Female advisers outnumbered 10-1 by men

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The advice market is still heavily dominated by older men, according to new FCA data.

A Freedom of Information requested submitted by Money Marketing reveals that as at June just over one in 10 advisers is female.

In addition, 63 per cent – or 16,691 – advisers are over the age of 45.

Evolution For Women director Rebecca Robertson says: “A lot of women in the industry are institutionalised, they are trained, managed and supervised by men. I used to wear cufflinks and pinstriped suits – but you don’t have to do something just because everyone else does.

“About 65 per cent of my client base is female but lots of male clients seek out female advisers too. There is a difference between clients – men are often more focused on facts while women tend to be more holistic.

“The industry is focused on high net worths, which I think is wrong. I look after all types of clients, we just happen to focus on women.

Yvonne Goodwin Wealth Management managing director Yvonne Goodwin says: “I’ve never really noticed there’s been a difference between dealing with male and female clients. It’s mainly a trust issue, we’ve always got the 80/20 rule of good and bad advisers and that’s the same regardless of gender.”