Financial advice differs for men and women
Male and female financial planners are perceived as two distinct groups by the Australian public, according to a National Australia bank (NAB) survey.
The survey, which was conducted in October, asked more than 1200 people for their views on providers of financial advice, including attitudes to gender and age.
The survey found just under two thirds believe both were equally knowledgable and neither had everything it took to be a good financial planner.
However, it found that women were considered to be significantly better communicators than men with 43.3 per cent saying women were better, and 12.4 per cent saying men were better communicators. About 40 per cent say there is no difference in the communication skills of either sexes.
On the other hand, men were regarded as more authoritative when it came to giving financial advice. Forty-five per cent said men were more authoritative than women, while 35 per cent said the sexes were equal and only 10 per cent said women were more authoritative.
In other questions asked, such as believability and trustworthiness, females rated better than males. Almost half of those surveyed said the sexes were equally believable, but one-third said women were more believable than men and only 10 per cent said men were more believable than women.
Close to 60 per cent say men and women were equally trustworthy, however 27 per cent said women were more trustworthy than men and only seven per cent said men were more trustworthy.
The National says it undertook the study to better understand consumer attitudes to financial planning.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
Advice licensee Sequoia Financial Group has promoted Sophie Chen as an executive director, following her work on the firm’s Asia Pacific strategy.
The former licensee of Anthony Del Vecchio, a Melbourne adviser sentenced for a $4.5 million theft, has seen its AFSL cancelled by ASIC after a payment by the Compensation Scheme of Last Resort.
