Feminine adviser mentoring program with over 130 mentees concludes after resounding success

Tue seventh November 2023

The Ladies in Monetary Planning Mentoring Program has been deemed an excellent success by the mentors and mentees who participated within the initiative, based on the Monetary Recommendation Affiliation Australia (FAAA). 

Run by the FAAA by means of a $2.2 million grant from the Workplace for Ladies within the Division of the Prime Minister and Cupboard, this system aimed to assist girls in monetary planning to additional their careers by matching eligible girls within the monetary recommendation career in search of steerage and assist with extra skilled feminine members. 

The primary program paired 96 mentors and mentees from February to August 2022, whereas the second program paired 36 mentors and mentees from March to October this yr.  

This system included: 

• on-line coaching and studying supplies for mentors to assist information the mentoring relationship 
• three webinars attended by mentors and mentees to trace progress throughout this system, and 
• month-to-month contact between mentors and mentees all through this system. 

One mentee stated: “This program has truthfully modified my profession path and helped me to develop and develop a lot greater than I anticipated. I obtained the assist that I wanted particularly from a feminine monetary adviser. I truthfully couldn’t advocate this system sufficient to those that are struggling.” 

One other mentee famous of this system: “My mentor has allowed me to develop not solely my skilled skills but additionally my confidence and self-worth. She has offered me with nice assets and new views that may assist me for years to come back.” 

Resulting from a scarcity of funding, the Ladies in Monetary Planning Mentoring Program might be discontinued in 2024. 

FAAA Chief Govt Officer Sarah Abood stated that this system has been extraordinarily profitable, and it’s disappointing that it can not proceed subsequent yr. 

“I’ve acquired overwhelmingly constructive suggestions from each mentors and mentees saying they have been glad they participated in this system,” she stated. 

“With girls solely accounting for round 22 per cent of economic planners and round 28 per cent of the FAAA membership, initiatives corresponding to this one are extremely essential to encourage extra girls to not solely think about monetary recommendation as a profession but additionally stay within the career as soon as they’re absolutely certified. 

“As a career, it will be important that we symbolize the group we serve, and this program reveals that demand for feminine monetary advisers is robust. We want extra of them coming into our career to assist guarantee we’ve sufficient advisers to serve the wants of the rising variety of Australian customers in search of recommendation.”