Leonie O’Connell, Financial Adviser at Momentum

Money has long been considered to be a man’s domain, but the tides are changing. A recent Commission for Gender Equality report entitled “Women in the South African Economy 2024” found evidence of significant improvements in access to finance, ownership of private assets, and access to public assets. Womanly wealth is growing. While this is progress, the reality is still one rife with division and inequity in many industries.

Yet women are taking on more responsibility. Stats SA tells us that over 42% of South African households are headed by a female breadwinner. With women increasingly taking control of their families’ financial destinies, the need for female financial advisers has never been greater.

Appealing to a diverse client base

Today’s clients come from all walks of life, and the more the advice profession reflects the wider population, the more likely it is to attract a diverse mix of clients.

Many older female clients actually prefer to work with women advisers. It is simply a matter of trust and comfort. On the opposite end of the spectrum, successful young single females and female breadwinners often prefer dealing with female advisers who speak their language without jargon or, dare I say it, an inherent and bias condescension. There are just some traits that a woman is best positioned to naturally deliver.

Benefit from a different skillset

Financial advice is built on trust and relationships. Women typically have higher emotional intelligence and empathy, crucial skills for effective communication, especially around sensitive subjects like money.

Life events such as divorce and bereavement often intersect with the need for financial advice, and empathy is crucial in these situations. As women, we possess a unique skill set, including a detail-orientated and risk-aware nature, that makes us thorough, reliable, and effective financial advisers.

Offering a holistic approach

In modern financial advice, a more holistic approach is coveted. We have to focus on more than just assets and net worth. We need to embrace goals, ambitions, and personal well-being. This approach is well suited to women, who often excel at building relationships and understanding their clients’ broader life aspirations.

Building confidence in female advisers

One significant observation is the difference in how women and men perceive their abilities. Women often express self-doubt and limitations, applying for jobs only when they meet 100% of the qualifications. In contrast, men apply when they meet only 60% of the qualifications.

Encouraging women to recognise and own their capabilities is crucial in building confidence and fostering more female financial advisers. This involves creating an environment where women feel supported and empowered to take risks and pursue opportunities, even if they don’t meet every single requirement on paper.

A changing narrative

If you’re a woman and want to engage in the empowering world of financial advice, you should be encouraged to know that gender diversity is crucial for a robust and supportive financial landscape. Gender diversity isn’t just about fairness; it’s a strategic necessity. Female advisers bring unique perspectives and skills that enhance the quality of financial advice, benefiting clients and the industry alike. We want you here, we need you here, and we’re ready to welcome you into the world of financial advice and planning.

As I said in the beginning, there’s no doubt that female wealth is growing. Alongside it, so should the number of female financial advisers. By promoting gender diversity and supporting women in the financial advice profession, we can create a more equitable and empowered financial future for all. Finance is not just a man’s world, it’s a world where women have the power to shape its destiny

ENDS