On the eve of International Women’s Day (8 March), an overwhelming three quarters of paraplanners responding to our latest Parameters survey, said more female financial advisers are needed in the industry.
We asked: Do you believe we need more female financial planners/advisers in the industry?
Yes 76%
No 7%
Unsure 17%
There is no doubt that the financial advice industry remains heavily male-dominated – “you can’t appreciate how male-dominated the industry is until you attend an event and it is predominantly men in suits!”, as one paraplanner put it.
While progress has been made, female financial advisers are still significantly underrepresented, and paraplanners argued there is growing recognition that more women in advisory roles could bring valuable benefits to both clients and the industry as a whole.
One of the key arguments for increasing female representation in financial advice is the importance of diversity in perspectives. “Women often approach financial planning with a different mindset, focusing on long-term security, holistic financial goals, and risk management. This can resonate with a wide range of clients and lead to more comprehensive, tailored advice,” one paraplanner said.
“Greater gender diversity can bring a wider range of perspectives, which is important in understanding and meeting the varied needs of clients,” another noted. “Women often focus on long-term security and holistic financial goals, which can be particularly valuable in financial planning.”
A further argument put forward is that a diverse workforce that reflects society “is crucial in ensuring financial services cater to everyone”. With an increasing number of women becoming primary earners or managing household finances, having more female advisers could help address the unique financial challenges they face, such as the gender pension gap and pay disparities.
Encouraging more women to seek financial advice
Another major benefit of having more female financial advisers could be that it encourages more women to seek financial advice.
According to data from the Bank of America, “women hold about a third of the world’s wealth, and they stand to inherit most of a staggering $124bn to be passed down by 2048. They are receiving more university degrees and gaining higher pay. Women are earning more, spending more, and adding to the economic pie.”
This means more women will need financial advice and many may feel more comfortable discussing their finances with another woman, particularly in sensitive situations such as divorce, inheritance planning, or long-term care considerations, paraplanners pointed out.
“There are more and more cases of women getting divorced who would rather deal with a female adviser, or women who are the breadwinners and want someone they can relate to when arranging their finances,” one paraplanner observed.
The financial advice industry has historically been seen as male-dominated, and some potential clients may find it intimidating or unapproachable. Increasing the number of female advisers could help break down these barriers, making financial advice more inclusive and accessible.
The industry’s gender imbalance
Despite ongoing conversations about diversity, some paraplanners feel that progress in increasing female representation has been disappointingly slow. One paraplanner expressed frustration at the lack of change over the years: “I am depressed and disappointed that the percentage of female advisers seems to have failed to noticeably shift in the last 20 years! It reflects badly on us as a profession.”
While the number of women in administrative and paraplanning roles is increasing, adviser and senior management positions remain largely male. Some argue that the structure of the industry, along with challenges such as work-life balance and caregiving responsibilities, may make it harder for women to progress into advisory roles.
Overcoming barriers and encouraging change
Some paraplanners believe that while equal opportunities exist, the industry still has work to do in making financial advice a more attractive and accessible career path for women.
One paraplanner highlighted the importance of ensuring there are no systemic barriers preventing women from entering or advancing in the profession: “Relative to the population, female financial advisers are certainly underrepresented in the industry, but I’m not sure in 2025 how much of that is due to barriers still in place for women in finance and how much of it is choice. I think anything that can be done to give equal opportunity should be done, and there probably is more to do in the finance industry.”
Others argue that increasing female representation should not necessarily mean enforcing equal numbers but rather, ensuring that women have the same opportunities and support as men when pursuing careers in financial advice.
“Should more women want to be financial planners or advisers, the opportunities should be as readily available as they are for men, as with all occupations,” one paraplanner commented. “The industry could benefit from a more equal weighting of male and female planners, but the choice is ultimately down to individuals’ career aspirations, assuming no barriers to entry.”
Those that felt more women were not needed, argued against artificial change, and for employment on merit.
“I don’t think people should force more genres into an industry to tick boxes. I think we need more of the right people in the industry irrespective of sex, race etc.”
“I believe that those who want to enter the industry should be able to do so without any unnecessary barriers. Mandates/targets for genders, race, sexual orientation cause more harm than good,” another said.
Despite the challenges, paraplanners who felt more women were needed expressed hope that the industry is gradually evolving. Some paraplanners have noticed more female advisers entering the profession, and they believe this trend will continue as awareness of the benefits of diversity grows.
“The planner and adviser workforce is definitely a male-dominated sector, but I’m happily seeing more female advisers in the industry,” one paraplanner observed.
To create a more balanced profession, financial firms need to actively support gender diversity, whether through mentorship programmes, flexible working arrangements, or promoting financial advice as a viable career path for women from an early stage, paraplanners said.
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