As a chartered financial planner, founder of an all-female financial advice firm and someone who’s had a career spanning some 30 years in personal finance, I am a huge advocate of this sector as a fantastic career for women.
This is not reflected in the current gender balance statistics however, particularly in relation to the financial planning role.
According to current FCA data obtained by an FT Adviser freedom of information request, only 18 per cent of financial planners are women and male students still largely dominate in the advice academies.
I, like many of my peers, have my own views and lived experience in terms of why this might be the case, but what we really lack is any meaningful sector data.
Under the banner of the not-for-profit professional body, the Consumer Duty Alliance, we have recently formed the Women’s Wealth Alliance working group, comprising a number of like-minded women, and championed by FT Adviser.
One of our key aims is to help attract more women into the sector and the financial planning profession in particular, helping to foster diversity and ensuring that our profession reflects the diverse needs and perspectives of its clients.
When looking at potential workstreams and solutions, we kept coming up against the same questions however – what do women in our sector actually think and want?
Better understanding
But we could not find any sector-wide data that really answered these questions.
This is why we are shortly launching a comprehensive survey in partnership with YouGov, with the aim of capturing not only facts about women in personal finance roles, but their views and feelings.
This will include what their ambitions are and what support they need to get there, with focus on the financial planning role from those inside and outside it, plus any barriers or challenges to career progression.
The first step to transformational change begins with proper data and insight.
The findings of this research can then inform the work of the Women’s Wealth Alliance, and the wider personal finance sector, in the ongoing challenge of tackling female underrepresentation.
It is estimated that by the end of 2025, 60 per cent of all private wealth in the UK will be in the hands of women, so it is imperative that we both attract more women into the financial planning profession, as well as ensure all that advisers can better understand and serve the needs of their female clients.
We need your views
The survey will open in early June for three weeks and we’d urge all women across the wide range of personal finance roles to see this as an opportunity to have their voices heard.
The survey link will be on the Consumer Duty Alliance website and promoted regularly via its LinkedIn account.
Like many more complex issues within financial services, the first step to transformational change begins with proper data and insight.
We need to better understand this nuanced and ongoing challenge before we launch into solution mode.
Our aim is that the findings of this research will guide the sector to effectively change perceptions and overcome barriers, helping to create meaningful strategies and unlock new talent opportunities.
So come on women in personal finance, complete our survey, share your views and lived experience and encourage those within your network to do the same.
This is your chance to have your voices heard — and we cannot wait to hear what you tell us.
Vanessa Barnes is a chartered financial planner at Hannay Wealth and Chair of the Women’s Wealth Alliance
