We don’t just need more women in financial planning. We need more women owning and running their own financial planning businesses.
By Julia Newbould
We don’t just need more women in financial planning. We need more women owning and running their own financial planning businesses. I act as a mentor for a female financial adviser who has taken the initiative to set up her own boutique financial planning business. I draw on my experience.
Anne-Marie Humphries provides guidance on practice management issues and encouragement to evolve her business model over time. “I act as a sounding board for her strategic decision making. I am there for her to bounce ideas off and run scenarios by. I’ve also introduced her to other advisers in our network, enabling her to learn from them as well,” Ms Humphries says.
“I’ve celebrated her successes. Successful female financial advisers then become role models in their own right and so the mentoring cycle can continue.”
About 3 years ago, Samantha Sun spoke to Anne-Marie about a new adviser Dawn – who was previously an investment analyst but had decided to set up her own financial planning business in Melbourne. Initially the chat was to be about Anne-Marie giving dawn a sense of what was involved in being a financial planner running your own practice.
“My initial role was to talk and share my own experiences and to be a mentor and be available to bounce ideas off. I took the role seriously as I’ve had good mentors myself. That’s part of being in this industry – it’s about giving something back,” Ms Humphries says.
The desired outcome was to support her build the business that she wants to build and provide quality advice. “The more people we have doing it, the more we can empower entering the business from scratch,” Anne-Marie said.
Anne-Marie started her own practice 11 years ago and said there have been challenges. “I am happy to share with Dawn the lessons on what I’d do differently. She’s a great woman, the sort that we need in financial planning. Women have a lot to bring to the industry but it’s a big step to start your own business, there are big challenges. For example, Dawn wanted to hire someone but didn’t know where to start with employment agreements etc.,” Ms Humphries says.
“Dawn had clear ideas about how she wanted things to be and the advice business that she wanted to build.