Australia's financial advice industry needs to rethink its engagement of female clients if they are to address the country's gender advice gap and take advantage of the sector's untapped opportunities, a number of industry participants have said.
In his speech at the launch of the Association of Financial Advisers (AFA) Female Excellence in Advice Award last Thursday, AFA chief executive Richard Klipin said the award intended to "address the real issues".
"It's about leading the debate, it's about recognising excellences in advice practices and it's about giving successful women an advice platform to share, to learn and to collaborate," Klipin said.
AFA political strategist and award patron, Kerry Chikarovski, said the award would raise further awareness within the advisory industry that females are an important client market.
"There are not enough women in this country who are in a position to look after themselves when they retire. The challenge for the financial services industry generally is to actually help women become economically independent particularly in their retirement but throughout their careers," Chikarovski said.
"A look at the stats shows a large number of them are going to end up divorced, a large number of them are going to end up being a single parent looking after their children so you [advisers] need to make sure they are cared for."
She said the award also encourages women to acknowledge their own excellence.
"The ultimate aim of this award is to work itself out of existence, I will be very delighted when we no longer need to have awards like this," the former New South Wales Liberal leader said.
Wealth Enhances financial adviser Sarah Riegelhuth said the award is an "important first step" in tackling the gender and inequity gap within the industry.
"In my experience as an adviser, the women that I come across do not have enough insurance, they don't have enough retirement savings," Riegelhuth said.
"Attention needs to be paid to every client situation regardless of gender but the advice industry needs to shift its thinking regarding female clients."
