The FAAA is set to continue with its Women in Financial Planning Mentoring Program in 2024, in recognition of the role such programs play in attracting and retaining women to the financial advice profession, and is seeking sponsors.
The association says the initial program, which was launched in February 2022 “…was deemed an outstanding success by the mentors and mentees who participated in the initiative.”
It was 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 program aimed to support women to further their careers in financial services by matching eligible women seeking guidance and support with more experienced mentors.
The first six-month long program paired 96 mentors and mentees in 2022, while the second paired 36 mentors and mentees in 2023.
Anne Palmer, general manager, education and professionalism at the association, says that although the government funding ran out in late 2023 “…and was not renewed, the success of the program is such that the FAAA is aiming to continue it in 2024, and is in the process of looking for sponsors.” (See: Female Advisor Mentoring Programme Discontinued).
She says that with women only accounting for around 22% of financial planners and around 28% of the FAAA membership “…initiatives such as this are … 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.”
Palmer says the program shows that demand for female financial advisers is there.
“We need more of them coming into our profession to ensure we have enough advisers to serve the needs of the growing number of Australian consumers seeking advice.”
Palmer adds there “…is no reason why we can’t reach more than 100,000 financial advisers in Australia, with a goal of half of those being women. There are around 200,000 registered accountants in Australia, and the need for financial advice is just as significant.”
