The future of females in financial advice

We spoke to Dawn Thomas, Senior Financial Adviser at The Wealth Designers, about why more women should consider a profession in financial services and the important opportunities presented by greater diversity in advice.

Being given someone’s trust is an absolute privilege, and one of the most rewarding aspects of a career in financial advice. It is also a cornerstone of the adviser-client relationship, and critical to the ability of advisers to deliver the best possible advice to individual clients.

Ensuring diversity across the financial advice profession, reflecting the diverse community we serve, is an important part of enabling Australians to find an adviser they can build a trusted relationship with, to understand and help guide them towards their personal financial goals.

For female advisers in particular, there is an opportunity to build collaborative, trusted relationships with female clients who may not have felt confident accessing financial advice in the past, empowering them to better understand and navigate their own financial journeys. However, to realise that potential, it is critical that we grow the representation of women in the advice profession from its current level of just 22%.

Building advocacy for women in financial advice

The connection between an adviser and client is built on trust, engagement, and commitment, and establishing a lasting relationship requires an adviser to develop a deep understanding of each client on an individual level, so that they feel safe opening up about their financial situation.

Generally speaking, female advisers understand first-hand the financial challenges women face. I have helped my female clients to change the mindset that makes them feel they are “not good with money”, and to take a more proactive role in money and advice relationships.

Recent research from Household, Income and Labour Dynamics in Australia (HILDA) shows lower rates of financial literacy and financial confidence in women compared with men and, as female advisers, we can be leaders in encouraging other women to take the driver’s seat on their own personal finance journey.

Advice for women entering the profession

I am passionate about having greater diversity within our profession and ensuring female advisers can thrive.

Winning the 2019 Female Excellence in Advice Award – sponsored by TAL and the Association of Financial Advisers (AFA) – helped me feel more confident in my proposition for clients of ‘advice with heart’. I believe in heart-led leadership and the program amplified my voice to bring stories to light about how we can better support women in the advice profession.

My best advice to women is, firstly, find your ‘tribe’. Being supported by a good group of people, whether they are mentors, advocates, peers, or friends, is important as everyone has something to teach and everyone has something to learn. Embracing communication and collaboration is an invaluable step in becoming the best possible adviser you can be.

Second, connect to the community. It’s helpful to know what is happening in the wider profession, and you never know who you may be working with next. Knowing the landscape will aid in your professional growth and help you find your professional ‘forever home’ in advice.

Actively broadening your network through social media and connecting with like-minded professionals helps to bring together female advisers from across the industry in a supportive forum to share challenges, discuss industry trends, and build meaningful relationships.

Finally - be yourself. Remember you are your own best asset. The quicker you become comfortable being yourself, the quicker you’ll find the clients who you can serve best – and the quicker you’ll become part of a community that celebrates you for exactly who you are.

Women supporting women will only lead to a stronger profession

I’m so thankful for the Female Excellence in Advice Award as it has given me a genuine opportunity to help shape my profession – advocating for women and sharing stories on behalf of other women through various media platforms.

It has also helped prepare me for my role as National Chair for AFA’s Inspire Community of Practice where our goal is to help women within advice have a safe space to flourish.

The Female Excellence in Advice Award kicked off a journey for me to lean into being a defiant and determined woman in the profession, who will continue to advocate for women advisers and women seeking advice.

DAWN THOMAS - Senior Adviser, The Wealth Designers

Dawn is passionate about increasing the financial literacy of Australians and widening the reach of financial advice. Dawn is a heart led adviser and a trusted partner who can translate the unnecessary complexities of financial content and communicate it in a way that makes sense to people of all walks of life. In recognising her work around lifting the financial literacy of women in her community, Dawn won the 2019 Association of Financial Adviser's (AFA) Female Excellence in Advice Award.