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Women to fill advisory gap

Proportion of women working in financial services doubles in five years and is set for further growth

Women could make up the majority of new entrants into the adviser market in the future, according to Women’s Financial Adviser Group founder and chairwoman Fiona Price.

Speaking at the fourth WFAG Awards last Friday in London’s Docklands, Price said that the proportion of female staff in the financial services sector has doubled from 5 per cent in 2001 to 10 per cent now and this will continue to grow.

She said the awards are symbolic of a significant change occurring in the financial services sector and predicted the shortage of advisers would be filled by women currently in administrative roles or recent female graduates.

Six prizes were awarded in the fourth WFG Awards ceremony held to recognise the achievements of women in the industry.

Award categories inclu- ded Woman IFA of the Year, which was won by Lin Ashhurst of Paradigm Norton, Multi-tied and Tied Adviser of the Year won by Kate Nield of Barclays Financial Planning and Gill Galloway of Standard Life respectively, as well as awards for Mortgage Adviser and Paraplanner of the Year.

Price says: “The dire shortage of advisers coming thr- ough means that there is a shortfall in new blood entering the industry.

“There are huge untapped resources of women out there, either graduates, administrators or women in other sectors, and currently there is no concrete plan in place to encourage them into the sector.

“As for the Women’s Fin- ancial Adviser Group, I believe that we have the scope to have several thousand members. We would like to see young women in administrative roles within financial services come to the adv- iser profession.”

Last year’s winner of the IFA award, Heron Hill Financial Management founder and managing director Saran Allott-Davey says: “It was a real privilege to meet so many impressive women juggling being fantastic and well qualified at their jobs, with family life, sporting achievements and community work.”

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