by Susan Edmunds
The Financial Markets Authority this week released the data gleaned from last year’s information returns, submitted by authorised financial advisers.
It shows that while just under only a quarter of the advisers working in the industry are women, the female adviser population is much younger than its male counterpart.
Overall, there are 420 women working as AFAs.
Of those, 170 are aged under 45, or 40%. Just 20% are aged between 56 and 65 and only 3% over 65.
The male adviser force is skewed much older.
Of the 1381 male AFAs, only 32% are aged under 45. Almost 400 are aged between 56 and 65, and 8% are aged over 65.
Therese Singleton, AMP’s general manager of advice and sales, said the trend for younger women to enter the industry had been noticed by her organisation.
She said some seemed to be seeking the work-life balance that a career in financial advice could offer them.
“Still the numbers are low but there is hope. These women are seeing a massive amount of value in a career as a financial adviser, with the life choices they wish to make.”
FMA head of regulation Liam Mason also pointed to the change.
He said while the weight of the adviser force was still male and aged over 50, there were more younger women coming in.
"There are more female advisers now. It's still very much that the weight is in the male but there is a demographic trend to look at and see a younger distribution in female than male advisers."
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