Celebrating the continued progress for diversity in financial advice

A healthy and flourishing financial advice sector that caters to and considers all Australians is essential to supporting the broader financial wellbeing of the Australian community. An important part of achieving that goal involves the advice profession becoming more diverse and progressive, which in turn will attract individuals who may not have traditionally considered an advice career – especially women.   

As part of its support for the financial advice profession and reflecting a broader commitment to advocating for diversity and inclusion, TAL has sponsored the Female Excellence in Advice Award since its inception. A platform for championing diversity within financial advice, the Award also acts as a springboard for female advisers to influence the future of the industry, and a time to come together and reflect on what more can be accomplished.

As part of our focus on driving positive change in the industry, last year we marked the tenth year of the Award by bringing together past finalists and winners to celebrate their significant contributions to their clients, the community, and their profession.

Many previous participants in the Award program have witnessed considerable industry change, having been among the first women to enter the industry.

“There’s definitely been a gradual change over the past 35 years since I started in the profession,” reflects Deborah Kent, Director and Financial Adviser, Integra Financial Services and Finalist of the 2012 Female Excellence in Advice Award.

“Many women began their careers in administration and paraplanner roles, however there is still a shortfall. Thankfully, I believe the introduction of professional standards, increased education requirements and a good code of ethics have improved public perception of our profession, and this will attract more women to advice.”

As more women seek to become financial advisers, this doesn’t only benefit the industry – it also benefits clients. Diversity in any industry provides different conversations and approaches to problem solving, and advice is no exception. Deborah explains, “This provides clients with greater choice of who they get advice from – as an example, some women would prefer to seek advice from other women, especially in life-changing moments such as during a divorce.”

Director and Financial Adviser, Wealth Planning Partners, and Finalist of the 2016 Female Excellence in Advice Award, Amanda Cassar, understands the value that she adds to the industry by bringing her personal experience to the table.

“It’s no secret that diverse teams deliver better outcomes and find better answers to big questions,” she says. “These teams are also then likely to deliver the right answers to a greater diversity of clientele, meaning more will gain access to advice and reap the financial rewards for years to come.”

Nicola Beswick, Senior Financial Adviser, FMD Financial, and Semi-Finalist of the 2022 Female Excellence in Advice Award, is excited about the prospect of more women entering the industry.

“One of the most important aspects of our role as advisers is to recognise what’s said without being said. Females often have the ability to see and read the unsaid and help make others comfortable with communicating something that can be difficult to say out loud,” she reflects.

Sharon Walker, Practice Development Manager InterPrac Financial Planning and Winner of the 2015 Female Excellence in Advice Award, adds, “In my opinion, females are great listeners. We are intuitive and nurturing – important traits for good financial advisers. If we have an abundance of these skills in the advice industry, it will thrive.”

Tabitha Tworek, Director and Financial Planner, Insight Wealth Planning and Finalist of the 2019 Female Excellence in Advice Award, is excited to see where the industry goes next, and recognises the important contribution of the Female Excellence in Advice Award to that future.

“I think it’s about bringing people with us on the journey,” she explains. “To think about who was before us, who is coming after us and to enable the change we want to see. Diversity is everyone’s responsibility, and this Award reminds us of that.”

Having more women in financial advice is good for the profession and can also help to redress the imbalance in the gender pay and superannuation gap by encouraging more women to seek advice, Dianne Charman, Managing Director and Financial Adviser, Jade Financial Group, and Finalist of the 2012 and 2013 Female Excellence in Advice Award says.

“More gender diversity makes it likely that more women will seek advice. The pay and wealth gap will, over time, be addressed earlier in women’s working lives. If women continue to be shown in key roles as advisers, the pathway to financial security becomes far more realistic – both now and in retirement.”

As the industry is consistently challenged and reframed, the progressive evolution of the financial advice landscape is one that will reflect a broader range of Australian backgrounds and experiences, resulting in a more informed and tailored advice proposition for all.