FAAA lauds success of female adviser mentoring program

The Women in Financial Planning Mentoring Program, which is run by the FAAA through a $2.2 million grant from the Office for Women in the Department of the Prime Minister and Cabinet, was aimed at supporting women in financial advice to “further their careers by matching eligible women in the financial advice profession seeking guidance and support with more experienced female members”.

The initial program paired 96 mentors and mentees from February to August 2022, while the second program paired 36 mentors and mentees from March to October this year.

The program provided mentors with online training and reading materials to help guide the mentoring relationship, as well as a series of three webinars attended by mentors and mentees to track progress during, and monthly contact between mentors and mentees throughout the program.

According to the FAAA, the mentors and mentees who participated in the initiative said the program was a complete success.

One mentee said: “This program has honestly changed my career path and helped me to grow and develop so much more than I expected. I got the support that I needed especially from a female financial adviser. I honestly couldn’t recommend the program enough to those who are struggling.”

Another mentee added: “My mentor has allowed me to develop not only my professional abilities but also my confidence and self-worth. She has provided me with great resources and new perspectives that will help me for years to come.”

The FAAA said that while the program has been extremely successful, it would be discontinued in 2024 due to a lack of funding.

“I have received overwhelmingly positive feedback from both mentors and mentees saying they were glad they participated in the program,” said FAAA chief executive Sarah Abood.

“With women only accounting for around 22 per cent of financial planners and around 28 per cent of the FAAA membership, initiatives such as this one are incredibly important to encourage more women to not only consider financial advice as a career but also remain in the profession once they are fully qualified.

“As a profession, it is important that we represent the community we serve, and this program shows that demand for female financial advisers is strong. We need more of them coming into our profession to help ensure we have enough advisers to serve the needs of the growing number of Australian consumers seeking advice.”