That Home Loan Hub
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That Home Loan Hub
Breaking Down Barriers: Building a Network of Women in Financial Advice
The wealth transfer conundrum facing New Zealand is staggering. Billions in assets will soon pass from aging baby boomers to their children—most often landing in the hands of eldest daughters who frequently lack financial literacy or guidance. This reality sits at the heart of our latest conversation about the critical need for more women in financial advising.
We're thrilled to share the successful launch of Women in Financial Advice under the Financial Advice New Zealand umbrella, which held its first Wellington meeting with three times the expected attendance. Women from across the financial spectrum—mortgage specialists, insurance advisors, financial planners, corporate representatives, and independent practitioners—came together to build a supportive professional community. The gathering even inspired a former stay-at-home mum currently pursuing her Level 5 certification who questioned whether she could succeed in the industry after 15 years away from the workforce.
Women bring unique strengths to financial advising that complement traditional approaches. The natural empathy and exceptional multitasking abilities many women possess create powerful advantages in building client relationships and understanding complex needs. We share a remarkable story of balancing career ambitions with family responsibilities—launching a financial advice franchise with a five-month-old baby and ultimately raising four children without external childcare while building a successful practice. This flexibility makes financial advising particularly suitable for women seeking careers that accommodate family priorities.
For women contemplating their next professional chapter, especially those in physically demanding fields like nursing or beauty therapy, financial advising offers an intellectually stimulating alternative that leverages their existing relationship skills. The Women in Financial Advice group meets monthly at Wellington's Chapman Taylor, creating a supportive environment for anyone interested in promoting gender diversity in financial services. While women-led, the group warmly welcomes male advisors wanting to better support female colleagues or clients.
Want to join the movement transforming financial advice in New Zealand? Connect with us at the next meeting on Thursday, August 21st at 10am. Your perspective, whether as a practitioner, industry supporter, or someone curious about financial advising as a career, will enrich our community and help more New Zealanders access the guidance they deserve.
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Hello and welcome back to that Homelon Hub. I am joined by Kunj. Hey, kunj, good morning. How are you Wonderful? Thank you. How are you doing, kunj?
Speaker 2:Very good, it's Friday, can't complain, it's always Friday nowadays. I survived the week. We had a busy week. Huh, yeah, you had a busy week, especially yesterday as well. You went out and hosted Women in Finance. So I'd love to hear a bit more about that, because I wasn't there, yeah, so it's actually Women in Financial Advice.
Speaker 1:Yeah, apparently. Women in Finance is another group.
Speaker 2:Oh, okay, and apparently they're accountants, Sorry.
Speaker 1:Women in Financial Advice ladies and gentlemen, so we apologize to Women in Finance. We do not associate us with you, although we love your work. So I am currently a chair for Women in Financial Advice under Financial Advice New Zealand umbrella.
Speaker 1:And this group has launched earlier in the year and we announced it at the April conference in Christchurch. So yesterday was our first get together in Wellington for Women in Financial Advice and yesterday was our first get together in Wellington for women in financial advice and honestly, I was blown away. We only expected like three to four people to get up and suddenly there were like 15.
Speaker 1:Oh wow, yeah, it was really cool. We had women that are doing mortgages, that are doing insurances, that are doing financial planning, and there were representatives of different bigger companies, but also sole traders, yeah. So it was really cool to get them all in the same room and talk with them about the problems they're seeing, the troubles they may be experiencing right now, but also the wins they're celebrating oh that's really cool.
Speaker 1:Yeah, so the whole idea of that group was to. We've got two aims at the moment. We've got one where we want to bring more women into financial advice yeah. So how do we get more women like you and I joining the sector? Yeah, because if the more women we have joining the industry, the more they will be able to help provide advice to women yeah.
Speaker 1:Because what we're finding is a lot of women are left without sound financial advice out there. Yeah, and especially if you think about like there's a lot of wealth in the upper generation, yeah, the baby boomer.
Speaker 2:Yeah, there's billions and billions of money, yeah.
Speaker 1:And as people unfortunately pass away. Yeah, as they age, as they age, that money gets passed on to the generation under and usually, apparently, it's the eldest daughter that has to deal with the finances, like in your case, as your ageing parents. You know you're the eldest daughter, you're the one dealing with most of their financial and you're the only daughter, and I'm the only daughter, and that's what happens and unfortunately, like I mean fortunately for us we are educated in money, right, but imagine those that are not.
Speaker 1:And suddenly they come to a position where they have to make decisions for their parents. They have to make decisions in their own family, and if they don't know anything about money, how are they going to make solid financial decisions? Absolutely, and this is where I'm very passionate about advertising our industry as a career opportunity, because, look, if I could do it with babies on my lap. Anyone can.
Speaker 1:Anyone can right. I mean, I've joined, I started working in the bank and I found out I was pregnant a month later. Yeah, and I worked in the bank through my whole three babies, pregnancies and giving birth and coming back straight to work. And then I left the bank and launched into my own franchise as a franchise owner when my youngest was like five months old, and then I had my daughter as well during.
Speaker 1:COVID so you know, I went through, I've experienced it all, and I don't have nannies, I don't have babysitters, I don't have anyone. You did it all, yeah, on your own, on my own, you know, and my husband at that time worked full-time as well, so it wasn't like I could rely on him much to be around he worked eight to six.
Speaker 1:Yeah, so the way I look at it, our profession, you know, if you can work from home, that enables you to be more around your family. And yes, the juggle is real yes, 100% real.
Speaker 2:I only have two kids and the juggle is still like massive, so I can't imagine how you do it, or four, or you know other women do.
Speaker 2:As well, like each woman, we all have different background, different stories, different struggles that we go through, but at the end of the day, we always want to show up right. We want to show up for our family, first and foremost, but also for our friends, our colleagues as well. So having like a network like this to just bounce off, you know, different experience and ideas and things, is actually very empowering, I think. Yeah.
Speaker 1:It was really cool because yesterday, like, there was a lady and she's just doing her level five certificate at the moment, so she's not even a financial advisor yet, but she came along to see whether this is the pathway she really wants to take and to listen from other advisors out there that already doing it, you know, and she was really inspired.
Speaker 1:afterwards she was like, ooh, this is really exciting, you know, I can see now the future in it. She was doubting herself. She was like, ooh, you know, is it even the pathway for me? Cause I was a stay at home mom for the last 10 to 15 years. You know what can I bring to this industry? But what women naturally bring to this industry is empathy, yep, and the ability to multitask you're not wrong about that.
Speaker 1:Sorry, men, if you're listening but you know, we've seen it time and time again and that men are really fantastic at things, but one at a time often, and often they can either do really good job at work and then come home and be a really good dad, but they can't be a really good dad and work at the same time, like often we can. You know, and that's not because I'm looking down at men, no, not at all. It's just the way we're built and you can't fight against the nature, the way we've been built. So you know. I mean, of course there are exceptions to the rule, as usual.
Speaker 1:You know there might be women that are that way or there might be men that are this way, but I'm talking about generic terms here and what I've noticed is that if we can get more women in financial advice, naturally they are in those hubs already, right, they going to coffee groups with their other fellow moms, they're playing netball, they're playing, you know. They go to their kids' recitals and they're hanging out with moms. And if you are in that circle of friends, you will feel more comfortable talking to another female in your circle. Versus, what we find is that a lot of males, if they're the driving force behind the financial advice, they will be drawn to males, and then what we've seen is that if that male passes away, the wife is left to deal with stuff, and often she will change an advisor because she won't be able to connect with that other male advisor.
Speaker 2:Absolutely, and I've personally seen it myself, coming from my role, you know, as a banker as well whereas you know, the men pass away and then they leave some assets behind and the woman has no idea what to do with it. Generally, they have their children. The next generation that you know comes and holds their hand through it all but ultimately they're the ones who make the decisions with the assets. So, yeah, it's quite good to educate the ladies now.
Speaker 1:Exactly. So yeah, that was basically our first catch-up. It blew me away how many people turned up. It's going to be a monthly thing. I'm coming next month. You will have to, because I won't be here. Okay, you win, all right, so I have to show up.
Speaker 1:Yes, so Thursday August 21st will be the next one, and it's usually in wellington cafe, chapman taylor, chapman taylor yeah, third floor, 10 o'clock in the morning. We're there for an hour. We're just a coffee ketchup supportive network of women. So, if you're listening, if you're a financial advisor female financial advisor come. If you're a male financial advisor, we encourage you to come as well, because you might have a wife at home or you might be in a company where there are other females and you may want to know how to support them better, or you may want to learn how to support your female client better as well.
Speaker 1:So it's not just for women. It's run by our chapter of women, but it's open for anyone. And then, if you are listening to this, and if you are currently not working, and if you're thinking about, you know or you're already working in, like a beauty industry or a nursing industry, for instance, medical, you already have those soft skills right, and if you're thinking about the next chapter of your life, because those current professions may be too hard on your body and you want something else to do with your life for the next 10 to 20 years of your life, this could be a really good career opportunity. Yeah, so we encourage you to reach out as well. So it's sort of I'm looking at it from multiple angles, as you can see, but the big picture is everybody needs a better financial advice. And how can we deliver it?
Speaker 2:Awesome. Well, thanks for sharing all that. I'm excited to see where it all goes.
Speaker 1:Thank you, kunj, and don't forget Thursday 21st, 10 o'clock in the morning, I'll be there. See ya, bye.
