Men dominate the financial advice sphere - but it doesn't have to be this way. One SBS report from 2015 indicated that as few as 20 per cent of Australian financial planners were women. It's statistics like this which are driving our Women in Finance initiative, and one key element of this is highlighting exactly why women make a fundamental part of this sector.
Many people won't have even considered the extra value a female financial advisor or planner can add to their money - we're here to change that.
1. It's better for financial management
Research from the Association of Financial Advisors (AFA) has shown that when a gender-based approach is taken with financial advice, women's money management skills go up by 27 per cent. Using female financial advisors can be a key element of this. Consider the following, from Lassus Wherley's President, Diahann Lassus:
Research has shown that men's and women's brains work very differently. Because of that, it is a great advantage for clients to have women advisors on their team as well as men."
Taking a gender-based approach and using female financial advisers can boost your money management.
2. Female financial advisers are better for women
Peggy S. Cabaniss, President of HC Financial Advisors argues that female financial advisors are better, particularly for women, because they empathise with and understand where womens' priorities and goals lie.
This lines up with the AFA research, which highlights mens' and womens' differing attitudes to financial advice. While men tend to look at qualifications, women look at trustworthiness, ability to meet their goals and clear communication.
When women want to focus on this with their money, a female financial advisor can be key.
3. They go the extra mile
While this isn't going to apply universally, it is an interesting metric to apply to your choice of financial adviser. A 2012 Fidelity study of financial advisers found that women were far more likely to attend industry events and network to generate new business.
It suggests greater engagement with the wider financial planning world, and perhaps a willingness to go the extra mile for you.
Just as this is not going to be true of every female financial adviser, these elements may also apply to men. However, the research is out there - female financial advisers offer a multitude of benefits, no matter who the client is.
To find out more about women in financial planning or to get up-to-date on your money, get in touch with your local Yellow Brick Road representative.