The Future of Financial Planning is Changing

There is a quiet but meaningful shift happening in financial planning in Australia. More women are entering the profession, more women are seeking advice and more women are changing the culture of an industry that has historically been dominated by men. At Hewison Private Wealth, we are proud to be part of that shift. And we believe that talking openly about it matters. 

Where we stand today 

The numbers tell an important story. As of late 2024, only 22% of financial advisors in Australia are women, according to the ASIC Financial Advisers Register¹ — a figure that, while still far too low, represents gradual but real progress. Women account for around 28% of Financial Advice Association Australia (FAAA) membership², and the profession is slowly waking up to the urgency of change. As FAAA CEO Sarah Abood has noted, “it is important that we represent the community we serve, and demand for female financial advisers is strong — we need more of them coming into our profession.” 

The need has never been more pressing. Women aged 65 and older have an average superannuation balance of $46,650, compared to $67,920 for men – a 46% difference – and the average woman would need to contribute an extra $236 per month or work an additional eleven years to retire with the same super balance as the average man.³ The financial advice profession has a responsibility to serve these clients well and that starts with building a workforce that reflects, understands and connects with them. 

“We need more women coming into our profession to help ensure we have enough advisers to serve the growing number of Australians seeking advice.” — FAAA CEO Sarah Abood 

Why women are exceptional financial planners 

There is a growing body of evidence that women bring qualities to financial planning that are not just valuable – they are increasingly essential as the profession evolves. 

One of the most significant strengths women bring to wealth management is emotional intelligence. The ability to build trust, understand client concerns and develop long-term financial strategies is critical in today’s relationship-driven advisory landscape.⁴ Women have been associated with higher levels of empathy and communication, and female advisers tend to have a more collaborative approach with their clients, often prioritising explanation and client understanding making them excellent advisers and very accessible.⁵ 

Research finds that women think long-term, with goals planning and risk tied to life outcomes rather than benchmarks or market timing⁶ – an approach that aligns powerfully with the kind of holistic, client-centred advice Hewison delivers. Three in five women believe it is “extremely” or “very” necessary to work with a professional financial planner to develop a comprehensive financial plan, and they seek planners who show empathy, craft tailored solutions and explain complex concepts clearly⁷ – attributes that female advisers consistently demonstrate. 

As wealth management continues to move beyond simple investment selection into a more holistic financial planning model, these skills become even more valuable.⁴ Put simply: the profession is moving in the direction that women have always naturally worked. 

Our team and the pipeline we are building 

At Hewison Private Wealth, we have been deliberate about creating pathways for women into and through the profession. 

Tess McIntosh has made the full transition to adviser and is a wonderful example of what dedication, capability and the right environment can produce. She is sharp, client-focused and exactly the kind of adviser this profession needs more of. Behind Tess, we have five aspiring financial planners at varying stages of their associate-to-adviser journey – each bringing their own perspective, drive and commitment to the craft. Watching this pipeline develop is genuinely one of the most exciting things about where we are headed as a firm. 

We are also immensely proud of our broader team. Michelle Alban, Tess McIntosh, Karen Truong and Yashera Raddalgoda were recently recognised as finalists at the Women in Wealth Awards and it was recognition that was thoroughly deserved. These are professionals who show up every day with expertise, care and an unwavering commitment to their clients. To see them acknowledged at an industry level was a moment of real pride for everyone at Hewison. It is a reminder that when you invest in people, the results speak for themselves. 

“To see Michell, Tess, Karen and Yashera recognised as finalists at the Women in Wealth Awards was a moment of real pride for everyone at Hewison — recognition that was thoroughly deserved.” 

Community, connection and the FAAA Inspire Lunch 

I feel strongly that representation is not just about hiring – it is about belonging. That is why I am involved with the FAAA Melbourne Metro Community and sit on the committee for the annual Inspire Lunch, our signature event celebrating women in financial planning. 

The Inspire Lunch is not just a function. It is a gathering of professionals who believe the industry is stronger when it reflects the full breadth of the community it serves. Year on year, it has grown because the appetite for connection, recognition and inspiration among women in this profession is real and it is growing. Bringing together advisers, associates, paraplanners and emerging professionals in a room dedicated to celebrating women in this industry matters. It creates visibility. It creates community. And it tells the next generation of female financial planners that there is a place for them here. 

To the next generation 

At Hewison, we are committed to making sure the doors stay open, the pathway is clear and the culture is one where women can thrive at every stage of their career. Our team is proof of what that looks like in practice. 

The shift is happening. We want to be part of making sure it continues.

Sources

¹  ASIC Financial Advisers Register (2024), via Partners Wealth Group — Women shaping Australia’s wealth growth (2025)
²  Financial Advice Association Australia (FAAA) / Financial Newswire — “Women in Financial Planning program to be discontinued in 2024” (November 2023)
³  Finder — State of Women’s Wealth Report 2025 (April 2025)
⁴  Advisorhub / Merrill Lynch — “To Be It, You Have to See It: The Rising Power of Women in Financial Advisory” (March 2025)
⁵  St. James’s Place — “Harnessing emotional intelligence: Why women make great advisers”
⁶  eMoney Advisor — “Why Understanding Women Clients Helps You Better Serve Everyone” (February 2026)
⁷  CFP Board — Building Wealth: Insights on Women’s Aspirations & Growing Financial Power (February 2025)