How the World Cup can Help Women Kick Goals as Financial Planners

It will surprise no-one that females are underrepresented in the wealth advisory industry, which is recognised as one of the most male-dominated sectors of the economy.

When asked to conjure a mental image of a financial planning professional, most of us picture a male by default. There’s a reason we hold this unconscious bias. Men have dominated the financial planning profession for as long as the field has existed. Like the technology industry and other STEM-based careers, it seems as though men seek out financial-oriented careers far more so than women do.

This is a particularly puzzling phenomenon since financial planning can be a rewarding career providing meaningful work, a flexible schedule, and personal financial success. A successful financial advisor is a skilled relationship builder, listens actively, is empathic, and truly wants to help people achieve their goals. Once a client base is established, an advisor has the autonomy to create their own schedule, achieving high quality work/life balance and integration.

We have witnessed a dramatic increase in recent years in the ranks of women creating their own wealth and making the majority of financial decisions in their household. Half of Australian workers are female, mothers are the primary breadwinners in 40 percent of families, and 67 percent of women control the family budget.

So how can the industry attract more female financial planners?

Take the SBS as a case example, the TV channel well known as Australia’s go-to for soccer broadcasts, commentary and insights. 10 years ago you would expect to see a broadcasting team of middle-aged white males imparting their knowledge of all things football. Not anymore! SBS have taken the lead in recognising women can be equally influential as TV soccer commentators and Lucy Zelic is a great example of this.

Lucy Zelic joined the SBS team in 2013, where she began as a sideline reporter for SBS’s Friday night coverage of the A-League and sports television segment presenter for SBS World News Australia. In 2014, she also shared hosting responsibilities with David Zdrilic and hosted SBS’s coverage of the 2014 FIFA World Cup. From there she then started hosting the weekly football program The World Game and is now currently hosting SBS’s coverage of the 2018 World Cup along with Craig Foster.

What’s the message here? It’s this: both men & women not only feel more comfortable but are sometimes more receptive to receiving sound advice from a woman.

While statistics show that women don’t prefer one gender over another when choosing a financial advisor, studies do indicate that women dealing with a life transition, divorce, death in the family, or windfall do prefer a female advisor. The upshot? There’s a huge opportunity for more women to get “on-side” and choose a career as a financial advisor.

Lawson Delaney is a leading executive search and professional recruitment firm based in Melbourne. We specialise in recruiting CEOs and leadership teams, and accountants of all seniorities for Accounting firms. Contact us on 03 9946 7300 or support@lawsondelaney.com.au to learn more about how we can assist you with a vacancy or new role today.