Gender diversity in advice dormant

About one-in-three financial advisers aligned with some of Australia's largest institutions are female but women still represent less than one quarter of all advisers.

Latest insight from Rainmaker shows the gender diversity of Australia's financial advice sector remains resistant to change, with women comprising 22% of the country's advisers - a figure that has remained stagnant for several years.

However, looking at advice groups, three of the big four banks have numbers approaching one third of their total adviser force. About 27% of the advisers aligned with Commonwealth Bank are female and women make up 26% of the advisers linked with both Westpac and NAB.

Women account for more than one-third of advisers at Aon Hewitt coming, topping the list at 34%. Close behind are the National Tax and Accountants' Association (32%), State Plus (30%) and Capstone Financial Planning (31%).

Smaller, non-aligned or employee-owned licensees appear to have far higher ratios of women, accounting for 38% of total advisers.

Overall, the licensees with the most women advisers are AMP, SMSF Advisers Network, Commonwealth Financial Planning, Westpac and NAB.

From a geographic perspective, despite having the fewest advisers in the country, the Northern Territory has the highest proportion of female advisers, coming in at 37%.

This is followed by the Australian Capital Territory (26%) and Queensland (25%). New South Wales, South Australia and Tasmania each have 22%, while Victoria sits at 20% and Western Australia at 19%.

Looking at association affiliations, about 25% of CPA Australia's membership is female while 22% of female advisers identify as members of the Financial Planning Association of Australia, Association of Financial Advisers or SMSF Association.

The Association of Independently Owned Financial Planners has the lowest number of female members with 28 out of 131.

Read more: NABWestpacAFAAon HewittAssociation of Financial AdvisersAssociation of Independently Owned Financial PlannersCapstone Financial PlanningCommonwealth BankCommonwealth Financial PlanningCPA AustraliaFinancial Planning Association of AustraliaFPARainmakerSMSF Advisers NetworkSMSF AssociationState Plus
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