‘Huge opportunity’ for women entering financial advice

Founder and CEO of WOW Women’s Group Tracey Sofra believes that the declining number of advisers in Australia, as well as the fact that females represent around 15 to 20 per cent in the sector, presents a “huge opportunity”.

“Here's the really important thing - women definitely need financial planning advice. And financial planning advice… is about your whole life,” Ms Sofra said on a recent episode of the ifa Show.

“We're often confused with investment advisers where people think they should come and see us when they've got some money to invest. Nothing could be further from the truth. Financial planning is about understanding your cashflow and getting you to understand good habits of saving and then how to invest that money.

“And so, to be able to take that and forge a path for yourself, women need that sort of coaching mentoring. And when they seek that, you know what they seek? They seek women. They're more comfortable with female financial advisers.”

Late last year, financial services minister Jane Hume applauded the financial services sector for increasing the number of women on boards and in leadership positions and creating a more gender-balanced industry, but said there is still “so much more to be done”.

Ms Sofra said the current issue is that there are Australian women seeking advice, but “not enough” women to provide that advice.

“There's a huge disparity there to start with,” she said.

“So there is a huge opportunity for women to get into a career that is so rewarding and is opening up for a major opportunity to get into, I believe.”

Listen to the full ifa Show with Ms Sofra here.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.