Bianca Hartge-Hazelman

Australian women are well over a generation away from achieving financial equality with the latest Financy Women’s Index* showing that progress has slowed over the past financial year despite a record narrowing of the superannuation gender gap.

The Women’s Index rose 0.5 points to 123.9 points in the June quarter, from a revised 123.4 points in the March quarter of 2019.

While women’s economic progress has improved 5 points over the 2018-19 financial year, it’s less than the 7.5 point gain recorded in the 2017-18 financial year when the score rose to 118.9 points from 111.4 points.

“It’s disappointing to see that despite greater awareness around gender equality, progress slowed over the past financial year, reflecting the weakest start to a calendar year since 2017, when the Index was first launched,” said Financy Women’s Index founder Bianca Hartge-Hazelman.

Key results Financy Women’s Index June Quarter

• The Financy Women’s Index rose 0.5 points to 123.9 points in the June quarter, from a revised 123.4 points in the March quarter of 2019.
• A moderation in female full-time employment and little improvement in female board appointments affected the score.
• Record improvements in the superannuation gender gap helped progress.
• Australian women are 45 years from achieving economic equality.

Overall, when the annual pace of progress recorded by the Financy Women’s Index is compounded and compared to the revised (FWX) Progress Target of 172 points, it shows that on the basis of current trends, Australian women are 45 years from achieving economic equality.

The FWX Progress Target is an aspirational guide on economic equality and is calculated by benchmarking women against men from data collected in 2012,
which is the baseline for this Report.

“It is pleasing to see progress being made on the Financy Women’s Index in the June quarter, albeit slowly,” said Deloitte Partner Nicki Hutley.

“However, as the mother of three girls, the thought that genuine economic equality is well over a generation away is disheartening. I would like to see further efforts on the part of policy makers and organisations to see greater strides made more rapidly,” she said.

Unlike previous quarters, the biggest factors that held back women’s economic progress in the June period included a moderation in female full-time employment growth and a lack of action by Corporate Australia to improve the representation of women on the boards of the top 200 listed companies.

Women occupied 29.7% of ASX 200 board positions in June, which is exactly where it was in December 2018.

“The numbers don’t lie,” said OneVue Group CEO Connie Mckeage. “We have seen one of the slowest quarters of progress and we have to ask ourselves why, despite efforts across the board, is this happening?  More importantly, do we need to start doing something differently?” said Ms Mckeage.

The factors which supported women’s economic progress in the June quarter include improved workforce participation, a record narrowing of the superannuation gender gap, improved underemployment, a fresh low in the gender pay gap, and higher tertiary enrolments.

The number of women employed full-time in the Australian workforce held relatively steady at a seasonally adjusted 3.27 million in June, while the female underemployment rate fell by 0.8 percentage points to 10.3% in January, from 11.1% a year ago.

The latest superannuation balance data by gender from the Australian Bureau of Statistics (ABS) shows that in the 2017-18 financial year, the gender gap has narrowed to 28%, from 34% in the 2015-16 financial year.

“It’s great news that the super gender gap has fallen to its lowest point, but this is being driven largely by women’s increased workforce participation,” said AMP Financial Planning adviser Dianne Charman.

“The super gap widens significantly by 45 years of age because of time spent out of the workforce raising children, so women still need to have a plan for making extra contributions later in their working life,” said Ms Charman.

The Financy Women’s Index for the June quarter also shows a small decline in the number of hours per week that women spend on unpaid work. However, there has been little change in level of unpaid work undertaken by women over the past decade.

In 2017, the average woman in a coupled relationship performed a total of 59.5 hours per week in paid and unpaid work, which is 4% more than the 57.2 hours of the average man.

While the difference is small, when we calculate the percentage that is unpaid, we find that women spend 62.6% of their time doing unpaid work, while men
are doing 37.8% of unpaid work.

Gender stereotypes persist in tertiary education enrolments and we continue to see subject selection in course areas such as Information Technology being male dominated and Health being female dominated.

While more women are enrolling in tertiary studies than men, many face a gender pay gap once they enter the workforce. The average gender pay gap stands at $3,000 or 4.8% based on 2018 data.

“I’m delighted that we are moving in the right direction, with a 5-point financial year gain in the Financy Index’s metric on women’s economic progress,” said AFA Inspire National Chair Kate McCallum.

“I’m particularly delighted that women’s super balances are notching up.  However, I’m also seriously worried that it seems that women’s progress in one area is matched by backward steps in others, like the stalling of full time employment.

“It seems that when some people see improvements in one aspect of women’s equality, they extrapolate this to mean that women have equal opportunities in all areas. And then I’m worried because if they don’t believe that inequality persists, they don’t need to be concerned – or do anything – to bridge the gap.

“The good news is that we have metrics like the Financy Index to remind us that change is happening and to press for urgent action for the change we need,” said Ms McCallum.

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Dianne Charman

The Association of Financial Advisers Inspire (AFA Inspire) Roadshow will travel Australia in May with the support of TAL, bringing inspiration, insights and professional development to female advisers with the dual aim of forging more pathways for women to succeed in the  our profession and ultimately, for more women to access great advice.

The Roadshow, which extends from 10-16 May, will also act as the launch of the AFA and TAL Female Excellence in Advice Award.

AFA Inspire National Chair, Dianne Charman said forging more diverse pathways for women to succeed is one of the most integral proof points of the initiative.

“This year AFA Inspire celebrates five years of helping to grow and inspire the women seeking and delivering financial advice, through collaboration and connection. The AFA has seen an increase of female membership by 30 percent over that period and our mission is to keep building on that.

“Ultimately, the goal of AFA Inspire for the coming years is to develop more pathways for women in our profession to provide great advice to more Australians – the Roadshow and the Award are just some of the ways that we are making that happen,” she said

AFA CEO Philip Kewin said the AFA Inspire initiatives and the AFA and TAL Female Excellence in Advice Award are having a crucial impact on AFA’s ability to create meaningful change in the industry.

“We are proud to have developed a way for more women to connect with advice – whether it be those seeking, obtaining or providing it. The AFA Inspire Community is creating a platform to meet current and future needs in financial advice and the broader community. There’s a really strong future for AFA Inspire and it will continue to shape the way the industry will progress in a period of intense change,” Mr Kewin said.

Commenting on the AFA and TAL Female Excellence in Advice Award, TAL General Manager, Retail Distribution, Niall McConville, said, “We are excited to extend our long-term support for the FEIA Award. 2017 was a successful year with more award applications and nominations than ever before and we look forward to seeing this continue as we promote positive change in the financial advice profession.”

The program is also supported by State Street Global Advisers and La Trobe Financial.

Event details

SA – Adelaide 
Thursday 10 May
National Wine Centre of Australia
Corner of Botanic and Hackney Roads, Adelaide SA 5000

WA – Perth 
Friday 11 May
Hyatt Regency Perth
99 Adelaide Terrace, Perth WA 6000

VIC – Melbourne
Monday 14 May
Crown Towers
8 Whiteman St, Southbank VIC 3006

NSW – Sydney 
Tuesday 15 May
Australian National Maritime Museum
2 Murray St, Sydney NSW 2000

QLD – Brisbane 
Wednesday 16 May
Brisbane Marriott
515 Queen St, Brisbane City QLD 4000

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Lynne Schinella

AFA’s inclusive female network Inspire commences its annual national roadshow on 15 May in Hobart, which will also be the official launch of the 2017 AFA and TAL Female Excellence in Advice Award (the Award).

Launched in 2013, the AFA’s Inspire Community of Practice has facilitated professional development and networking opportunities for women, assisting in a 30 per cent increase in the number of women in the AFA’s membership.

According to Inspire National Chair Dianne Charman, the goals of Inspire to connect women in advice, encourage them into adviser and leadership roles, and to encourage women to seek quality financial advice, continue to be imperative to our community.

“We are seeing change in our industry in terms of demographics, with more women joining our industry, but also in terms of more females seeking advice. Inspire supports and enhances this evolution, making our industry more sustainable and more relevant.”

Female in Excellence Advice Award sponsor TAL recognized its partnership with AFA for this Award as an opportunity to celebrate the female advisers who are leading the way. It provides an outstanding platform for the next generation of female advisers.

“At TAL we understand the benefits that diversity brings to the advice profession and the importance of working together to change perceptions and get more Australians involved in financial advice,” said Niall McConville, General Manager Retail Distribution, TAL.

This year’s keynote speaker at the Inspire National Roadshow is Lynne Schinella, a communication expert and speaker coach. After running her own performance improvement company, Schinella launched her training business Ripe Learning in 2001. Here she coaches executives for critical business presentations and keynote speeches, with her recent clients including IAG, Volkswagen and the Bunnings Group.

“This roadshow provides opportunities to hear excellent  speakers  and also to offer input into how we can help women engage better with their financial wellbeing,” Ms Charman said.

AFA CEO Phil Kewin emphasised the importance of an advice profession that truly reflects diversity in all aspects.

“Excellence in female advice showcases the amazing talent and professionalism in our industry. These inspiring role models are at the forefront of change and act as ambassadors to encourage more women to join our profession.”

The Inspire National Roadshow schedule is as follows:

• Wrest Point, Hobart: Monday 15 May
• National Wine Centre of Australia, Adelaide: Tuesday 16 May
• Hyatt Regency, Perth: Wednesday 17 May
• Crown Towers, Melbourne: Tuesday 23 May
• Luna Park Sydney: Wednesday 24 May
• Hotel Grand Chancellor, Brisbane: Thursday 25 May

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Dianne Charman

The Association of Financial Advisers (AFA)’s powerhouse for women in financial advice, AFA Inspire, is calling on the financial services industry to #BeBoldForChange, in support of International Women’s Day (IWD), with a series of events to be held across Australia.

Celebrated globally on 8 March, IWD is committed to driving change for women, helping them to move closer to gender parity and encouraging the creation of more inclusive cultures.

AFA Inspire Chair, Dianne Charman, said the AFA Inspire #BeBoldForChange events in support of IWD represent an important opportunity to be a part of a global community striving for change. “Research has shown that closing the gender parity gap could take 170 years – we have to do better than that and as an international community, we can,” she said. “I encourage everyone who attends one of AFA Inspire’s nationwide events to take a moment to pause, look around the room and realize they are part of something bigger and that together with others around the world, they really can make a difference.”

Ms Charman also said the financial advice community can play a crucial role in improving outcomes for women. “AFA Inspire has dual objectives – to encourage more women to become advisers and, more broadly, to encourage women to be more involved in their financial future,” she said. “If we can meet these two objectives, it will help us address the retirement gap. Closing the retirement gap is critical for all Australians, particularly women who generally have lower superannuation account balances than men, and the financial advice community has the expertise and experience to do it.”

The AFA Inspire #BeBoldForChange events will kick off in Melbourne on the eve of IWD on 7 March with special guest speaker, Sadhana Smiles, CEO of Harcourts Group Victoria.

Breakfast events will be held on the morning of IWD in both Perth and Adelaide, with the Perth event hosting self-made international business woman, Marnie LeFevre. Adelaide will host two prominent South Australian businesswomen – Genevieve Theseira-Haese, Lady Mayoress of Adelaide and gold medal paralympian, Katrina Webb.

Sydney, Hobart and Brisbane will all host lunch events, with the Sydney event featuring a panel of leading Australians, including Libby Lyons – Director, Workplace Gender Equality Agency; Kerry Chikarovski – Government Relations and Former NSW Opposition Leader; Philippa Sheehan – Managing Director, My Planner Australia; Brad Fox – AFA CEO; Jonathan Hoyle – Stanford Brown CEO and Julia Newbould – Senior Marketing Specialist, Customer Communications & Stella Network Lead at BT. Aleks Vickovich, Managing Editor, Wealth and Innovation at Momentum Media will facilitate the session.

Two special guests will speak at the Hobart event – Gill Berriman, an advocate for transformational leadership at all levels of the educational system and Bernadette Black, CEO and Founding Director of Brave Foundation and Telstra’s 2016 Tasmanian Business Women of the Year. Dr Jane Thomason, CEO of Abt Associates (Australia) will be special guest at the Brisbane IWD lunch.

Register for AFA Inspire’s IWD events.

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Sue Viskovic

The Association of Financial Advisers (AFA) and TAL have announced the semi-finalists in the 2016 AFA Female Excellence in Advice Award (the Award).

Developed in 2011 as a joint initiative by the AFA and TAL, the Award recognises and showcases the talents and contributions of women in financial advice to their clients, community and profession. The Award criteria includes assessment of the candidates’ contributions to financial literacy in the community and/or campaigns targeted specifically at helping female clients take control of their financial lives.

AFA CEO, Brad Fox, said the Award is a reflection of the AFA’s commitment to continue to generate and encourage positive change in the financial advice sector, with women constantly being encouraged to enter the advice profession.

“The AFA is immensely proud of this Award, the calibre of entrants it attracts, and ultimately the finalists and in particular the winner. Our profession is going through significant change, and to see more women advisers coming through providing great advice to Australians is very important from a diversity perspective.”

General Manager of Retail Distribution at TAL, Niall McConville said the calibre and standard of applicants this year is exceptionally high and a demonstration of the ever increasing professionalism of the industry.

“It is encouraging to see the number of women prepared to be viewed as practitioner leaders, this is something that has been missing in the industry.  It is great for the profession but more importantly, it will hopefully encourage more women to come into the industry as both advisers and clients,” Mr McConville said.

This year’s Award prize has increased to a $15,000 TAL education package which the winner can customise for their education interests, aspirations and requirements.

This year’s judging panel consists of Brad Fox (CEO AFA), Niall McConville (GM, Retail Distribution TAL), Sue Viskovic (Managing Director, Elixir Consulting), Eleanor Dartnall (Principal Dartnall Advisers, Finalist FEIA 2013, AFA Adviser of the Year 2014) and Dianne Charman (Director Jade Financial, 2012 & 2013 FEIA Finalist, AFA Queensland State Director).

The finalists for the AFA Female Excellence in Advice Award will be announced late August 2016, with the winner announced at the AFA National Adviser Conference in Canberra from 5-7 October.

The Award semi-finalists are:

• Amanda Cassar, Director & Financial Adviser, Wealth Planning Partners
• Cathy Lowder, Principal & Financial Adviser, Fryer Financial Services
• Fran Hughes, Senior Wealth Advisor, Insight Financial Partners
• Karen Vickers, CEO & Wealth Advisor, ARC Wealth Pty Ltd
• Lea Schodel, Financial Adviser, MHP Private Wealth
• Nicole Heales, Financial Adviser & Mortgage Broker, Nicole Heales Financial
• Patricia Peters, Director & Certified Financial Planner, Peters McKeown
• Peita Diamantidis, Co-Founder & Financial Adviser, Caboodle Financial Services
• Susan Rallings, Senior Vice President, Morgan Stanley Wealth Management
• Tracy Dyer, Senior Financial Adviser, Anne Street Partner
• Tracey Edwards,Director & Senior Adviser, First Advice Solutions

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Deborah Kent

The Association of Financial Advisers (AFA) announced its new Board of Directors (the Board) at the AFA National Adviser Conference in Cairns yesterday, with former AFA Treasurer, Deborah Kent, appointed National President for a two-year term.

Ms Kent said the incoming Board is committed to the AFA Strategic Plan, and each member brings a range of different experiences and talents to the table.

“This Board comes to the helm at an incredibly challenging and exciting time for the advice profession,” she said. “All directors have clearly expressed their desire for the AFA to continue living up to our reputation as the association of choice for financial advisers.”

Every director on the AFA Board is required to be a practising financial adviser. “This contributes to the strong pro-advice advocacy the AFA provides on behalf of our members and their clients. It’s a strong, energetic team,” she said.

Ms Kent is also chair of the AFA Inspire initiative and was appointed to the role of AFA Treasurer earlier year from the role of NSW State Director. Ms Kent has owned her financial planning practice, Integra Financial Services, for over 18 years.

AFA CEO Brad Fox acknowledged the attributes Ms Kent brings to the role. “Deb has already made a significant contribution to the AFA and is well-equipped to lead the Association,” Mr Fox said. “She brings experience, enthusiasm and candour to what is a very demanding role.”

Mr Fox recognised the considerable achievements of outgoing board members, including Michael Nowak’s contribution as National President over the last two years.

“Michael’s contribution to the AFA in his time as National President has been instrumental to our overall vision for the future of financial advice,” he said. “He and his Board worked tirelessly to provoke new thinking and ideas to help the AFA grow, to develop professionalism in advice and to represent our members and their clients with authentic leadership and conviction in what has been a very challenging two years for financial advice.”

The AFA has welcomed three new Board members for a two-year term including 2013 AFA Adviser of the Year Jenny Brown to the role of Vice President, 2008 AFA Rising Star winner Chris Browne as Victorian State Director and James Ford as WA State Director. Former Victorian State Director Steve Crawford was elected to the role of Treasurer.

The 2014-2016 AFA Board:

Executive Directors

• President – Deborah Kent
• Vice President – Jenny Brown
• Treasurer – Steve Crawford

State Directors

• NSW- Jeff Thurecht
• VIC- Chris Browne
• QLD- Dianne Charman
• SA- David Slovenic
• WA- James Ford
• TAS- Matthew Hawkins

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The Award, which is offered annually, recognises female financial advisers who are making a significant contribution to their profession, their community and particularly to female clients.

AFA CEO, Brad Fox, said the Award is a positive change catalyst for financial advice, with more women being encouraged to join the advice profession; Australians having greater choice when selecting an adviser and more women experiencing positive outcomes from receiving quality financial advice.

“We are delighted to have received an amazing number of entries for the Award again this year,” he said. “Boosting the number of female advisers in the profession is essential. It is a well-established fact that Australian women face significant challenges when trying to grow and protect their wealth and many feel more comfortable seeking advice from another woman.”

Brett Clark, TAL Life CEO, spoke of the high calibre of entrants.

“At TAL we understand the benefits that diversity brings to our industry and the wider community, so we are delighted to be partnering with the Award for the third year,” he said. “The quality of the nominations this year was again very impressive and a great indication of the calibre of women seeking to make a difference in financial services.  Congratulations to the finalists and thank you to everyone else who entered or nominated an adviser.”

Now in its third year, the Female Excellence in Advice Award is a joint initiative of the AFA and TAL. The winner of the 2013 Award will be announced at the AFA National Conference on the Gold Coast, Tuesday 15 October 2013.

The Award finalists are:

• Adrienne Rush, Bendigo Financial Planning Ltd
• Dominique Bergel-Grant, Leapfrog Financial Pty Ltd
• Catherine Robson, Affinity Private Pty Ltd
• Eleanor Dartnall, Dartnall Advisers Pty Ltd
• Justine Back, Back to Back Financial Planners
• Dianne Charman, Jade Financial Group Pty Ltd

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