'We want women to start their own financial journey'

Financial empowerment is one pillar of these ambitions, and the UK financial services industry is working to help women become more financially resilient as well as financially independent. 

But there is still some way to go, as Saisha Moyce, private client manager at Brooks Macdonald, and Claire Barker, co-founder of Female Folio, tell FTAdviser. 

The pair said they relish the ability to "make a real difference" to people's lives in their professional roles at Brooks Macdonald, but urge the wider industry to cut the jargon, do more to encourage more women to become financially literate, and bring more women into financial services. 

FTAdviser: What made you decide to join financial advice as a profession? 

Claire Barker: I was looking for an opportunity within a sector where my skills and ambitions would be put to good use – both on a professional level but also in knowing that I was making a difference. Many are unaware of the crucial role that communications plays in the financial services space.

The landscape has changed over the past decade, led by RDR back in 2012 and up to today’s incoming consumer duty requirements.

Women have an invaluable perspective to offer.Saisha Moyce

Ultimately, there is an exciting opportunity for financial services organisations to genuinely put customers and an ethical approach at the heart of everything they do to build and sustain trust and be a force for good. Unsurprisingly, my experience in the industry has been incredibly rewarding. 

Saisha Moyce: I absolutely love connecting with people, and I wanted to channel this passion into my career.

Financial advice is all about meeting clients and taking them on a journey towards reaching their financial objectives and aspirations.

To achieve this successfully, it's crucial to build strong rapport and trust. While technical expertise is undoubtedly essential, the relationship you develop with people is of paramount importance.

This job also enables me to impart an invaluable life skill to others – financial education.

Using my professional skills and knowledge, I can make a real difference to people's lives. It's an incredibly fulfilling and rewarding career, and I feel privileged to be a part of it.  

FTA: What makes financial advice attractive as a career for women?

SM: As statistics indicate, there are significantly fewer female financial advisers than male ones, your voice as a woman is incredibly important in this field. Women have an invaluable perspective to offer that differs from their male counterparts when it comes to best serving clients.

The prospect of helping other women and increasing their access to financial advice also makes this career path attractive.

There’s been numerous instances in my career where potential clients have requested to speak to a female adviser and if I didn’t do this job, their options would be further limited. Diversity is crucial to ensure that everyone has access to the services they need.

There is an exciting opportunity for financial services organisations to genuinely put customers and an ethical approach at the heart of everything they do.Claire Barker

Additionally, as a female adviser, you have the chance to shape the next generation through mentoring and leadership.

As more women enter the profession, it’s an exciting time to be a woman here, and I'm thrilled to be part of this movement toward greater representation.  

FTA: Is financial advice one of those 'have it all' jobs with flexibility and self-direction and actually having a life?

SM: I like to think of it as a 'give and take' career. Unlike some finance jobs, it's not all-consuming, but it’s certainly intense at times. By effectively managing your workload and planning ahead, you can strike a good work-life balance.

The profession is people-focused, and there may be times where you have to rearrange personal plans to accommodate an urgent client request. Fortunately, these are few and far between as clients understand there's a turnaround time for everything.

Financial advice allows you to chart your own course. You can build your own book of clients, or inherit the book of someone else. 

FTA: Why did you launch Female Folio?

CB: Female Folio was founded by a team of women at Brooks Macdonald. Together, we have a passion for empowering women on their financial journey.

We understand knowledge and understanding of saving and investing is key to becoming an informed investor and, ultimately, we want to empower women to write their own investment story. 

Statistically, women aren’t investing – and that’s for many reasons, including the implications of the gender pay gap, or balancing long-term security for themselves and their family against perceived financial risk.

Thankfully, by addressing some of these challenges directly through the Female Folio platform, we can help to increase the number of women benefiting from an investment portfolio.

FTA: How can Female Folio (and similar initiatives) help to improve resilience? 

CB: Financial resilience comes from having understanding, confidence and, crucially, advice to make the best financial decisions.

Female investors need more support based on life goals, so less product pushing, and more education on how investing could be an option to help women reach their goals, which in turn, will help to improve resilience.

Knowledge and understanding of saving and investing is key to becoming an informed investor.Claire Barker

Female Folio offers the chance to hear from leading women in their fields who break down the myths and mystery around how to protect and grow income.

FTA: What do women want from their investments?

SM: Like everyone, women seek investments that will help them to reach their financial goals. Typically, these goals include achieving financial independence or helping loved ones get onto the property ladder.

In this context, financial independence is the point at which they can choose to reduce or stop working without financial constraint. In essence, they work because they want to, not because they have to.

In addition to financial gain, studies show some women also want their investments to advance certain ethical, social, and governance principles.

This involves investing in funds that prioritise sustainability and have a positive impact on society.  

FTA: Are women becoming more risky as they become more financially independent? 

CB: When thinking about ‘risk’, there is the adage that women are risk-averse when, in fact, based on hundreds of interviews with female investors, a CFA Institute survey revealed that generalisations – in particular that female investors were not confident or independent enough – were misleading.

Female investors did not self-identify as risk averse; they reported attitudes that more accurately might be classified as 'risk aware'. 

SM: To put it simply, taking more investment risks often comes with increased understanding and experience. When you’re unfamiliar with investing, the unknown can be scary and lead to caution.

This is why we are dedicated to improving the financial education of women through our Female Folio initiative.

Bridging this gap requires financial education.Saisha Moyce

As you become more financially independent, you may feel more empowered to take ownership of your savings and investments, which could lead to a more proactive approach in determining the appropriate level of risk.

As your savings and investments grow, your capacity to take on risk may also increase, which could lead to women becoming more comfortable with taking risks.  

FTA: Is there still a big disconnect between women being financially independent and financially resilient? 

SM: There is a gap between women being financial independent and their ability to safeguard their assets against unexpected financial shocks. Bridging this gap requires financial education.

Once you have income and assets in your name, it is crucial to know how to optimise your position and prepare for various outcomes. A conversation with a financial adviser can help you understand your current situation and where you want to go.

This clarity can improve your financial resilience, allowing you to cope with financial shocks more effectively.  

FTA: What effect does a lack of financial education have on young people of any gender?

CB: An FTAdviser article last year noted that: “Without basic financial education, children and young adults will incur immense difficulties to manage their finances effectively and will face the risk of financial disaster through pitfalls including high debt, bad credit, and lack of savings.”

A 2022 study by Tisa and Appinio highlighted the lack of understanding of the financial world which exists in the UK.

Results showed 70 per cent of participants did not believe that school prepared them well for financial life, and the implications of this are huge.

For many, this will impact how young people not only budget, but also how they prepare for retirement, with many never having heard of workplace pension initiatives, for example.

Many employers are now finding they need to take on a share of the burden by assisting their staff through training programmes to build up their financial education.

Brooks Macdonald partners with the Just Finance Foundation which is a national charity working with schools, families, and change-makers to build financially resilient communities where everyone has an equal opportunity to thrive.

FTA: How can we get basic financial knowledge across to women and girls before they start earning and saving? 

CB: Projections indicate that women will inherit 70 per cent of future wealth over the course of the next two generations. That excludes the increasing amounts they earn on their own.

With women poised to control the majority of the assets they own, it’s vital they become financially literate. We know that education is most effective when delivered in a way that people feel they can trust.

This is why, at Female Folio, we’ve created a platform to educate, not to sell products or services.

We also partner with successful women for our podcast series – women who bring their experience to encourage the embedding of financial knowledge in a way that women and girls will not have experienced before. 

However, as an industry, we also shouldn’t overlook the need to promote finance-related career opportunities. This is a direct way to spark an interest, motivate and raise aspirations within financial services.

FTA: Is there a problem with the language around finances? 

CB: There is a lot of jargon – some of it could be simplified, but in reality this is why people need financial advice as a financial adviser will understand and simplify complexities – but that’s as much for a male client as well as a female.

While generalising an entire gender’s needs is a delicate area, it’s safe to say that most women show preferences that contrast from those conventionally seen in male investors, and for much of the wealth management industry’s history, advice has been based on the preferences of male investors.

You’ve got to approach each client without any pre-conceived notions.Saisha Moyce

A Morgan Stanley article, called Women, Wealth and Investing – A Story of Evolution, noted that wealth management and finance have historically been male-dominated professions, with many financial professionals viewing women investors as less financially confident, less sophisticated and more risk averse.

As a result, many women became underinvested or underplanned.

Acknowledging women’s unique attitudes toward money is an important part of how we can help women achieve better outcomes for their portfolios, their families, and, of course, themselves.

FTA: How is Brooks Macdonald equipping advisers to understand female clients’ financial goals and build portfolios accordingly?

SM: Active listening is imperative in providing excellent service not just to women, but all our clients. We tailor our bespoke service to each individual, making it crucial to understand their goals and needs.

You’ve got to approach each client without any pre-conceived notions and actively listen to want they want.

It’s equally important for advisers to recognise specific factors that may have an impact on the women they advise, such as career breaks for motherhood or the gender pension gap. Understanding and addressing these concerns will lead to better outcome for female clients.

FTA: Finally, what sort of 'top tips' can BM give to help share best practice around understanding women's financial goals and investing? 

CB: Ultimately, we want women to start their own financial journey, based on their life choices according to their personal values and objectives.

To support this, Female Folio launched a podcast series to equip female investors with the right tools and information to realise their financial goals.

We cover a range of subjects from: ‘Why women need to stop saving their cash’ through to ‘Can investors hold the purse strings to climate action’ – all of which encourage women to think differently and proactively about owning their investment story.

simoney.kyriakou@ft.com