Bringing you live news and features since 2006 

Female paraplanners much less likely to plan to become financial advisers than male counterparts

New research from Quilter Financial Planning’s behavioural consultancy has found that 77 per cent of female paraplanners do not want to become financial advisers compared to just 38 per cent of male paraplanners.

The data found that just 6 per cent of female paraplanners said that they would like to go on to become a financial adviser while 17 per cent said maybe.

Conversely, 41 per cent of male paraplanners said that they would like to become a financial adviser with 21 per cent saying maybe.

The research into 120 paraplanners also explored whether these results were correlated to the length of time respondents had been in their roles and looked at those who had been in their roles for three years or less. Male paraplanners earlier in their career were more likely to consider a career in advice whereas female paraplanners were more likely to not want to advise. Even though most female paraplanners had or were in the process of obtaining QCF level 4.

Mark Pittaccio, business consultant and behavioural economist at Quilter Financial Planning says:

“Paraplanning has previously been viewed as a gateway to becoming a financial adviser but this research shows that it is becoming a profession within its own right. However, while this is positive it is odd that there continues to be such a big difference between the aspirations of female and male paraplanners.

“The research shows that even when individuals are attracted into the industry the decision to become an adviser is heavily biased towards males. Surveys of financial adviser communities have shown that misperceptions about the nature of financial planning, particularly amongst women, strongly affect their interest in becoming financial planners. There continues to be a perception that advice requires strong sales skills and therefore revealing that advice is instead far more about creating long-lasting relationships with clients may help attract more women to the advice profession.

“It is incredibly important that we breakdown whatever systems are in place that are contributing to these differences in aspirations and ultimately improve the profession. 

“One of the points we need to address is the vicious circle where women see fewer visible role models in the profession as they are underrepresented and then are less likely to a pursue a career in the sector. Breaking this cycle will go some way to helping to improve the diversity of the profession.”


Latest News

Morgan Stanley Investment Management has announced the launch of an ETF platform with the listing of six Calvert ETFs on..
The UK's HM Treasury has published a note saying that the government will set out ambitious plans to ‘robustly regulate..
Digital asset manager CoinShares has announced that CoinShares Digital Securities Limited, the wholly owned subsidiary and Issuer of the CoinShares..
European white labeller HANetf reports that delighted to announce that Sprott Uranium Miners UCITS ETF (URNM) has now passed the..

Related Articles

We are very pleased to open the voting for service providers (selected by nominations) and ETP issuers, selected by our data partners, Trackinsight, for the European ETF Express Awards, in...
Osprey Funds’ founder and CEO, Greg King, has written an open letter to Barry Silbert, majority owner of Digital Currency Group which owns Grayscale, suggesting that he uses his powers...
Comparing multifactor ETFs to the popular Marvel Avengers series may seem a bit of a stretch but recent analysis from Morningstar suggests the investment strategies have more in common with...
Canadian asset manager Mackenzie Investments, with CAD186.6 billion under management, has published its annual Mackenzie Investments Year-End ETF Report. ...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by