How to attract more female clients to advice

A female adviser has shared how financial advice firms can be more attractive to female clients who may feel intimidated by a male-dominated industry.

Data from the Workplace Gender Equality Agency earlier this year found there is a gender pay gap of 21.7 per cent, while the Association of Superannuation Funds of Australia (ASFA) said the median super balance for women leading up to retirement is around 25 per cent lower than for men. 

Meanwhile, research by the Australian Retirement Trust (ART) found only one in four women feel confident in their financial position and less than a third feel confident about their superannuation. 

Women are also more likely to benefit from the upcoming $3.5 trillion intergenerational wealth transfer taking place in Australia.

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However, women can feel reluctant to seek financial advice, particularly given the costs involved.

Appearing on a BT HerAdvice podcast, Christine Lusher, financial adviser at Lush Wealth, said it is important that firms consider their marketing materials and highlight many support staff are female as well as not exclude part-time roles. 

“We know financial advice leaves people in a better financial position, so I believe it comes down to how we can encourage more women to seek out and pay for financial advice. As financial advisers, it comes down to demonstrating the value that financial advice can give them individually.

“When we do our marketing and outreach, we need to make financial advice attractive to women by not seeming elitist or intimidating. Financial advice is very male-dominated, and if this is your firm, where you have a sea of men in blue suits on your website, then consider if this is attractive to women and whether it will encourage them to make an appointment.”

Research by the Financial Advice Association Australia found just 28 per cent of its membership are female.

She highlighted while the advisers may be primarily male, there are usually women in support or paraplanning roles at the firm who could be promoted in the marketing materials. 

“Our staff is our biggest asset. How can we include them in our marketing, our meetings and onboarding? How can we make the advice process more friendly? When we do get female clients, they may be in a couple, and we need to talk to both parties as equals rather than directing all our questions at the man.”