International Women’s Day: How financial advice can turn promises into progress

I didn’t set out to work in financial planning – it was something I fell into at a young age. It wasn’t until I started working in the industry that I quickly realised how heavily male-dominated it was.

As I progressed in my career, I began looking for senior female role models – people who had navigated the space before me and whose journeys I could learn from. But at the time, female representation was still limited, especially in leadership roles. Female adviser CEOs were rarely profiled, and pathways for women to progress in the industry weren’t always clear.

While we now see the profile of women in advice improving in media and public engagements, the employment figures still paint a fairly grim picture: just over one in five (22 per cent) registered financial advisers are women, according to Wealth Data’s analysis of the Financial Advisers Register.

The gender imbalance is something that I see daily in my work. Most of the advice firms we support are male-dominated, with few women in leadership roles. Interestingly, in contrast, the technology sector has made significant strides in gender diversity, with more women holding senior leadership positions. So, why is financial advice lagging behind?

This issue is exacerbated by the industry-wide decline in adviser numbers, with fewer than 16,000 ASIC-registered advisers remaining. That means there are only a few thousand female advisers supporting millions of Australians who need financial guidance – both now and in the future.

Why we need more women in advice

My experience has taught me women bring unique strengths to financial advice, both as advisers and leaders.

Many of the women I’ve seen in advice gravitate towards a holistic advice model, focusing not just on financial products but on the broader goals and challenges of their clients.

They are often highly attuned to the real-life complexities that shape financial decisions and can offer guidance that is deeply personalised and empathetic. As financial decisions become more complex and intertwined with broader life circumstances, the demand for this kind of advice will only continue to grow.

Further to that, I’ve seen many female clients or customers naturally drawn to other women when seeking advice. This is often because women’s financial experiences can differ from men’s, whether due to career breaks, the gender pay gap or navigating financial independence. Many feel more comfortable discussing their financial situation with someone who understands these unique challenges and perspectives.

To me, lower female representation creates a self-fulfilling prophecy for the next generation of advisers: Young women don’t see role models who look like them and therefore don’t see the advice profession as an appropriate or accommodating home for their skills and aspirations. That must change.

The solution isn’t complex – but it does require intentional effort.

We need to foster truly inclusive environments within advice firms, where women are not only recruited but also supported and promoted into leadership roles. Industry-wide mentorship programs, leadership pathways, and better workplace flexibility can all play a role in shifting the dial.

This International Women’s Day, let’s commit to more than just acknowledging the issue. Let’s build a roadmap that actively attracts, supports, and retains women in financial advice. Let’s ensure the next generation of female advisers don’t have to look so hard for role models.

It’s time to move beyond promises and turn them into real, lasting progress.

Jovana Djordjevic, director of customer success at intelliflo