Gender split among IFAs is changing

Of the 201 men who responded to a survey from NextWealth, 12 per cent were over the age of 65, compared with none of the women who responded.

But the percentage of female respondents who were aged between 45-54 rose, with 39 per cent of female respondents in this age bracket, compared with 34 per cent of male respondents.

Meanwhile 28 per cent of female respondents were aged between 35 and 44, compared with 22 per cent of the male respondents.

“I often hear people lamenting that there aren't enough female facing financial advisers and planners in the UK,” said Heather Hopkins, managing director of NextWealth.

“There is a perception that financial advisers are mostly male and mostly older,” she said.

“Our research suggests the profile is changing…and that’s a good thing.”

We need all the advisers we can getHeather Hopkins, managing director of NextWealth

Hopkins added there were fewer female respondents to the survey, which was conducted in February, but if young females continue to be recruited into the industry, the gender mix should start to shift.

She added this should not be taken as a move to rush older male advisers out of the industry.

“We need all the advisers we can get.”

Data from the Personal Finance Society showed of the 7,578 chartered financial planners, 1,638 were women - nearly 22 per cent. 

The main thing is to look after your female advisers, let them run their own diaries and ensure their clients are looked afterKim Williams, financial planning director at Kreston Reeves

Adviser training schools claim one in three students are women, while initiatives such as the Women in Finance Charter has promoted greater diversity.

Hopkins highlighted advice firms were well set up to retain women in their 30s, who - whether they choose to have children or not - have historically left the workforce.

She said a lot of female financial planners said it was a great job for people who needed flexibility.

“Essentially set your hours and you choose the number of clients you’re going to work with…I think financial advice firms are really well set up to be able to retain women

Kim Williams, financial planning director at Kreston Reeves Financial Planning, part of Craven Street Wealth, said there are many things both the employee and employer can do to keep women in the workforce, especially those who are on maternity leave.

“[For employees], 'keeping in touch' days when you’re on maternity leave are very important, as well as keeping your knowledge up to date.”

From an employer’s perspective, she said, giving female advisers the flexibility they need will work wonders for retaining them.

“The main thing is to look after your female advisers, let them run their own diaries and ensure their clients are looked after.”

Williams added that she’s taken on a few clients in the past year whose husbands have died, and the widows have then asked for a female adviser.

“I think female advisers can relate to female clients and vice versa, including things like advancing careers, juggling work and home life, saving for children’s education.”

She added there are also women who naturally gravitate towards male professionals. 

“I think this strengthens the reason for having a mix of genders in your adviser bank.”

sally.hickey@ft.com