Maria Lykouras
Stockbroking and investment advice firms need to do more to attract and retain a diverse pool of talent, with a new insights report highlighting the opportunities this could bring, and the risks of failing to act.
The insights report conducted by the Stockbrokers and Investment Advisers Association (SIAA), Invested in what comes next, finds that while stockbrokers and investment advisers have rebuilt their models, shifted to transparent fees and met rigorous education standards, public perceptions remain rooted in outdated stereotypes.
The report argues these perceptions fail to reflect the reality of a modern, market-facing profession, where investment professionals help clients interpret live market movements, respond to company announcements and make informed decisions about their capital, businesses and long-term financial position.
“Stockbroking and investment advice now rivals other established professions, but it is not seen as relevant or trusted as it should be,” SIAA chief executive officer Maria Lykouras says.
“The reality is stockbroking and investment advice is a dynamic, market-facing profession that offers intellectual challenge and opportunities to have a real-world impact. In an era where AI is reshaping every knowledge industry, the value of human judgement, applied in real time and in complex conditions, has never been more consequential.
“But the perception gap is leading a generation of incoming talent – and potential clients – to dismiss the profession before they have properly engaged with it,” Ms Lykouras says.
A profession on the frontline of markets
The report highlights the distinctive role stockbrokers and investment advisers play in helping Australians navigate live market conditions, from rate decisions to capital raisings, listings and periods of volatility.“The work is live, the decisions carry weight, and the value of trusted human judgement is clear,” Ms Lykouras says.
“On any given day, investment professionals are tracking central bank decisions, interpreting earnings results as they land, and speaking with clients about what the current environment means for their capital, their business or their long-term position.
“For people looking for a career that combines markets, client relationships, intellectual challenge and real-world impact, stockbroking and investment advice has a much stronger story to tell,” Ms Lykouras says.
Barriers to attracting talent
The report, which draws on insights from across SIAA’s membership, independent research and industry consultation, identifies several structural barriers to building a broader talent pipeline. These include:
- Entry pathways that rely on networks, rather than access
- Career progression that assumes working patterns that are difficult to sustain
- Client allocation and advancement that often follows informal channels
The barriers often disproportionately disadvantage women in the sector. Only one in four investment professionals are women, and that figure drops sharply at senior level.
“A new generation of talent is actively seeking careers that offer pace, purpose and real-world impact – and stockbroking and investment advice offers all of this.“We know women find the work rewarding. They value the autonomy, intellectual challenge, depth of client relationships and long-term commercial opportunities. But many firms are failing to adapt their recruitment and retention strategies to capture this incoming talent,” Ms Lykouras says.
A workforce challenge with commercial consequences
This lack of diversity has significant consequences for attracting and retaining clients even as demand for investment advice continues to grow.
The report also finds SIAA members have a structural advantage in responding to these shifts, operating across the full investor spectrum from self-directed and online participation through to full-service advice. As clients move between these models over time, firms trusted across each stage will be best placed to grow with them.
Around $5 trillion is expected to pass from older to younger generations in Australia within the coming decade, and women are expected to receive around 65% of this wealth.
“Investors need trusted human guidance more than ever, particularly as wealth changes hands and financial decisions become more complex,” Ms Lykouras says.
“The next generation of clients is not looking for inherited relationships, but rather guidance that aligns with their own values and expectations. Women in particular are looking for advisers who have market expertise, but who also understand their situation, priorities and stage of life,” Ms Lykouras says.
“Firms that make adjustments to attract and access a diverse talent pool that others cannot will gain a competitive advantage by being able to serve a different and larger client base.
”The report also highlights a significant advice gap, with only 20–30% of the millions of Australians actively participating in markets doing so with professional guidance, despite high satisfaction among those who work with an investment professional.
The report suggests firms could:
- Expand graduate recruitment beyond traditional networks
- Build mentoring and sponsorship structures for early-career talent
- Review client allocation and advancement pathways
- Design performance frameworks that recognise long-term client relationships, not just short-term revenue
- Tell the story of the profession clearly, consistently and with confidence
Many firms have started to address these challenges, but Ms Lykouras says other firms need to follow that lead to make the progress consistent and scalable across the sector.
“The window to shape the profession’s reputation is open now. Stockbroking and investment advice firms have a generational opportunity to change perceptions and bring new talent and new clients into the sector,” she concludes.