Openwork's rally call for more women advisers

Openwork's rally call for more women advisers

Advice network Openwork has issued a rally cry for more women to join the advice sector as it warns the industry must do "much more" to tackle its recruitment issues.

In the latest research published by the network today (November 8) a survey of 100 IFAs found more than a third believed their firm must hire more women into both junior and senior roles. 

Claire Oldstein, chief marketing officer at Openwork, said: "Recruiting more women is good for business as much as anything else but it is perfectly clear that the industry as a whole must do much more to tackle the recruitment issue.

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"Our research shows that women are genuinely interested in pursuing a career in advice and advisers themselves would like to see female representation at their firms increase."

Ms Oldstein said there was a "huge appetite" among women to pursue a career in financial advice, with the Openwork estimating 18 per cent would consider a career as a financial adviser. 

The advice network has carried out a review of its own recruitment and promotion practices and launched a leadership development programme to support women.

This year it sought to actively drive its gender diversity among advisers, with females now making up 38 per cent of advisers.

More than 620 women now work at Openwork and the number of female recruits passing through its academy rose from 32 per cent in 2018 to 38 per cent this year. 

In March Openwork's wealth and platform director Mike Morrow issued a similar call for action when he asked the advice community to become more representative of its client population to encourage consumers to approach advisers.

Mr Morrow said accessibility in the industry was still a challenge, particularly for young entrepreneurial females looking for good quality financial advisers. 

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