A lack of funding means the successful Women in Financial Planning Mentoring Program will be discontinued in 2024.
Run by the FAAA through a $2.2 million grant from the Office for Women in the Department of the Prime Minister and Cabinet, the FAAA says the mentoring program has been deemed an outstanding success by the mentors and mentees who participated in the initiative.
It says the program aimed to support women in financial planning to further their careers by matching eligible women seeking guidance and support with more experienced female members.
The first program paired 96 mentors and mentees from February to August 2022, while the second paired 36 mentors and mentees from March to October this year.
The FAAA states that due to a lack of funding, the Women in Financial Planning Mentoring Program will be discontinued in 2024.
FAAA chief executive officer Sarah Abood says the program has been extremely successful “…and it is disappointing that it cannot continue next year.”
She has received overwhelmingly positive feedback from both mentors and mentees saying they were glad they participated in the program.
…women only account for around 22% of financial planners and around 28% of the FAAA membership…
Abood says that with women only accounting for around 22% of financial planners and around 28% of the FAAA membership, “…initiatives such as this one are incredibly important to encourage more women to not only consider financial advice as a career but also remain in the profession once they are fully qualified.”
“As a profession, it is important that we represent the community we serve, and this program shows that demand for female financial advisers is strong. We need more of them coming into our profession to help ensure we have enough advisers to serve the needs of the growing number of Australian consumers seeking advice.”
The FAAA quotes one mentee as saying the program “…has honestly changed my career path and helped me to grow and develop so much more than I expected. I got the support that I needed especially from a female financial adviser. I honestly couldn’t recommend the program enough to those who are struggling.”
