Female adviser mentoring program with over 130 mentees concludes after resounding success
The Women in Financial Planning Mentoring Program has been deemed an outstanding success by the mentors and mentees who participated in the initiative, according to the Financial Advice Association Australia (FAAA).
Run by the FAAA through a $2.2 million grant from the Office for Women in the Department of the Prime Minister and Cabinet, the program aimed to support women in financial planning to further their careers by matching eligible women in the financial advice profession seeking guidance and support with more experienced female members.
The first 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 included:
- online training and reading materials for mentors to help guide the mentoring relationship
- three webinars attended by mentors and mentees to track progress during the program, and
- monthly contact between mentors and mentees throughout the program.
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 noted of the program: “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.”
Due to a lack of funding, the Women in Financial Planning Mentoring Program will be discontinued in 2024.
FAAA Chief Executive Officer Sarah Abood said that the program has been extremely successful, and it is disappointing that it cannot continue next year.
“I have received overwhelmingly positive feedback from both mentors and mentees saying they were glad they participated in the program,” she said.
“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.”