the women in the industry who perhaps might be in administrative roles but would thrive in para-planning or financial planning.<\/p>\n

\u201cThere\u2019s an enormous opportunity within the industry already,\u201d she says.<\/p>\n

\u201cAs business owners, as an industry, and through industry bodies, I think there\u2019s a lot we can do to help that journey and help that progression.\u201d<\/p>\n

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Then, once people are in the industry, the right support network needs to be in place so they can understand the culture of what the industry is all about, Bergel-Grant points out.<\/p>\n

Celebrate differences<\/h2>\n

Nobody likes to pigeonhole, but it is important to recognise and understand the different approaches that women have to leadership in terms of style.<\/p>\n

Shu-Yi Schulstad of InsureWealth Financial Services & Consultancy points out that women will often have different solutions to men.<\/p>\n

These differences need to be celebrated within the profession, and not looked upon as weaknesses, which would go a long way to creating a female-friendly industry.<\/p>\n

\u201cIf we can bring that awareness to both female and male advisers I think that would be the first step to implement strategies that would attract more female advisers,\u201d Schulstad says.<\/p>\n

Women financial planners, or those looking to get into the industry, should also embrace who they are and what they can bring to the industry.<\/p>\n

\u201cPeople and clients connect with you because of who you are. To me it\u2019s vital for you to find and be your authentic self,\u201d Rosenthal says.<\/p>\n

And if the passion and the enthusiasm of the semi-finalists in the AFA Female Excellence in Advice Awards is even just a little bit contagious, then the ratio of women to men is surely set to even out over the coming years.<\/p>\n

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Winner announced<\/h3>\n

At the AFA\u2019s National Adviser Conference, held in Cairns during October, Kate McCallum was named the winner of this year\u2019s Female Excellence in Advice Award. Riskinfo congratulates Kate and all the finalists in this year\u2019s awards.<\/p>\n

For more highlights from the Conference, click here<\/a>.\n<\/div>\n

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Penny Pryor is a freelance finance reporter with 15 years\u2019 experience writing for and editing financial publications. She has edited the Money section of The Sun Herald\/The Sunday Age and was deputy editor of AFR Smart Investor.<\/p>\n

The Female Excellence in Advice Award is a joint initiative of the AFA and TAL, and is supported by the Macquarie Graduate School of Management, who this year hosted a two-day masterclass in leadership for the nine semi-finalists. The Award recognises women in financial advice who are making a significant contribution to their profession, their community and their clients. TAL is an active promoter of positive change in the financial advice sector, encouraging more women to enter the industry and to take leadership roles.<\/p>\n

Contact or follow the author:<\/strong> Website<\/a> | Email<\/a> | Twitter<\/a><\/p>\n<\/div>\n