Exploring diversity among advisers

In honour of International Women's Day, we asked market participants their thoughts

Exploring diversity among advisers

International Women's Day is this Saturday. 

In honour of the annual celebration, the New Zealand Adviser has asked market participants their thoughts on diversity, in a two-part series – specifically, if there are enough female advisers in New Zealand, as well as women in the greater financial markets. 

According to statistics, only about a quarter of advisers in New Zealand are female. 

"But I think that's changed over the years," Adrienne Begbie, managing director at non-bank lender Prospa New Zealand, told New Zealand Adviser. The executive said when she started in the industry, it was roughly 95% male advisers. 

The low level of female advisers can be attributed to a historically male-dominated industry, lack of female role models and difficulties juggling home life and work responsibilities. 

New Zealand Adviser asked advisers and lenders their thoughts, and what can be done to create a more inclusive environment. The answers have been edited for grammar and clarity. 

April Hastilow

Christchurch-based mortgage adviser at Opes Mortgages

"I think "I'm seeing a big change [in diversity]. When I first started, I would look around a room and I was definitely in a minority category, in terms of being young and female. It's great watching how many more females there are coming into the industry and how many more ethnicities that are coming in who can speak different languages and help different people within the country feel comfortable with who they're dealing with for financial advice. So I think it's constantly improving."

John Moody

Chief financial officer at non-bank lender Basecorp NZ

"Diversity is something that's been a real focus point of the financial industry as a whole here in New Zealand. I think the banks do a great job of it and it's been top of mind for them. And I think those attitudes are flowing through to the finance industry more generally and to non-banks like ourselves. And we're seeing some really good events now starting to celebrate diversity, and we're certainly supportive of those types of events." 

Adrienne Begbie

Managing director at non-bank lender Prospa New Zealand

"I think [diversity] has changed over the years. A lot of women have come into the space because they're looking for work-life balance, and they might want to manage kids, as well as a business. So from our point of view – like in my top, top advisors – I'd probably have a pretty even split [of men and women]. That's been changing over the years. I think the bigger problem with diversity in the space is getting the young ones coming through. It is an aging population. So it's getting the younger people [to become advisers]; actually encouraging them to come into the sector. But now with regulation, you actually do have to do some training to be a mortgage advisor. You can't just walk up the street and do it anymore. So having that level five, having the regulation around it, I think that does give it more validity that young people are happy to come into the industry. Some of the top New Zealand advisers currently, are young people. But it's just about encouraging them to join. I think having the regulation and the training [to be an adviser] actually makes it more attractive to people, because then it's just not everyone who can be an adviser. So it did get rid of some cowboys."

Nick Hakes

Chief executive officer at Financial Advice New Zealand

"I think this is reflective of the society that we live in [there are more male advisers than female]. When we walk down Main Street in a New Zealand town, and then we step into an industry event, [we ask] is it reflective? Are the two the same? Because we want it to be. This is an incredibly rewarding career for people to embark on because it is a caring professional. So there's no doubt we want to attract the best and brightest people into our industry. That means men and women who come from different cultural backgrounds. We want our industry to be reflective of when you walk down main street in town and you see that diversity. And there's been a real focus from Financial Advice New Zealand to make sure that we have the right cultural mix, the right blend of men and women and gender balance, because that is reflective of the society that we live in. But no doubt there is absolutely more work to be done."

Alexander McAlpine

Auckland-based adviser at Vega Mortgages

"We have good diversity in the mortgage advisers space. I work with people from all different backgrounds and people from all over the world. A lot of advisers are ex bankers, and there's a lot of diversity in banks. I can't see any barrier to why people from different backgrounds can't be advisers if they don't want to."

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