Speaking at a roundtable event of the AFA Inspire network in Sydney yesterday, Fiona Navarro, general manager of NAB-aligned licensee Apogee, said the financial advice industry needs to do more to encourage women to set up their own practice.
“We don’t have enough women running licensees or in senior positions. Even when we do – and I say this from my personal perspective – then it’s really difficult to get female advisers to step up and run their own businesses, so there are some obvious opportunities there,” Ms Navarro said.
Ms Navarro said there should be a greater focus on educating young female advisers about business administration and entrepreneurship, as many opt to stay in advice support roles or embark on careers in salaried and employed advice channels.
She also encouraged women to seek more senior positions in the male-dominated industries of insurance and funds management.
“We need to be providing more support about what it means to be a business owner,” she said.
“And when I say support I’m not talking about motivation, it’s much more about the practicalities of running a business and mentoring [women] to understand that they can run their own business and they can be independent and they can be very successful.”
Addressing the same event, AFA president Deborah Kent said a reluctance to take a “leap of faith” was holding back some women from setting up their own practice.
“You have to go off the cliff and hope you fly, and that comes from confidence,” Ms Kent said.
“Well I’ve jumped off the cliff a number of times and I’m still here.
“What we need to do, as an industry, is encourage women to get that confidence by mentoring them to take that leap of faith. Because that’s what it is.”
An extended version of the Inspire Roundtable discussion will feature in the May edition of ifa magazine
The key to running your own business is to ensure you maintain adequate profit to be a going concern. Sadly there is very little understanding of the costs involved and the cost impact of regulations.The absence of a cost/benefit analysis on FOFA is similar to reviews of tax that have excluded GST and reviews of labor rates that have excluded productivity. They all amount to the same thing. Poor policy making through inept processes. This is not leadership. It is a bumbling mess. Journalism in this country lets us down terribly for its failure to hold our politicians accountable for their policy recommendations/rejections. They are mere puppets to vested interest groups or their own personal agendas.
The skills required to be a business owner have some similarity with those required to be a professional financial planner however there are also many differences. Leading and developing a team, building a client base, marketing, and having a financially successful business are just some of the challenges that a business owner deals with daily. I would encourage anyone, male or female, to take the leap and become a business owner.
Education is critical for suceess and seeking the advice and wisdom of mentors, coaches, and like minded people will make the journey much more richer and rewarding. The key is to listen to the advice, learn from mistakes and implement your strategy.
I moved from a corporate role and set up my own FP practice & as Fiona and Deborah state, it is a daunting leap of faith to leave that safety net.
As advisers we are well trained in the technical stuff, but there’s little to no emphasis on the practical skills of running a practice whilst also being an adviser at the same time. Its a lot to take on & the cashflow pressures are not trivial. You need a sound business plan.
At Adviser Hubspace we mentor advisers through this transition. You’ve got to have mentors that have been through the same experience. It’s one thing to be a BDM, but as a practicing adviser who has ‘been there and done that’, our mentors provide the guidance & support to help make that initial leap of faith & to help keep the adviser on track with their quarterly goals.
When people call to speak to the licensee they always want to speak to me the practice owner (adviser) not my wife the License holder.
Dear Anti V-I,
Pushing your continuing and tiring evangelistic message of “independence” via a gender biased comment as you have provided says more about you and less about anything else of any importance.
Using your continuing pseudonym of Anti V-I obviously doesn’t reveal your gender or identity, so it would be admirable if you wish to make gender biased commentary to have the courage to reveal both rather than hiding behind your provocative comments like a naughty schoolgirl or schoolboy !
I hope that “light of independence” doesn’t burn out and leaves you wandering around in the dark bumping into things!
Philippa I have found women generally to be smarter than men – perhaps they have seen the light of independence earlier than most men and it is Apogee that is struggling, not women
I find this interesting. When it comes to new IFA businesses joining our Licensee we have just as many male business owners as women. 10-15 years ago this may have been the case but I do not think this is the situation today.