The Financial Planning Association is set to unveil hard membership gender targets as part of the group’s attempt to shape the next generation of planners.

This comes in anticipation of departures from the industry in response to the incoming standards framework.

FPA chief executive Dante De Gori says the association has partnered with Financial Executive Women (FEW) to work on how to attract more women; however, he stresses the more important message is that the doors are open to anyone who meets the new professional, educational and ethical standards.

“We don’t want this to be seen as tokenism,” De Gori says. “We are very serious about putting in place activities and opportunities that will lead to more females in financial planning but, really, we want both men and women who are prepared to meet the standards.”

Women make up less than 30 per cent of the FPA’s member base and about 20 per cent of the industry as a whole. De Gori says there’s definitely room for improvement and, after consultation with FEW, the association will set benchmarks around industry participation generally and the gender split.

“We absolutely want to measure the success over time,” De Gori says. “We haven’t given ourselves a hard target yet, but we will be setting targets.”

De Gori says the financial planning profession has mirrored others in financial services by predominantly attracting men, but he hopes that will become a legacy issue.

As part of the campaign to attract women, the FPA and FEW will highlight the lifestyle benefits of a career in financial planning, the stimulating work and the support available when transitioning into the industry from another career path or starting a career.

It’s no secret that the standards framework will probably encourage some planners to exit the industry, but another concern is that the entry requirements will discourage new planners. For that reason, De Gori says now is the time to start rallying potential candidates at schools and universities, to keep participation healthy.

“Now that we have a framework…around education and standards, it’s time to say, ‘How do we increase the next generation of financial planners?’ ”

FEW offers courses and mentoring for women in financial services at various stages of their careers. The new partnership with FPA will involve FEW rolling out additional workshops.

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