In Focus: Advice for Women  

How to attract more women to the profession

  • To understand what drives people towards financial advice as a career.
  • To better encourage and mentor younger women in the industry.
  • To be able to educate more people about the profession.
CPD
Approx.30min

She says she countered both by working to become chartered, investing in herself and finding great mentors, both male and female, who were forward-thinking and supportive.

Van der Meulen says she did not hit many barriers, apart from when she was much younger "and some older gentlemen just didn’t want to deal with a young woman. But in truth, I’m sure that it also worked the other way".

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For her, the bigger obstacle came in 2005, when she suddenly found herself a single mother with a small baby, about to lose the house in the divorce. "Fate gave me no choice," she says, when asked why she decided to set up her own practice.

"I decided I needed to be able to do nursery runs and be around as much as possible, and setting up alone seemed the only way." Sixteen years later, her company is going strong.

For Hince, this highlights how employers need to be more understanding of such sudden life events, and promote the flexibility of the advice role to encourage young women into the profession.

He says: “As an industry we need to better highlight how flexible a career in financial advice can be.

"While it is perhaps not widely known, the profession represents an excellent opportunity for mothers who are looking for a second career as you are able to flex your timings around other commitments.”

He would like to see the profession promoted more at school age, even. Hince says: "Ideally we should be reaching out to young people, starting even at school age.

"By introducing financial advice as a viable career path for all from a young age, we can build on the work we are already doing to encourage a more equal gender balance."

SJP's Payne agrees: "Starting out or changing careers can be an incredibly daunting prospect, so having a helping hand through this process is invaluable. 

"Demonstrating a clear commitment to a more diverse and inclusive culture, as well as opportunity to hear from women who have succeeded on this path, can give others the confidence to do the same.”

simoney.kyriakou@ft.com

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. According to Sofat, nothing much has changed in the past how many years?

  2. According to Payne, how many graduates coming through SJP's training school are women?

  3. A good adviser becomes what, according to Ayres?

  4. Rogers says it is important for firms to do what?

  5. What gave Van der Meulen 'no choice' but to set up on her own?

  6. When should the industry start promoting the career opportunities of financial advice?

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You should now know…

  • To understand what drives people towards financial advice as a career.
  • To better encourage and mentor younger women in the industry.
  • To be able to educate more people about the profession.

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