There is little doubt that financial planning remains a male-dominated industry yet, for Michelle Sanchez-McCallum, being a woman can sometimes be a crucial point of difference.
Sanchez-McCallum says clients, many of whom are undergoing momentous upset in their lives, often approach her precisely because she is a woman.
While she would love to see more women join the ranks and add some diversity to the mix, the irony of the situation is not lost on her.
“We do get people calling our offices and actually requesting to speak with a female planner,” says Sanchez-McCallum, who is an associate adviser at Goldsborough Financial Services. “That’s why it surprises me that more women don’t consider it as a career. We have a number of skills, including natural empathy, that are well suited to the industry.”
Research from global asset manager State Street Global Advisors supports the idea that many clients prefer to have a woman as their adviser. In its recent paper, Women in Advice: Inspiring the next generation of financial advisers, SSGA found that 55 per cent of women aged between 25 and 34 prefer working with female financial advisers.
Sanchez-McCallum is an associate adviser with Adelaide fee-for-service firm Goldsborough Financial Services and often deals with clients who are newly divorced or even suffering a terminal illness.
“We have an estate planning program that is often taken up by those with a terminal illness and it’s really important that you’re able to be empathetic,” she says. “You have to let someone talk and you have to listen to them. And then you can see in what way you can help them.
“It’s incredibly satisfying because I am able to arrange their finances for them, so at least that is one less thing for them to worry about.”
Of course, good advice is about more than just empathy, and Sanchez-McCallum has spent years building up her experience.
Before she moved into planning, she worked in client resolution and customer relations for a large fund manager. She managed staff, dealt with financial advisers and handled customer complaints.
“I was encouraged to go into management because I was told it was the next stage of my career, and I learned a lot of skills, such as assertiveness, while growing as a person,” she says.
“But I missed the technical side of finance and I missed doing real work. So I sat down and brainstormed for a while, and really tried to think of ways I could use my skills.
“Then financial planning occurred to me and it was a real light-bulb moment.”
Even so, Sanchez-McCallum made sure she did her time first.
She worked as a paraplanner for one year, and joined a start-up financial advice business, where she worked across admin and paraplanning, and as an associate adviser for seven years.
“I don’t think you should be a financial adviser without doing paraplanning first,” she says. “It just gives you such a good grounding.”
Almost three years ago, she joined Goldsborough Financial Services as an associate adviser, and while she no longer works across more than one part of the planning business, her knowledge of the different roles is essential to her work.
“I’m experienced in every role of the advice practice and this gives me a big advantage,” Sanchez-McCallum says. “When I need advice written up, I know how long that takes, as I have done it as a paraplanner.
“And because I helped with the start-up from the very beginning, I’m across the administration side, too, which is helpful for clients.”
Sanchez-McCallum is one of eight planning staff at the Adelaide business, and largely deals with “mum-and-dad” clients –with regards to planning, retirement or Centrelink arrangements.
“Word-of-mouth referrals are the number-one way that I get new business,” she says. “Some planners may focus on advertising, but people will always ask their friends for a referral when it comes to financial advice.
“That is why it’s so important to give your clients great service.”
Name of firm: Goldsborough Financial Services
Name of licensee: Goldsborough Financial Services
Time in the industry: Since 1998, working for a large fund manager for nine years in various positions; moved into financial planning in 2007 as a paraplanner
Academic qualifications: bachelor of commerce majoring in finance and economics; diploma in financial services (financial planning); and advanced diploma in financial services (financial planning)
Accreditations: AFP
