Women entering the financial advice industry are doing so at a younger age now than they have in previous generations, as women increasingly see it as a viable career path, new research from BT Financial Group has found.
The research, conducted by EY on behalf of BT’s Stella Network and the FSC, found that 67 per cent of female advisers aged between 24 and 35 selected advice as a career during or after university.
This contrasts with female advisers aged 50-plus, 95 per cent of whom did not enter the industry until later in their professional life.
Additionally, the pace of career progression from support to advice roles is faster for women aged 25 to 34 than it was for those aged 35-plus, the research found.
“Many women cited the support of a mentor as a key success factor in their career progression,” said BT advice and private wealth general manager Jane Watts.
“A mentor can make a marked difference in navigating one’s career and progressing into different roles. This is an area that is a personal passion of mine and one which the advice sector has an opportunity to embrace as just one of many support mechanisms for female advisers.”
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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