Unlike paraplanner or mortgage adviser roles which have more elevated gender diversity statistics, only 18% of financial advisers in the UK are women. That stat comes from the FCA's survey of advice firms, a startling number when women are involved in around 60% of advised client relationships.
Emily Matthew is a Wealth Adviser and a mum of two, and she's spent more than a decade in financial services. She started behind the counter as a cashier at Nationwide, then qualified with CeMAP, added CeRER, and went on to complete the Diploma for Financial Advisers (DipFA) with LIBF. Each qualification added to the advice she could give.
So we asked Emily what the job is really like, why might so few women be in financial services, and what would change things.
What does a Wealth Adviser do?
I get to know clients on a personal basis, come across any financial challenges that they may be facing or aspirations that they want to achieve. I'll go away and plan a solution for them, and then I'll help them achieve those aspirations. So whether that be retiring early or putting children through private education. Right the way through to keeping you in your home throughout any unexpected life changes.
Why are there so few women in financial services?
I think we need to educate women to help more females join the industry. I think we need to focus on why it works for working mums in particular. I think education is the main bit, we need to tell people what the role actually entails.
I believe we should start educating people at secondary school about what financial services is, and how it can help people. Nobody goes around schools telling you what a financial adviser does, why it's important, and I also think that there is a misconception among women that being a financial adviser is boring and just about numbers and it is so much more than that. It's about building meaningful relationships and helping clients throughout their financial journey. Everybody needs a financial adviser, you don't have to be wealthy.
I would recommend the DipFA because it enables you to give holistic financial service advice, which will enable you to maintain a meaningful relationship with your clients."
What is the DipFA and would you recommend it?
The DipFA is all about equipping you with the financial service knowledge that you need to be able to advise clients on their financial needs.
The motivation to study the DipFA was to, give me the license to offer holistic financial planning advice. The DipFA enables me to offer pension and investment advice as well, for example.
What I enjoyed most about the DipFA was expanding knowledge in pension advice, because it's interesting. It has enabled me to progress my career, to another level.
The advice I would give to somebody looking to study the DipFA is to take it one step at a time, break it down, study it with the, test questions that are in the book. I would recommend the DipFA, and I would recommend it because it enables you to give holistic financial service advice, which will enable you to maintain, a meaningful relationship with your clients.
Does Emily's story inspire you to study with LIBF?
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CeMAP is the first step to becoming a qualified mortgage adviser
- DipFA first step to becoming a qualified financial adviser
What's the most rewarding part of being a Wealth Adviser?
I think the most rewarding part of my career in wealth management is helping clients through really difficult times in their life. I can think of one particular couple, the wife was going through breast cancer treatment, and their mortgage was coming up, they wanted to know if they could retire because they were at that certain age and obviously wanted to slow down working to focus on becoming well again.
I helped them save hundreds of pounds on their mortgage. I reminded them of what protection and life insurance they had to give them that peace of mind if the worst happened, and also consolidated pensions and come up with a plan of when they could retire on the money that they wanted to achieve to live off.
I just took that financial burden off them and nothing made me feel better when they said "thank you so much, we couldn't have done this without you." And they were able to focus on getting well and spending time with their young children, and nothing makes you feel better than that.
The biggest impact on me personally was helping a lady through divorce. When you've got somebody going through something as significant as that and enabling them to stay in their home when that's all they have left. I think that is, super powerful.
Just going back to the misconception that you need to be wealthy to seek financial advice, it is just so untrue and it is completely the opposite. If you get the right advice, you will become wealthier, it's not about being rich, it's about having a plan and achieving your aspirations.
Would you recommend the LIBF to others?
I would definitely recommend the LIBF qualifications to anybody looking to get into financial advice over others, because of the structure, and simplicity that it offers. I would just say it absolutely pays off and what I need to pay back for my exams, I will make back within three months. It's an investment in yourself at the end of the day.
Are you inspired to join the finance industry?
Emily completed CeMAP while working full time, then CeRER, then the DipFA. Each one meant she could do more for her clients.
If you're on the fence, here's 3 key takeaways:
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Emily qualified with two small children at home. You don't have to put family on hold.
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Only 18% of financial advisers are women. The industry knows that needs to change, and it's looking for talented people like you.
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Financial advising is about changing the lives of your clients through relationship development and sage financial advice.
Invest in your career, join LIBF today.
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Financial Adviser