The research house has surveyed the most common financial adviser names and found the top five male names represent 11.5 per cent of the industry.
These are:
- David
- Andrew
- Michael
- Matthew
- James
The first traditional female name does not appear until number 43 on the list, which is Michelle, and that women make up around a fifth of total financial advisers.
With the average Australian adviser aged 52 years old, according to Adviser Ratings, the results tally with NSW government data on the top names from 1973. These show Michelle as the most popular female name, and David, Michael, Andrew and Matthew all featuring in the top five.
However, James sat down in 18th place and was outside of the top 10 during the whole decade, which indicates these advisers are of a younger generation. CoreData noted James was a recent entrant to the top five when it replaced Mark in 2023.
CoreData said: “These findings demonstrate the lack of diversity in the financial advice industry, both in terms of gender and cultural background. Given Australia’s diverse population, and the fact that women make up 51 per cent of it, there is a need for the financial advice industry to strive towards better representation to better service Australians seeking advice.”
The most popular surnames are:
- Smith
- Jones
- Brown
- Taylor
- Williams
Speaking at an International Women’s Day event in Sydney last year, the Financial Advice Association Australia chief executive, Sarah Abood, said: “We still have a way to go when it comes to diversity; our member base is 72 per cent male. The percentage of females is increasing, but it’s increasing really, really slowly. Of the women in the profession, 67 per cent of them are under 50 and 42 per cent of our student members are women.
“I am not suggesting male advisers are not well-placed to help their female clients, just as female advisers are very well-placed to help their male ones with their needs. The point is that to be strong as a profession, it ought to represent the community it serves, and we clearly have some work to do.”
