AFA to award women in planning

The Association of Financial Advisers (AFA) is about to launch a special award for female financial advisers, aimed at tackling the gender gap in the industry.

It is hoped the award, to be launched in conjunction with Tower Australia and the Macquarie Graduate School of Management in May, will also help the financial services industry better address the needs of women when it comes to retirement savings, wealth protection and life insurance.

AFA chief executive Richard Klipin said the industry needed to focus collectively on the issue in order to address the gender imbalance.

“What we need is greater female participation in the financial advice sector generally, and in particular, higher rates of participation at a leadership level,” he said, adding that the AFA Female Excellence in Advice Award sought to actively encourage more women into the industry so they were better represented within the ranks of financial advisers. Klipin added that more female financial advisers would mean the industry was better able help women secure their financial future.

The chief executive of Tower Australia’s retail life division, Brett Clark, noted that research suggested that women were significantly underinsured. He said although women made up 45 per cent of the Australian workforce, only 12 per cent of Tower Australia income protection claims came from women.

The launch of the award was applauded by United Nations Women Australia policy officer, Lara Jacques.

“It has the buy-in of some very senior people within the sector, and the key component is to encourage women into the industry,” she said.