'Only 20 per cent' of Australian financial planners are women

Financial services businesses are trying to attract more female financial planners, with women making up only 20 per cent of the sector.

Pamela Hillat

Pamela Hillat is training to become a financial planner. Source: Ricardo Goncalves

Many women still face challenges when entering traditionally male-dominated industries.

But some professions may actually benefit more than others from having greater gender balance.

The Association of Financial Advisers says that of all financial planners in Australia, only 20 per cent are women.

It's an industry which is trying to rebuild trust following numerous scandals but that's not deterring some young women from wanting to make a difference.

For Sydney woman Pamela Hallit, 20, training to become a financial planner is personal.

"Growing up with a single mum as well, there were a few struggles obviously that we went through and a few things that the other kids had that we couldn't have. I want to be able to add those values to families and let them know that it's not just about working around the clock and that they should be able to spend time with their families and their kids so that they're set up for a better financial future."

She's completing an advanced diploma in Financial Planning along with a business degree.

"I hope to be a great financial planner," Pamela says.

"I want to see great change in someone's life. I want to be able to say 'this is where you are today, and this is where you'll be tomorrow'. Hopefully they can own their own home, take that holiday every year."

Pamela is gaining practical experience at Westpac's wealth management arm, BT, which has increased the number of female financial planners from 24 per cent to 34 per cent over the last four years.

Westpac's Financial Planning General Manager Mike Chesworth says it's a deliberate move to reflect its customer base.
"It was a very male dominated business, and that doesn't reflect the community, that doesn't reflect our customer base. So we have to support it by creating career paths, creating opportunities for females to be attracted to this business.

"So if we are going to put a recruiting ad out, we make sure we talk about flexibility, we make sure we talk about what the role is and we also make sure we have a female at everyone one of our recruiting panels. It doesn't mean that they'll always get the job, but it brings focus back into our business to make sure we're supporting that drive to have a better balance down the track."

It's been a rough time for the financial planning sector recently with numerous advisor scandals and inquiries set up to investigate and improve the financial system.

Something which trainee Pamela recognises.

"Why wouldn't there be trust issues, this is people's finances that you're dealing with, and I think it's better that people are much cautious with that but I find that if you are a competent financial planner, if you are there and able to establish that rapport with the client and can have that conversation with them, then the trust should just follow on from there."

Jenny Brown, an adviser of 23 years and the Vice President of the Association of Financial Adivsers says women can enhance positive perceptions in the industry.

"I really think that women can bring compassion to the financial planning industry. It's something that is often lacking in a lot of management positions and I really think that it is an added value that we can offer."

It's a sentiment shared by businesswoman, Carla Zampatti.

"The leadership and people who select leaders are usually male still today so I think for us to achieve that move forward we have to be mindful that we have to really say 'look, I can do this job, I'm confident and go for it."

Revisit my previous story on what to ask a financial planner here:

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4 min read

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By Ricardo Goncalves

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'Only 20 per cent' of Australian financial planners are women | SBS News