Judith Fox

LGT Crestone says wealth management organisations should do more to attract women to the profession such as offering more workplace flexibility and paid parental care leave after hosting the Stockbrokers and Investment Advisers Association (SIAA) networking event ‘Women advisers – driving future growth.”

SIAA’s Diversity and Inclusion Working Group arranged the 21 March event so female advisers could share stories on how they entered the industry, discuss barriers they encountered and what firm leaders could do to overcome those hurdles. Speakers included Canaccord Genuity Senior Wealth Adviser Naomi Fraser, LGT Crestone Partner and Investment Adviser Joanna Veitch, and Shaw and Partners Investment Adviser Candice Bourke. The event was moderated by LGT Crestone’s Chief Operating Officer Michelle Inns.

“Barriers to entry for women to enter the wealth industry can be significant. These can be overcome with a commitment by employers to achieving greater female participation and greater diversity generally in the workplace,” Inns said.

“LGT Crestone is working with industry participants to ensure women are involved in wealth management and that workplaces reflect both societal and client expectations. While 50% of all other roles are held by females, like others in the industry, our proportion of female advisers is much lower. Over the last three years we’ve doubled our female advisers through various initiatives, including enshrining flexible workplace policies, providing 16 weeks of paid primary carer leave (or 32 weeks half-pay), generally enhancing diversity in the workplace, but most importantly setting female hiring targets. While it’s going to require sustained focus and time to get anywhere near parity, if we get our policies right, wealth management can be a fantastic career path for women.

“Women will control the bulk of the world’s wealth over coming decades, thanks to a combination of inheritance and greater financial independence, so clients should have the option of being advised by a woman on how their wealth is being managed,” said Inns.

“We also need to challenge existing cultures and overcome gender biases in recruitment practices which favour men getting jobs and being promoted in wealth management roles. Employers may need to focus more on outcomes than whether a person is tied to a desk.”

SIAA CEO Judith Fox said feedback from various member firms indicated there is a high level of interest among employers to develop pathways for women to become financial advisers, but action is needed.

“Now is the time for wealth firm leaders to innovate and develop strategies and pathways to encourage a greater number of women to become wealth professionals. Males are overrepresented in both stockbroker and financial adviser roles. Women make up just 13% of SIAA’s membership and investment advice remains one of the most male-dominated professions in Australia. Yet research shows that many women prefer to deal with a female investment adviser,” Fox said.

“Women make up around half of Australia’s population and they can offer a perspective that men can’t. With more women in the wealth management workforce, there is a greater diversity of skills, perspectives, and experiences, which can lead to increased innovation, creativity, and productivity, which will benefit clients and help to promote wealth creation overall,” Fox said.

“SIAA and LGT Crestone believe that greater female participation in the wealth management workforce could contribute significantly to the nation’s economic prosperity and the growth of client wealth,” Fox said.

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